Stock Monitor: Silvercorp Metals Post Earnings Reporting
LONDON, UK / ACCESSWIRE / June 18, 2018 / If you want access to our free earnings report on Wheaton Precious Metals Corp. (NYSE: WPM) ("Wheaton"), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=WPM. The Company reported its first quarter fiscal 2018 operating and financial results on May 10, 2018. The silver and gold streaming Company surpassed earnings expectations. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
During Q1 2018, Wheaton's revenues were $199 million, on sales volume of 6.3 million ounces of silver and 70,000 ounces of gold. This represented an increase of 1% from the $198 million of revenues generated in Q1 2018; primarily due to an increase of 21% in the number of silver ounces sold, coupled with an increase in the average realized gold price of 10% to $1,330 in Q1 2018 compared to $1,208 in Q1 2017. The Company's revenue numbers lagged analysts' estimates by $9.8 million.
During Q1 2018, Wheaton's average cash costs were $4.49 per silver ounce sold and $399 per gold ounce sold, compared to $4.54 and $391, respectively, during Q1 2017. This resulted in a cash operating margin of $12.24 per silver ounce sold and $931 per gold ounce sold; representing a drop of 5% per silver ounce sold and an increase of 14% per ounce of gold sold compared to Q1 2017.
For Q1 2018, Wheaton reported net earnings of $68.1 million, or $0.15 per diluted share, compared to $61.2 million, or $0.14 per diluted share, in Q1 2017. The Company's adjusted net earnings were $70 million, or $0.16 per share, in the reported quarter compared to $61 million, or $0.14 per share, in the year earlier same quarter, and were ahead of Wall Street's estimates of $0.15 per share.
During Q1 2018, Wheaton's attributable production was 7.4 million ounces of silver and 79,700 ounces of gold, representing an increase of 12% and a decrease of 5%, respectively, compared to Q1 2017. The increase in attributable silver production for the reported quarter was primarily due to a higher production from the San Dimas mine. The decrease in attributable gold production for Q1 2018 was a result of a lower production at the Minto and Sudbury mines.
For Q1 2018, Wheaton's Salobo mine produced 61,500 ounces of attributable gold; representing an increase of approximately 6% compared to Q1 2017, as higher grades were partially offset by a lower recovery. The Company's Peñasquito mine produced 1.4 million ounces of attributable silver, reflecting an increase of approximately 8% on a y-o-y basis.
For Q1 2018, Wheaton's Antamina mine produced 1.3 million ounces of attributable silver, down 9% on a y-o-y basis. During Q1 2018, the Company's San Dimas mine produced 1.6 million ounces of attributable silver; representing an increase of approximately 158% versus Q1 2017, as the prior year's comparable quarter production was impacted by a strike initiated by the union at San Dimas on February 15, 2017.
During Q1 2018, Wheaton's Constancia mine produced 0.6 million ounces of attributable silver and 3,300 ounces of attributable gold; reflecting an increase of approximately 20% and 36%, respectively, relative to the first quarter of 2017, primarily due to a higher throughput.
During Q1 2018, Wheaton's total Other Silver attributable production was 2.4 million ounces, down 11% on a y-o-y basis. The decrease was driven primarily by the cessation of production at the Cozamin mine, as the Cozamin silver purchase agreement with Capstone Mining Corp. expired on April 04, 2017.
For Q1 2018, Wheaton's total Other Gold attributable production was 8,400 ounces; reflecting a decrease of approximately 41% compared to Q1 2017, primarily due to a lower production at the Minto mine due to a lower grade mill feed during the reported quarter.
Produced but Not Yet Delivered
As at March 31, 2018, Wheaton's payable ounces attributable to the Company produced but not yet delivered amounted to 4.8 million payable silver ounces and 84,800 payable gold ounces, representing an increase of 0.3 million payable silver ounces and 5,300 payable gold ounces during the reported quarter.
At March 31, 2018, Wheaton had approximately $116 million of cash on hand and $663 million outstanding under its $2 billion revolving term loan. The Company's operating cash flow was $125 million in the reported quarter compared to $120 million in the year earlier corresponding quarter.
Wheaton's estimated attributable silver and gold production is forecasted to be approximately 22.5 million silver ounces and 355,000 gold ounces for 2018. The Company's estimated average annual attributable silver and gold production over the next five years (including 2018) are anticipated to be approximately 25 million silver ounces and 370,000 gold ounces per year.
Stock Performance Snapshot
June 15, 2018 - At Friday's closing bell, Wheaton Precious Metals' stock marginally declined 0.54%, ending the trading session at $22.15.
Volume traded for the day: 2.60 million shares, which was above the 3-month average volume of 1.65 million shares.
Stock performance in the last month – up 3.17%; previous three-month period – up 12.32%; past twelve-month period – up 16.27%; and year-to-date – up 0.09%
After last Friday's close, Wheaton Precious Metals' market cap was at $9.86 billion.
Price to Earnings (P/E) ratio was at 151.71.
The stock has a dividend yield of 1.63%.
The stock is part of the Basic Materials sector, categorized under the Silver industry.
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