Wheaton Precious Metals net earnings up 107%
Precious metal streaming company Wheaton Precious Metals said today its adjusted net earnings were $72.7 million, up 107% from the same period a year ago.
Net earnings were 16 cents per share.
Wheaton generated $142 million in operating cash flow in the third quarter of 2019, leading to a reduction in net debt of $146 million.
Wheaton updated its guidance.
"[Estimated] attributable gold production [is] being increased to approximately 390,000 ounces due to continued outperformance primarily from the Salobo mine, while estimated attributable silver production has been adjusted to approximately 21 million ounces to reflect production interruptions at the Peñasquito mine. Forecast palladium production in 2019 remains unchanged at approximately 22,000 ounces.
Wheaton's CEO Randy Smallwood said precious metal prices were up 17%.
"Wheaton's portfolio of high-quality, long-life assets continues to deliver strong results with over $140 million in operating cash flow generated in the third quarter of 2019," said Smallwood in a news release. "Gold and silver prices increased on average approximately 17% over the previous year, while our cash flow and net earnings increased by over 30% and 100%, respectively. These solid results once again demonstrate the strength of Wheaton's business model, which focuses on reducing risk while providing significant leverage to higher commodity prices."