Silver Wheaton Announces Record Silver Equivalent Output

Silver Wheaton Corp. (TSX:SLW,NYSE:SLW) released its unaudited results for the third quarter of 2015, commenting that it achieved record attributable silver equivalent production of 11 million ounces. That’s up from 8.9 million ounces in the year-ago quarter.
The company also announced its fourth quarterly cash dividend payment for the year, stating that holders of record of Silver Wheaton common shares as of close of business on November 18, 2015 will receive US$0.05 per common share on or about December 1, 2015.
Other Q3 highlights include:

• Record silver equivalent sales volume in Q3 2015 of 10.2 million ounces (6.6 million ounces of silver and 48,100 ounces of gold), compared with 8.7 million ounces in Q3 2014, representing an increase of 17%.
• During the three month period ending September 30, 2015, payable silver equivalent ounces attributable to the Company produced but not yet delivered decreased by 0.1 million ounces to approximately 6.3 million ounces.
• Revenues of $153.3 million in Q3 2015 compared with $165.9 million in Q3 2014, representing a decrease of 8%.
• Average realized sale price per silver equivalent ounce sold in Q3 2015 of $15.03 ($15.05 per ounce of silver and $1,130 per ounce of gold), compared with $18.98 in Q3 2014, representing a decrease of 21%.
• Adjusted net earnings¹ of $49.8 million ($0.12 per share) in Q3 2015 compared with $72.6 million ($0.20 per share) in Q3 2014, representing a decrease of 31%.
• During the three months ended September 30, 2015, the Company recognized an impairment charge of $154.0 million related to its 777 silver and gold interest.
• After including the after tax impact of the impairment charge, net loss of $95.9 million ($0.24 per share) in Q3 2015 compared with net earnings of $4.5 million ($0.01 per share) in Q3 2014.¹
• Operating cash flows of $99.5 million ($0.25 per share¹) in Q3 2015 compared with $120.4 million ($0.34 per share¹) in Q3 2014, representing a decrease of 17%.
• Cash operating margin¹ in Q3 2015 of $10.45 per silver equivalent ounce compared with $14.39 in Q3 2014, representing a decrease of 27%.
• Average cash costs¹ in Q3 2015 were $4.26 and $389 per ounce of silver and gold, respectively. On a silver equivalent basis, average cash costs¹ decreased to $4.58 compared with $4.59 in Q3 2014.

Click here to read the full Silver Wheaton Corp. (TSX:SLW,NYSE:SLW) press release.