UPDATE 1-Silver Wheaton profit falls, shares down
* Q3 EPS $0.34 v Street view $0.42
* Revenue down 13 pct as silver prices fall
* Sales lag production on shipment timing
* Shares off 2 pct to C$38.66 on TSX
Nov 5 (Reuters) - Silver Wheaton Corp reported an 11 percent drop in third-quarter profit, missing analysts' expectations, as sales fell short of production and lower silver prices weighed on revenue.
Shares of Silver Wheaton fell 2 percent on the Toronto Stock Exchange, dragged down by quarterly sales of just 5.1 million ounces, on par with a year earlier. Production jumped 26 percent to a record 7.7 million ounces.
The company, which provides miners with cash up front to finance mine construction in exchange for the right to buy future silver production at a set price, said some 2 million ounces were produced but not shipped in the quarter due to the timing of concentrate shipments.
"It is very important to remember that these ounces will inevitably be sold, it is simply a matter of timing," Chief Executive Randy Smallwood said in a statement.
Profit fell to $119.7 million, or 34 cents per share, in the quarter ended Sept 30. That compared with $135 million, or 38 cents per share, in the year-earlier period. Continued...