May 9, 2011 / 11:07 AM / 6 years ago

UPDATE 1-Silver Wheaton Q1 profit jumps on higher prices

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May 9 (Reuters) - Silver Wheaton Corp's first-quarter profit jumped 142 percent, helped by strong silver prices, and the company said it expects increased silver deliveries throughout 2011.

Net profit more than doubled to $122.2 million, or 34 cents a share, from $50.6 million, or 13 cents a share, a year ago.

Sales for the company, which buys silver byproduct from other miners and resells it, rose 84 percent to $158.2 million.

Operating cash flows were up 121 percent to $127.2 million, or 36 cents a share.

Average realized silver price rose 85 percent over the same period last year.

Shares of the Vancouver-based company closed at C$34.64 on Friday on the Toronto Stock Exchange. (Reporting by Bhaswati Mukhopadhyay; Editing by Don Sebastian)

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