May 12, 2010 / 10:31 PM / in 7 years

UPDATE 1-Silver Wheaton profit almost triples on higher prices

* Q1 EPS $0.13 vs $0.06

* Q1 rev doubles

May 12 (Reuters) - Silver Wheaton Corp’s SLW.TO first-quarter profit nearly tripled, helped by a 45 percent increase in average realized silver prices.

Silver Wheaton, which buys silver byproduct from other miners and resells it, posted net earnings of $44.6 million, or 13 cents a share, compared with $15.1 million, or 6 cents a share last year.

Sales more than doubled to $85.9 million.

Operating cash flow increased to $57.6 million, compared to $23.1 million.

Silver Wheaton kept its 2010 forecast for attributable silver equivalent production at 23.5 million ounces.

Shares of the company closed C$21.36 Wednesday on the Toronto Stock Exchange. (Reporting by Aftab Ahmed in Bangalore; Editing by Aradhana Aravindan) (aftab.ahmed@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: aftab.ahmed.reuters.com@reuters.net))

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below