November 9, 2010 / 2:17 PM / 7 years ago

UPDATE 1-Gold Wheaton posts Q3 profit as prices, deliveries rise

* Q3 shr $0.04 vs loss/shr $0.02 yr-ago

* Q3 rev almost quadruples

* Q3 deliveries more than triple

Nov 9 (Reuters) - Canada’s Gold Wheaton Gold Corp GLW.TO swung to a quarterly profit helped by a rise in metal deliveries and precious metal prices, and expects production to rise in the next 12 months.

The company, which sells gold and other precious metals, said deliveries from its suppliers -- Quadra FNX Mining QUX.TO and First Uranium FIU.TO -- more than tripled to 20,930 gold equivalent ounces during July-September. While First Uranium said gold production jumped 56 percent in the quarter [ID:nSGE69J0FE], Quadra FNX said production at its flagship Robinson mine fell and warned that full-year output would be at the lower end of its prior estimates. [ID:nSGE69H0HH] However, Gold Wheaton expects production to grow by about 43 percent over the next 12 months. Gold Wheaton’s net income for the quarter was $7.2 million, or 4 cents a share, compared with a loss of $3.1 million, or 2 cents a share last year.

Analysts on average had expected earnings of 5 cents a share, according to Thomson Reuters I/B/E/S.

Revenue from the sale of precious metals almost quadrupled to $26.4 million.

The company’s shares, which have risen more than 41 percent since it posted a market-beating second-quarter profit in August, closed at C$3.95 on Monday on the Toronto Stock Exchange. (Reporting by Savio D‘Souza in Bangalore; Editing by Gopakumar Warrier)

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