Silver Wheaton shares little changed after Q3 revenue miss


Silver Wheaton (SLW) reported record Q3 attributable silver equiv. production of 8.9M oz. vs. 7.6M oz. in the year-ago quarter, up 17% Y/Y; average realized sale price per silver equiv. oz. was $21.26 vs $31.36 a year ago. (Q3 earnings)

Q3 total revenues rose 3.2% Y/Y to $166.4M but missed consensus by ~$21M, due largely to the 32% drop in the average realized silver equiv. price.

Average cash costs were $4.73 per silver equiv. oz. vs. $4.16 a year ago, primarily due to an increase in gold sales (35.3K oz. in Q3 2013 vs. 6.9K oz. in Q3 2012) associated with Hudbay's 777 mine and Vale's Sudbury and Salobo mines; the average cash cost per gold oz. was $386, or $6.30 per silver equiv. oz., reducing margins 39% Y/Y.

Shares -0.4% premarket.

ETFs: SIL, SLVP, SLV, AGQ, SIVR, ZSL, USLV, DBS, DSLV, SLVO, USV

Comments (1)
  • Brian Bobbitt
    , contributor
    Comments (2083) | Send Message
     
    One must point out again that SLW makes money from buying silver which is already sitting there. Most costs are, of course passed on, but still a lot less problems than most 'producers'. I still like the silver eagles as one coin looks like one share, and no costs just go with the flow, ups and downs.
    Buy Eagles.
    Capt. Brian
    The Lost Navigator
    11 Nov 2013, 02:51 PM Reply Like
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