(Alliance News) - Wheaton Precious Metals Corp on Friday said it saw its first quarter profit rise on stronger sales.
The Vancouver-based precious metals streaming company said in the first quarter of 2024, pretax profit rose 47% to USD164.0 million from USD111.4 million the year before.
Its sales were 38% higher at USD296.8 million from USD214.5 million a year ago.
Quarterly attributable gold production was 160,100 gold equivalent ounces.
Wheaton Precious Metals declared a quarterly dividend of USD0.155 per share.
Looking ahead, Wheaton said its estimated attributable production in 2024 is forecast to be 325,000 to 370,000 ounces of gold, 18.5 to 20.5 million ounces of silver, and 12,000 to 15,000 GEOs of other metals, resulting in annual production of approximately 550,000 to 620,000 GEOs.
As for annual production, the firm forecasts an increase of approximately 40% to over 800,000 GEOs by 2028, with average annual production forecast to grow to over 850,000 GEOs between 2029 and 2033.
"Wheaton delivered a robust quarter to start the year, generating over USD219 million in operating cash flows, and underscoring the effectiveness of our business model in leveraging rising commodity prices while maintaining strong cash operating margins," said Chief Executive Officer Randy Smallwood.
Shares in Wheaton were up 2.5% at 4,500.00 pence each in London on Friday morning.
By Sabrina Penty, Alliance News reporter
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