(Sharecast News) – Wheaton Precious Metals Corp. posted declines in second quarter revenues and profit but reiterated its full-year production guidance.
For the quarter ending on 30 June, the company reported a 12.5% decline in second quarter revenues to reach $265m, for a 5.1% drop in net earnings to $141.4m.
The company blamed relative changes in the its gold equivalent ounces produced, but not yet delivered, for the decline in revenues, offset by a 4% rise in realised commodity prices.
Operating cash flows behaved better, dipping by just 1.9% to $202.4m.
Average cash costs during the quarter improved by $131m versus the prior year to $422/GEO.
The precious metals streaming company however saw gold output rise by 28.1% to 85,083 oz., although that of silver shrank by 32% to 4,417 oz.
Wheaton did nevertheless reiterate its full-year production guidance.
Gold output was still seen at 600,000-660,000 gold equivalent ounces with its five and 10-year gold production guidance at 810,000 and 850,000 GEO, respectively.
During the reporting period, the company added a new gold stream at at Lumina Gold’s Cangrejos project and expanded its gold stream on Aretmis’s Gold Blackwater project.
On the flip-side, operations at Newmont’s Peñasquito mine were suspended in early June.
All in all, Wheaton had strateming agreements on 19 operatings mines and 13 development projects.
Its cash balance at period end stood at $829m with no debt.
An interim dividend of 15 US cents per share was declared.