* Q1 EPS $0.41 vs $0.34 a year earlier
* Q1 revenue up 26 pct to $199.6 mln
* Company says it is scouting for new deals
(Adds details on results, analyst estimates)
May 14 Silver Wheaton Corp reported a
20 percent increase in first-quarter earnings on Monday, driven
by increased output from mines with which the stream financing
company has silver purchase agreements.
Vancouver-based Silver Wheaton said net income had risen to
$147.2 million, or 41 cents a share, from $122.2 million, or 34
cents a share, a year earlier.
Analysts on average had forecast earnings of 44 cents a
share, according to Thomson Reuters I/B/E/S.
The company, which helps finance mine construction by giving
miners upfront cash in exchange for receiving a portion of the
asset's future silver production at a set price, said quarterly
revenue had risen 26 percent to $199.6 million.
Silver Wheaton said it was scouting for new deals to build
its portfolio of assets, as challenging financial markets have
made access to traditional forms of capital, such as debt and
equity, much more difficult for miners.
"With approximately $1 billion in cash on hand, a fully
undrawn $400 million revolving credit facility, and forecast
annual operating cash flows in excess of $600 million at current
precious metals prices, Silver Wheaton is exceptionally
well-positioned to grow its portfolio of high-quality precious
metals streams," Chief Executive Officer Randy Smallwood said in
The company said its average cash cost per ounce of silver
was $4.08, while its average realized silver selling price in
the quarter was $32.59.
Payable silver produced but not yet delivered to Silver
Wheaton by its partners was about 4.2 million ounces as of March
The company has helped fund Goldcorp Inc's Peñasquito
mine in Mexico and Barrick Gold Corp's Pascua-Lama
project on the border of Chile and Argentina.
(Reporting by Euan Rocha in Toronto; Editing by Lisa Von Ahn)