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On Thursday, Wheaton Precious Metals Corp (LSE:WPM) confirmed its production guidance while reporting earnings growth for the first half of the year. For the six months ending June 30, the company, headquartered in Vancouver, saw revenue increase by 24% to USD 595.9 million, up from USD 479.4 million during the same period the previous year. Pretax profit also rose by 33%, reaching USD 336.8 million compared to USD 252.4 million from the prior year.
Production Metrics
The company's total gold production for the six-month period amounted to 305,761 gold equivalent ounces, marking a 13% increase from the 271,906 ounces produced in the previous year. This rise in production was attributed to the second quarter output at the Salobo and Penasquito projects, where gold production grew by 15% year-over-year to 63,200 attributable gold ounces. Additionally, silver production increased by 30%, totaling 2.3 million attributable silver ounces.
Dividend Announcement
Wheaton Precious Metals declared its third dividend of 15.5 US cents for the current calendar year, which is scheduled to be paid on September 4. This follows previous dividend payments of the same amount made in April and June.
Production Guidance
Looking ahead, Wheaton has reaffirmed its annual production guidance. The company projects total production between 550,000 and 620,000 gold equivalent ounces (GEOs). This forecast includes expectations of 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.
CEO's Commentary
CEO Randy Smallwood noted that the company's performance in the first half of 2024 supports its belief in the strength of its organic growth profile and high-quality, long-life portfolio. He highlighted that favorable commodity price trends position Wheaton as a prominent choice for exposure to precious metals.
