Silver Wheaton Corp. (SLW, SLW.TO) posted first quarter net earnings of $147.18 million or $0.41 per share versus $122.18 million or $0.34 per share last year.
On average, 8 analysts polled by Thomson Reuters expected the company to report earnings of $0.44 per share. Analysts' estimates typically exclude special items.
Revenue was $199.64 million, a 26% increase from $158.18 million in the prior-year quarter. Analysts expected revenues of $210.03 million.
Silver equivalent sales were 6.1 million ounces, higher than 5.9 million ounces of silver a year ago. Increased sales were primarily related to the timing of shipments of stockpiled concentrate and to increased production at some of the mines underlying the company's silver purchase agreements.
"Solid operating performance from across our portfolio of mines led to a strong start in 2012," said Randy Smallwood, President and Chief Executive Officer of Silver Wheaton. "We achieved record quarterly revenues, and are on target to attaining our annual production guidance of 27 million silver equivalent ounces..."
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