Mining & Metals
Wheaton Precious Metals Q1 Adjusted Profit More Than Doubles, Revenue Hits a Record
Wheaton Precious Metals (WPM.TO, WPM) was up 2.3% in after-hours New York trading after the company on Thursday reported a higher adjusted profit and record revenue for the first quarter.The company's adjusted earnings, excluding most one-time items, rose to US$582.78 million, or US$1.28 per share, in the period, up from US$250.83 million, or US$0.55, a year ago. FactSet expected US$1.24 per share.Revenue rose 92% to US$901.57 million from US$470.41 million in the year-prior quarter. FactSet projected US$868.4 million.The company also declared a quarterly dividend of US$0.195 per share, payable June 9 to shareholders of record on May 27.Wheaton said it delivered attributable gold equivalent production of 212,000 ounces in the first quarter of 2026, a 22% increase, primarily due to increased production from Penasquito, Antamina and Blackwater coupled with the recommencement of production at Aljustrel.Wheaton's estimated attributable production in 2026 is forecast to be 400,000 to 430,000 ounces of gold, 27 million to 29 million ounces of silver, and 19,000 to 21,000 GEOs of other metals, resulting in annual production of approximately 860,000 to 940,000 GEOs, unchanged from previous guidance.Approximately 3% of the company's forecast 2026 production is estimated to be delivered from assets currently in construction or various stages of ramp-up.Annual production is forecast to increase by approximately 50% to 1.20-million GEOs by 2030, with average annual production forecast to remain at 1.20-million GEOs in years 2031 to 2035, also unchanged from previous guidance."Wheaton delivered a strong start to 2026, with Salobo and Penasquito outperforming expectations and contributing to record quarterly revenue, earnings and cash flow," said chief executive Haytham Hodaly. "During the first quarter, we announced our largest streaming transaction to date at Antamina in partnership with BHP and subsequently entered into our first streaming agreement in Australia with KGL Resources. These transactions expand our geographic footprint and broaden our counterparty base, while further demonstrating the flexibility of the streaming model as a means of unlocking value from non-core precious metals," Hodaly added.The company's shares were last seen up US$2.97 to US$134.53 after hours. They closed down C$3.80 to C$179.63 on the Toronto Stock Exchange.
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