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Silver Wheaton (T.SLW) cuts dividend after Q2 profit drop

Stockhouse Editorial
0 Comments| August 14, 2013

Silver Wheaton Corp. (TSX: T.SLW, Stock Forum) (NYSE: SLW, Stock Forum) reported a second quarter profit of $71.1 million or 20 cents a share, marking a 50% decrease from the year ago profit of $141.4 million or 40 cents, the company said in a press release.

Revenue of $166.9 million in the quarter was down 17% from $201.4 million in the year ago quarter.

Still company President and CEO Randy Smallwood said the company is on track to meet its 2013 production target of 33.5 million silver equivalent ounces, after producing a record 16.9 million ounces in the first half of 2013.

The Vancouver company, which keeps its books in U.S. dollars and pays a dividend equal to 20 per cent of the average cash generated by operating activities over the previous four quarters, said its next quarterly payout would fall to 10 cents US from 12 cents.

It will be paid on or about Sept. 2 to shareholders of record at the close of business Aug 30.

Silver Wheaton shares rose 3.5% Wednesday to $25.89, leaving a market cap of $9.2 billion, based on 354.9 million shares outstanding. The 52-week range is $41.18 and $18.59.


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