WPM Beats Estimates on Higher Prices, Revenue Growth
Wheaton Precious Metals Corp., WPM, reported its Q2 earnings results on August 5th. The company's adjusted earnings came in at $1.19 per share, beating the Zacks Consensus Estimate of $1.15 by 3.48%. This marks an 89.7% year-over-year increase from the same period last year.
The revenue mix also contributed to the strong results, with revenues rising 84.7% year over year to $929 million and surpassing the consensus estimate of $877 million by 5.98%. The growth was driven by a 61% increase in the average realized gold-equivalent price and a 14% rise in gold-equivalent ounces sold.
The company sold 209,115 GEOs in the quarter, up 14.4% from the year-ago period. Gold contributed 46% to quarterly revenues, while silver accounted for 52%. Palladium represented 0.3%, and cobalt contributed 2%. The average realized gold price was $4,452 per ounce, up 34.2% from the year-ago quarter.