Wheaton Precious Metals stock posts record nine-month results

Wheaton Precious Metals stock traded at 120.20 euros on Lang & Schwarz at 14:02 CET on Thursday, November 12, 2.40 percent below the Xetra close of Wednesday, November 11. The move came as investors assessed the streaming company's third-quarter results and unchanged production outlook.

In its release on November 5, Wheaton Precious Metals reported third-quarter revenue of 771.734 million US dollars, up 62.0 percent from the year-earlier period. Net earnings rose 11.7 percent to 410.248 million US dollars, while operating cash flow increased 68.4 percent to 644.856 million US dollars. The company said higher realized metal prices and a larger number of gold-equivalent ounces sold were the main drivers of the revenue increase.

Higher prices lift quarterly performance

Gold-equivalent production reached 230,965 ounces, 13.3 percent above the comparable quarter. Sales increased 18.8 percent to 192,270 gold-equivalent ounces. The average realized price per gold-equivalent ounce climbed 36.4 percent to 4,014 US dollars, while the cash operating margin rose 39 percent to 3,466 US dollars per ounce sold.

Wheaton also reported adjusted net earnings of 409.840 million US dollars, up 45.8 percent year over year. The distinction between reported and adjusted earnings is relevant because adjusted earnings exclude selected items used by the company in its non-GAAP presentation.

Record nine-month figures set the backdrop

For the nine months ended September 30, revenue reached a record 2.602 billion US dollars, compared with 1.450 billion US dollars a year earlier. Net earnings rose 68.1 percent to 1.536 billion US dollars, and operating cash flow increased 77.8 percent to 2.060 billion US dollars. Wheaton attributed the revenue increase primarily to a 64 percent rise in the average realized gold-equivalent price and a 9 percent increase in gold-equivalent ounces sold.

The company said it delivered 647,258 gold-equivalent ounces during the first nine months, up 13.9 percent year over year. Its streaming portfolio also continued to expand, with contributions from the BHP Antamina silver stream and newer assets including Hemlo, Fenix, Platreef and Mineral Park.

Production outlook remains unchanged

Chief Executive Officer Haytham Hodaly said the company remained well positioned to achieve its annual production guidance. Wheaton retained its 2026 forecast of approximately 860,000 to 940,000 gold-equivalent ounces, comprising 400,000 to 430,000 ounces of gold, 27 million to 29 million ounces of silver and 19,000 to 21,000 gold-equivalent ounces from other metals.

Management also kept its longer-term forecast of approximately 1.2 million gold-equivalent ounces of annual production by 2030, with the same level expected on average from 2031 through 2035. The release highlighted the first gold pour at Montage Gold's Kone project and construction approval for Hudbay's Copper World as milestones for the growth pipeline.

The broader Canadian market is tracked through the S&P/TSX Composite.

More news and analyses on Wheaton Precious Metals stock.

Source: Wheaton Precious Metals.