Q2 2024 Wheaton Precious Metals Corp Earnings Call Transcript
Key Points
- Wheaton Precious Metals Corp (WPM) reported record cash flows of over $450 million for the first half of 2024, highlighting the effectiveness of their business model.
- The company remains highly liquid with $540 million in cash and a $2 billion undrawn revolving credit facility, providing strong financial flexibility.
- Wheaton Precious Metals Corp (WPM) achieved a 7% increase in production in the second quarter of 2024 compared to the previous year, driven by strong performances at Salobo, Peñasquito, and Antamina.
- The company has been ranked among the top ten in Corporate Knights 50 Best Corporate Citizens in Canada for 2024, reflecting its commitment to sustainability.
- Wheaton Precious Metals Corp (WPM) declared a quarterly dividend of $0.155 per share, a 3% increase from the prior year, demonstrating a commitment to returning value to shareholders.
- Sales volumes decreased by 4% compared to the same period in the previous year, primarily due to timing of sales and changes in ounces produced but not yet delivered.
- The company recorded a $51 million expense due to the implementation of a 15% Global Minimum Tax, impacting net earnings.
- Gold production at Constancia decreased by 18% in the second quarter of 2024 compared to the previous year, due to lower grades from planned stripping activity.
- A conveyor fire at Salobo 3 caused a temporary halt in operations, potentially impacting production guidance.
- The company anticipates a slight decrease in silver grades in the second half of the year as mining shifts back to the Penasco pits at Peñasquito.
Good morning, ladies and gentlemen. Thank you for standing by, and welcome to Wheaton Precious Metals 2024 second-quarter results conference call. (Operator Instructions)
Thank you. I would like to remind everyone that this conference call is being recorded on Thursday, August 8, 2024 at 8:00 AM Eastern Time. I will now turn the conference over to Emma Murray, Vice President of Investor Relations. Please go ahead.
Thank you, operator. Good morning, ladies and gentlemen, and thank you for participating in today's call. I'm joined today by Randy Smallwood, Wheaton Precious Metals' President and Chief Executive Officer; Gary Brown, Senior Vice President and Chief Financial Officer; Haytham Hodaly, Senior Vice President, Corporate Development; and Wes Carson, Vice President, Mining Operations. Please note that, for those not currently on the webcast, a slide presentation accompanying this conference call is available in PDF format on the Presentations page of our website.
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
