Silver Wheaton cuts dividend as profit falls

Silver Wheaton Corp. shares fell Monday after the company, hit by lower silver prices, cut its quarterly dividend by 30%.

The payout to Silver Wheaton shareholders will fall to seven cents per share in the fourth quarter from 10 cents per share paid in the third quarter.

Silver Wheaton shares were down 1.7% from Friday’s close in early trading in New York and Toronto.

The stock closed in Toronto at $39.45 on Friday.

Silver Wheaton, which reports in U.S. currency, said it earned a net profit of US$119.7 million or 34 cents per share compared with US$135 million or 38 cents per share in the third quarter of 2011.

The slip came as revenue fell 13% in the third quarter compared with the year-earlier period and down 20% from a record high in the second quarter of this year.

Read Full Article from National Post

- Posted: 2012-11-05 11:59:27

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