TORONTO (miningweekly.com) – Canada’s Silver Wheaton Corp has reported a 45% drop in net earnings for the three months ended December 31, as higher silver-equivalent output was offset by sliding realised prices.

The Vancouver-based firm reported after market close on Wednesday that net income for the period sank to $52-million, or $0.14 a share, down from $93.9-million, or $0.26 a share, in the comparable period of 2013.

Revenue dropped 16% to $140.4-million, down from $167.4-million a year earlier, despite higher silver-equivalent sales.

The company sold 8.5-million ounces, comprising 5.7-million ounces of silver and 37 900 oz of gold in the quarter under review. The average realised price fell 22% year-on-year to $16.43/oz, compared with $21/oz in the same quarter of 2013.

Attributable silver-equivalent output reached nine-million ounces, comprising 6.4-million ounces of silver and 34 500 oz of gold, down 8% from the 9.7-million ounces produced in the fourth quarter of 2013.

Silver Wheaton also declared a quarterly dividend of $0.05 a common share.

Meanwhile, the company produced 35.3-million attributable silver-equivalent ounces, comprising 25.7-million ounces of silver and 142 800 oz of gold, for the year. Output was down 2% on the 35.8-million equivalent ounces produced in 2013.

Silver Wheaton sold 32.9-million silver-equivalent ounces for the full year – an increase of 10% on the 30-million silver-equivalent ounces sold the year before.

Full-year revenue was $620.2-million, down 12% on the $706.5-million earned in 2013, while the average realised sales price per silver-equivalent ounce sold fell 20% year-on-year to $18.86.

OUTLOOK FOR 2015 AND BEYOND

The company said the new financial year had started well, with the company having improved its balance sheet. Silver Wheaton had also, earlier this month, acquired a further 25% of the life-of-mine gold output from the Salobo mine, in Brazil, from Vale for $900-million.

Silver Wheaton expected to produce 43.5-million silver-equivalent ounces this year. By 2019, output would increase to about 51-million silver-equivalent ounces – a 40% rise on 2014 production.

Silver Wheaton’s TSX-listed stock was trending higher on Thursday, climbing 3.64% to C$24.78 apiece.