Silver Wheaton sees Q4, full-year profits slashed; quarterly dividend cut

VANCOUVER – Silver Wheaton Corp. (TSX:SLW) has reported a sharp drop in both fourth-quarter and full-year net earnings as declining precious metals prices took their toll on revenue. Net earnings for the quarter ended Dec. 31 plunged 47 per cent to US$93.9 million or 26 cents per diluted share, compared with US$177.7 million or 50 cents in the same year-earlier period. For the full year, net profits were US$375.5 million or US$1.05 per diluted share, down 36 per cent from 2012 earnings of $586 million or $1.65 diluted per share. The company cuts its quarterly dividend by two cents to seven cents per share.