Silver Wheaton (TSX: SLW) is a Vancouver, Canada-based mining company engaged in pure precious metals streaming. The company generates its revenues from the sale of gold and silver.
SLW today announced that its Board of Directors declared a second quarterly cash dividend payment for 2016. The company will pay a dividend of US$0.05 per share. The dividend will be paid to holders of record of SLW common shares as of the close of business on May 19, 2016. The dividend will be distributed on or about June 2, 2016. SLW currently offers a dividend yield of 1.10%.
Despite declaring a dividend, SLW shares have fallen sharply in trading today. The stock has slipped as investors have been disappointed with the company’s first-quarter results. For the first quarter, SLW reported earnings of US$40.98 million, compared to US$49.42 million reported in the same period last year. The company’s earnings dropped 17.1% on a year-over-year basis. On a per share basis, SLW reported earnings of US$0.10 per share, down from US$0.13 per share reported for the same period last year. Earnings also fell short of consensus forecast of US$0.12 per share.
