WPM Earnings Miss Estimates in Q3 Despite Higher Metal Prices Zacks Equity Research Mon, November 9, 2026 at 11:03 AM EST 4 min read GC=F +0.96% WPM +4.67% PA=F +0.43% SI=F +1.48% WPM +4.67% Explore stocks on Coinbase Trading disclosure Trading disclosure The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
Wheaton Precious Metals Corp. WPM reported adjusted earnings of 90 cents per share for the third quarter of 2026, missing the Zacks Consensus Estimate of 91 cents. Adjusted earnings rose 45.7% from 62 cents in the year-ago quarter.
Revenues surged 62% year over year to $772 million but fell short of the consensus estimate of $806 million. Higher realized metal prices and an 18.8% increase in gold-equivalent ounces (GEOs) sold supported revenue growth.Gold accounted for 51% of quarterly revenues, while silver contributed 46%. Palladium represented 0.5% and cobalt accounted for 2%. The average realized gold-equivalent price climbed 36% year over year, supporting the increase in sales.The average realized gold price was $4,273 per ounce, up 22.8% from $3,481 in the prior-year quarter. Silver averaged $62.13 per ounce, increasing 56.7% from $39.66 a year ago. The company sold 192,270 GEOs compared with 161,845 in the third quarter of 2025.
Wheaton Precious Metals Corp. price-consensus-eps-surprise-chart | Wheaton Precious Metals Corp. Quote
Attributable gold production totaled 91,753 ounces, down 8.2% year over year. The figure missed our gold production projection of 98,177 ounces for the quarter. Salobo produced approximately 65,800 ounces of attributable gold, down 2%, primarily reflecting lower grades due to mine sequencing. Constancia's gold production fell 75% as mining of the higher-grade Pampacancha pit had ended.Silver production grew 36.5% to 8.2 million ounces, which came in higher than our estimate of 7.4 million ounces. Antamina contributed 2.7 million ounces, up 60%, largely reflecting the additional silver stream acquired from BHP. Peñasquito delivered a record 3.1 million attributable silver ounces, up 46%, on higher throughput and grades.Attributable gold-equivalent production in the quarter was 230,965 ounces, up 13.3% from the prior-year quarter's output of 203,835 ounces. Our projection was 226,771 ounces.
Total cost of sales increased to $233.2 million from $140 million a year earlier. The gross margin in dollar terms rose 60.3% to $538.5 million from $336 million, while the gross margin was 69.8% compared with 70.5% a year ago.General and administrative expenses were unchanged at $10 million. Operating earnings increased to $511 million from $315.5 million. Average cash costs rose to $548 per GEO from $452, while the cash operating margin advanced 39% to $3,466 per GEO sold, benefiting from stronger commodity prices.
The operating cash flow increased 68.4% year over year to $645 million, reflecting higher gross margin. The company reported $0.15 billion in cash and cash equivalents as of Sept. 30, 2026, compared with $1.15 billion at the end of 2025.Outstanding debt totaled $1.6 billion, leaving net debt of $1.5 billion at the quarter-end. It also declared a quarterly dividend of 19.5 cents per common share, up 18% year over year.
The company maintained its 2026 production outlook of 860,000-940,000 GEOs, including 400,000-430,000 ounces of gold, 27-29 million ounces of silver and 19,000-21,000 GEOs from other metals.WPM expects better gold grades at Salobo in the fourth quarter as mining returns to higher-grade areas. The company also expects a slight increase in produced-but-not-delivered metal inventory before balances begin normalizing in early 2027.
WPM shares have gained 33.2% in the past year compared with the industry's 14.2% growth.
Wheaton Precious currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Kinross Gold Corporation KGC reported adjusted earnings of 50 cents per share for the third quarter of 2026, up 13.6% from 44 cents in the year-ago quarter. The bottom line beat the Zacks Consensus Estimate of 46 cents by 8.7%. Kinross Gold's revenues declined 1.5% year over year to $1.77 billion, missing the consensus estimate of $2.08 billion.Agnico Eagle Mines Limited AEM registered adjusted earnings of $2.61 per share for the third quarter of 2026, surpassing the Zacks Consensus Estimate of $2.4. Agnico Eagle Mines' revenues rose 17.1% year over year to $3.58 billion, beating the Zacks Consensus Estimate of $3.55 billion by 0.9%.Newmont Corporation NEM posted third-quarter 2026 adjusted earnings of $2.20 per share, up 28.7% from $1.71 in the year-ago quarter. The figure topped the Zacks Consensus Estimate of $1.94. Newmont's revenues rose 15.2% year over year to $6.36 billion, beating the Zacks Consensus Estimate of $6.01 billion.
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