05:29 PM EDT, 03/14/2024 (MT Newswires) -- Wheaton Precious Metals ( WPM ) edged up in after-hours New York trading after the company on Thursday said its fourth-quarter adjusted profit rose 59% on higher metals sales and prices and boosted its dividend.

The royalty and streaming company said its adjusted profit, which excludes most one-time items, rose to US$164.57 million, or US$0.36 per share, in the period, up from US$103.74 million, or US$0.23, in the year-prior quarter. The result topped the consensus analyst estimate for the measure of US$0.33 per share, according to Capital IQ.

Net income, including items, rose 1.4% to US$168.44 million, or US$0.37, from US$166.13 million, or US$0.37.

Revenue rose 39% to US$313.47 million from US$236.05 million, as its metals sales rose 18% to 162,360 gold-equivalent ounces from 138,218 GEOs a year earlier, while its average price per GEO rose 13%.

Wheaton raised its quarterly dividend to US$0.155 per share from US$0.15, payable April 13 to shareholders of record on April 3, switching to a progressive dividend policy from its prior policy of paying out 30% of "the average of the previous four quarters' operating cash flows".

"Our diversified portfolio of long-life, low-cost assets continued to deliver solid operating results, and we are pleased to have met our annual production guidance, achieving approximately 620,000 gold equivalent ounces ... To reinforce our confidence in the sustainability and growth potential of Wheaton, we are pleased to announce a transition to a new progressive dividend policy, marked by an increase in our 2024 annual dividend," chief executive Randy Smallwood said in a release.

Wheaton shares were last seen up US$0.08 to US$45.10 after hours. They closed down C$0.51 to C$60.93 on the Toronto Stock Exchange.