Franco-Nevada (FNV) Q3 Earnings & Revenues Surpass Estimates
Zacks Investment Research | Nov 11, 2019 09:33PM ET
Franco-Nevada Corporation (TSX:FNV) reported record adjusted earnings of 54 cents per share in third-quarter 2019, up 86% from the prior-year quarter. Additionally, the bottom line surpassed the Zacks Consensus Estimate of 45 cents. The stellar performance can be attributed to start of precious metals deliveries from Cobre Panama and addition of a new energy royalty in the Marcellus.
The company also generated record revenues of $235.7 million in the reported quarter, reflecting year-over-year improvement of 38%. Further, the top line beat the Zacks Consensus Estimate of $216 million. In the reported quarter, 84.1% of revenues were sourced from gold and gold equivalents (64.1% gold, 10.1% silver, 7.3% platinum group metals and 2.6% other mining assets) and 159% from energy (oil, gas and natural gas liquids).
The company sold a record 133,219 Gold Equivalent Ounces (GEOs) in the quarter, up from 120,021 GEOs in the prior-year quarter. The year-over-year improvement of 11% was driven by Cobre Panama, Stillwater, Hemlo, and Brucejack, which were offset by lower contributions from Antamina and Fire Creek/Midas.
Franco-Nevada Corporation Price, Consensus and EPS Surprise
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