Franco-Nevada (FNV) Q4 Earnings & Revenues Surpass Estimates
Zacks Investment Research | Mar 09, 2020 10:12PM ET
Franco-Nevada Corporation (TSX:FNV) reported record adjusted earnings of 59 cents per share in fourth-quarter 2019, skyrocketing 146% from the prior-year quarter. Additionally, the bottom line surpassed the Zacks Consensus Estimate of 49 cents. The stellar performance can be attributed to the start of precious metal deliveries from Cobre Panama, strong production across other key assets and higher precious metal prices.
The company also generated record revenues of $258.1 million in the reported quarter, reflecting a year-over-year improvement of 74.2%. Further, the top line beat the Zacks Consensus Estimate of $234 million. In the reported quarter, 88.4% of revenues were sourced from gold and gold equivalents (67.7% gold, 8.9% silver, 9.5% platinum group metals and 2.3% from other mining assets) and 11.6% from energy (oil, gas and natural gas liquids).
The company sold a record 153,396 Gold Equivalent Ounces (GEOs) in the quarter, up from 104,877 GEOs in the prior-year quarter. The year-over-year improvement of 46.3% was driven by Cobre Panama, Stillwater, Candelaria, Guadalupe-Palmarejo and Sudbury, offset by lower contributions from Antamina and the Goldstrike NPI.
During the reported quarter, adjusted EBITDA increased 69.9% to $201.7 million from $118.7 million in the comparable period last year.
Franco-Nevada Corporation Price, Consensus and EPS Surprise
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