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Royal Gold (RGLD) Q4 Earnings Beat Estimates, Revenues Dip Y/Y
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Royal Gold, Inc. (RGLD - Free Report) reported adjusted earnings per share (EPS) of 91 cents in the fourth quarter of 2022, beating the Zacks Consensus Estimate of 83 cents. The bottom line declined 13% year over year due to lower revenues and higher interest expenses.
Including one-time items, the company reported EPS of 86 cents compared with the prior-year quarter’s $1.04.
RGLD generated revenues of $163 million, down 3% year over year. The downside resulted primarily from lower sales at Andacollo, Pueblo Viejo and Peñasquito. However, these factors were partly offset by an increase in gold and copper sales at Mount Milligan, as well as contributions from the recently acquired royalties at Cortez.
Stream revenues were $109 million and royalty revenues were $54 million in the December-end quarter. Both stream and royalty revenues declined year over year from $111 million and $58 million, respectively.
Royal Gold, Inc. Price, Consensus and EPS Surprise
The company’s cost of sales was $25 million in the fourth quarter, flat year over year. General and administrative expenses amounted to $9 million, up 12.5% year over year. The adjusted EBITDA was $128 million in the reported quarter, down 5.2% year over year. The adjusted EBITDA margin came in at 78.5% compared with the prior-year quarter’s 80.4%.
Financial Position
Net cash from operating activities was $101 million in the fourth quarter compared with the prior-year quarter’s $119 million. Royal Gold ended the quarter with cash and cash equivalents of $118.5 million compared with $143.5 million at the end of 2021.
2022 Performance
The company delivered adjusted earnings per share of $3.43 in 2022, beating the Zacks Consensus Estimate of $3.26. The bottom line declined 14% from the 2021 level.
Including one-time items, the company reported EPS of $3.63 compared with 2021’s $4.17.
The company generated revenues of $603 million, down 7.8% year over year. However, the top line surpassed the Zacks Consensus Estimate of $583 million.
Stream revenues were $418 million and royalty revenues were $185 million in 2022. Stream and royalty revenues declined year over year from $436 million and $217 million, respectively.
Outlook
The company projects stream segment sales of 54,000-59,000 GEOs for the March-end quarter of 2023.
Price Performance
In the past year, shares of Royal Gold have gained 11.6% against the industry’s fall of 5.2%.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
Royal Gold currently carries a Zacks Rank #3 (Hold).
The Zacks Consensus Estimate for CalMaine Foods’ fiscal 2023 earnings per share is pegged at $16.75, suggesting 515.8% growth from the year-ago reported figure. Earnings estimates have moved 106.8% north in the past 60 days. CALM has a trailing four-quarter earnings surprise of 15.3%, on average. Its shares have gained 27.9% in the past year.
The Zacks Consensus Estimate for Reliance Steel’s earnings per share is pegged at $28.65 for 2022, indicating a year-over-year growth rate of 29.5%. Earnings estimates have been revised 0.2% upward in the past 60 days. RS has a trailing four-quarter average surprise of 13.6%, on average. The company has gained 42.7% in a year.
The Zacks Consensus Estimate for Teck Resources Limited’s 2022 earnings per share is pegged at $7.06, suggesting 56.1% growth from the year-ago reported figure. Earnings estimates have moved 3.4% north in the past 60 days. TECK has a trailing four-quarter earnings surprise of 3.7%, on average. Its shares have gained 16.3% in the past year.
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Royal Gold (RGLD) Q4 Earnings Beat Estimates, Revenues Dip Y/Y
Royal Gold, Inc. (RGLD - Free Report) reported adjusted earnings per share (EPS) of 91 cents in the fourth quarter of 2022, beating the Zacks Consensus Estimate of 83 cents. The bottom line declined 13% year over year due to lower revenues and higher interest expenses.
Including one-time items, the company reported EPS of 86 cents compared with the prior-year quarter’s $1.04.
RGLD generated revenues of $163 million, down 3% year over year. The downside resulted primarily from lower sales at Andacollo, Pueblo Viejo and Peñasquito. However, these factors were partly offset by an increase in gold and copper sales at Mount Milligan, as well as contributions from the recently acquired royalties at Cortez.
Stream revenues were $109 million and royalty revenues were $54 million in the December-end quarter. Both stream and royalty revenues declined year over year from $111 million and $58 million, respectively.
Royal Gold, Inc. Price, Consensus and EPS Surprise
Royal Gold, Inc. price-consensus-eps-surprise-chart | Royal Gold, Inc. Quote
The company’s cost of sales was $25 million in the fourth quarter, flat year over year. General and administrative expenses amounted to $9 million, up 12.5% year over year. The adjusted EBITDA was $128 million in the reported quarter, down 5.2% year over year. The adjusted EBITDA margin came in at 78.5% compared with the prior-year quarter’s 80.4%.
Financial Position
Net cash from operating activities was $101 million in the fourth quarter compared with the prior-year quarter’s $119 million. Royal Gold ended the quarter with cash and cash equivalents of $118.5 million compared with $143.5 million at the end of 2021.
2022 Performance
The company delivered adjusted earnings per share of $3.43 in 2022, beating the Zacks Consensus Estimate of $3.26. The bottom line declined 14% from the 2021 level.
Including one-time items, the company reported EPS of $3.63 compared with 2021’s $4.17.
The company generated revenues of $603 million, down 7.8% year over year. However, the top line surpassed the Zacks Consensus Estimate of $583 million.
Stream revenues were $418 million and royalty revenues were $185 million in 2022. Stream and royalty revenues declined year over year from $436 million and $217 million, respectively.
Outlook
The company projects stream segment sales of 54,000-59,000 GEOs for the March-end quarter of 2023.
Price Performance
In the past year, shares of Royal Gold have gained 11.6% against the industry’s fall of 5.2%.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
Royal Gold currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the basic materials space are CalMaine Foods, Inc. (CALM - Free Report) , Reliance Steel & Aluminum Co. (RS - Free Report) and Teck Resources Limited (TECK - Free Report) . CALM and RS currently flaunt a Zacks Rank #1 (Strong Buy) and TECK carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for CalMaine Foods’ fiscal 2023 earnings per share is pegged at $16.75, suggesting 515.8% growth from the year-ago reported figure. Earnings estimates have moved 106.8% north in the past 60 days. CALM has a trailing four-quarter earnings surprise of 15.3%, on average. Its shares have gained 27.9% in the past year.
The Zacks Consensus Estimate for Reliance Steel’s earnings per share is pegged at $28.65 for 2022, indicating a year-over-year growth rate of 29.5%. Earnings estimates have been revised 0.2% upward in the past 60 days. RS has a trailing four-quarter average surprise of 13.6%, on average. The company has gained 42.7% in a year.
The Zacks Consensus Estimate for Teck Resources Limited’s 2022 earnings per share is pegged at $7.06, suggesting 56.1% growth from the year-ago reported figure. Earnings estimates have moved 3.4% north in the past 60 days. TECK has a trailing four-quarter earnings surprise of 3.7%, on average. Its shares have gained 16.3% in the past year.