We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Franco-Nevada Earnings Miss Estimates in Q3, Shares Decline 11%
Read MoreHide Full Article
Shares of Franco-Nevada Corporation (FNV - Free Report) have dipped 11% since it registered year-over-year declines in its top and bottom lines in third-quarter results on Nov. 6. The downside was led by lower contributions from Candelaria, Antapaccay and Energy assets, partially offset by record gold prices. The results were also impacted by the Cobre Panama mine remaining on preservation and safe management during the current period.
FNV reported adjusted earnings of 80 cents per share in third-quarter 2024, missing the Zacks Consensus Estimate of 83 cents. The bottom line decreased 12% year over year.
In the September-end quarter, 76.8% of revenues were sourced from Precious Metal assets (64.5% gold, 10.3% silver and 2% platinum group metals).
The company sold 84,377 Gold Equivalent Ounces (GEOs) from precious metal assets in the reported quarter, down from the prior-year quarter’s 90,370 GEOs. The downside was led by lower contributions from Candelaria and Antapaccay. This was partially offset by higher contributions from Subika, the recently constructed Tocantinzinho and Greenstone Mines, and the recently acquired Yanacocha royalty.
In the reported quarter, adjusted EBITDA was down 7.4% year over year to $236 million. The adjusted EBITDA margin was 85.7% in the quarter under review.
FNV’s Q3 Financial Position
The company had $1.32 billion cash in hand at the end of the third quarter of 2024, down from the $1.42 billion as of the end of 2023. It recorded an operating cash flow of $587 million in the first nine months of 2024, down from $708 million in the prior-year period.
Franco-Nevada is debt-free and uses its free cash flow to expand its portfolio and pay out dividends. FNV has an available capital of $2.3 billion.
Franco-Nevada’s Price Performance
The company’s shares have gained 1.1% in the past year compared with the industry’s growth of 49.6%.
Agnico Eagle Mines Limited (AEM - Free Report) reported third-quarter 2024 adjusted earnings of $1.14 per share, up from 44 cents in the year-ago quarter. The bottom line topped the Zacks Consensus Estimate of 98 cents.
AEM generated revenues of $2.16 billion, up 31.2% year over year. The top line surpassed the Zacks Consensus Estimate of $1.83 billion.
Barrick Gold Corporation (GOLD - Free Report) posted third-quarter 2024 adjusted earnings per share of 31 cents. The figure missed the Zacks Consensus Estimate of 33 cents.
Barrick Gold recorded total revenues of $3,368 million, up 17.7% year over year. Total gold production was 943,000 ounces in the quarter, down 9.2% year over year.
Kinross Gold Corporation’s (KGC - Free Report) third-quarter 2024 adjusted earnings per share were 24 cents compared with 12 cents in the prior-year quarter. It beat the Zacks Consensus Estimate of 18 cents.
KGC’s revenues rose 29.9% year over year to $1,432 million, surpassing the Zacks Consensus Estimate of $1,186.7 million. The company benefited from higher average realized gold prices.
Zacks' 7 Best Strong Buy Stocks (New Research Report)
Valued at $99, click below to receive our just-released report predicting the 7 stocks that will soar highest in the coming month.
Image: Bigstock
Franco-Nevada Earnings Miss Estimates in Q3, Shares Decline 11%
Shares of Franco-Nevada Corporation (FNV - Free Report) have dipped 11% since it registered year-over-year declines in its top and bottom lines in third-quarter results on Nov. 6. The downside was led by lower contributions from Candelaria, Antapaccay and Energy assets, partially offset by record gold prices. The results were also impacted by the Cobre Panama mine remaining on preservation and safe management during the current period.
FNV reported adjusted earnings of 80 cents per share in third-quarter 2024, missing the Zacks Consensus Estimate of 83 cents. The bottom line decreased 12% year over year.
Find the latest EPS estimates and surprises on Zacks Earnings Calendar.
The company generated revenues of $276 million in the reported quarter, down 10.9% year over year.
Franco-Nevada Corporation Price, Consensus and EPS Surprise
Franco-Nevada Corporation price-consensus-eps-surprise-chart | Franco-Nevada Corporation Quote
In the September-end quarter, 76.8% of revenues were sourced from Precious Metal assets (64.5% gold, 10.3% silver and 2% platinum group metals).
The company sold 84,377 Gold Equivalent Ounces (GEOs) from precious metal assets in the reported quarter, down from the prior-year quarter’s 90,370 GEOs. The downside was led by lower contributions from Candelaria and Antapaccay. This was partially offset by higher contributions from Subika, the recently constructed Tocantinzinho and Greenstone
Mines, and the recently acquired Yanacocha royalty.
In the reported quarter, adjusted EBITDA was down 7.4% year over year to $236 million. The adjusted EBITDA margin was 85.7% in the quarter under review.
FNV’s Q3 Financial Position
The company had $1.32 billion cash in hand at the end of the third quarter of 2024, down from the $1.42 billion as of the end of 2023. It recorded an operating cash flow of $587 million in the first nine months of 2024, down from $708 million in the prior-year period.
Franco-Nevada is debt-free and uses its free cash flow to expand its portfolio and pay out dividends. FNV has an available capital of $2.3 billion.
Franco-Nevada’s Price Performance
The company’s shares have gained 1.1% in the past year compared with the industry’s growth of 49.6%.
Image Source: Zacks Investment Research
FNV’s Zacks Rank
Franco-Nevada currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Franco-Nevada’s Peer Performances in Q3
Agnico Eagle Mines Limited (AEM - Free Report) reported third-quarter 2024 adjusted earnings of $1.14 per share, up from 44 cents in the year-ago quarter. The bottom line topped the Zacks Consensus Estimate of 98 cents.
AEM generated revenues of $2.16 billion, up 31.2% year over year. The top line surpassed the Zacks Consensus Estimate of $1.83 billion.
Barrick Gold Corporation (GOLD - Free Report) posted third-quarter 2024 adjusted earnings per share of 31 cents. The figure missed the Zacks Consensus Estimate of 33 cents.
Barrick Gold recorded total revenues of $3,368 million, up 17.7% year over year. Total gold production was 943,000 ounces in the quarter, down 9.2% year over year.
Kinross Gold Corporation’s (KGC - Free Report) third-quarter 2024 adjusted earnings per share were 24 cents compared with 12 cents in the prior-year quarter. It beat the Zacks Consensus Estimate of 18 cents.
KGC’s revenues rose 29.9% year over year to $1,432 million, surpassing the Zacks Consensus Estimate of $1,186.7 million. The company benefited from higher average realized gold prices.