Franco-Nevada Corp. (FNV,FNV.TO), a gold-focused royalty and streaming company, reported Monday that it turned around to a net income of $175.4 million in its fourth quarter from prior year's net loss of $982.5 million.
Earnings per share were $0.91, compared to loss per share of $5.11 a year ago.
Adjusted net income was $183.3 million, compared to $172.9 million last year. Adjusted net income per share were $0.95, compared to prior year's $0.90.
The Wall Street analysts on average expected the company to report earnings of $0.89 per share. Analysts' estimates typically exclude special items.
Adjusted EBITDA was $277.4 million, 9 percent higher than last year, or up 31 percent excluding Cobre Panama.
Total revenue grew 6 percent to $321.0 million from prior year's $303.3 million. The Street was looking for revenues of $304.44 million. Revenue growth was 30 percent excluding Cobre Panama.
Gold Equivalent Ounces or GEOs sold in the quarter declined 21 percent year-over-year to 120,063 ounces, of which 18 percent was due to the impact of the halting of production at Cobre Panama. GEOs sold fell 3 percent excluding Cobre Panama.
Further, the company announced quarterly dividend of $0.38/share effective first quarter 2025, an annual increase of 5.6 percent.
Looking ahead, for fiscal 2025, the company expects revenue to be more than 25 percent higher than in 2024. The outlook is based on the budgeted gold price of $2,800/oz and the mid-point of the company's total GEOs guidance range.
Total GEO sales for the year are projected to be 465,000 to 525,000 GEOs, 7 percent higher than 463,334 GEOs sold in fiscal 2024.
Precious Metal GEO sales are expected to grow 14 percent to 385,000 to 425,000 GEOs, largely reflecting the recent additions of the Yanacocha royalty, the Western Limb Mining Operations Stream, and the Porcupine Complex royalty which is expected to close in Q2 2025.
Further, for fiscal 2028, the company expects Precious Metal GEOs to increase to between 400,000 and 440,000 GEOs and Total GEOs to increase to between 505,000 and 565,000 GEOs, a 18 percent and 15 percent increase, respectively, compared to 2024.
For 2029, the company projects Precious Metal GEOs to increase to between 375,000 and 415,000 GEOs and Total GEOs to increase to between 490,000 and 550,000 GEOs, a 11 percent and 12 percent increase, respectively, compared to 2024.
In pre-market activity on the NYSE, Franco-Nevada shares were trading at $146.99, up 2.6 percent.
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