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Jun 30, 2023
Royal Gold Q2 2023 Earnings Report
Royal Gold's portfolio provided solid cash flow, and the company repaid debt and grew liquidity.
Key Takeaways
Royal Gold reported a net income of $63.4 million, or $0.97 per share, on revenue of $144.0 million. The company repaid $100 million of its revolving credit facility and grew its liquidity to over $700 million. They also extended the term of their $1 billion revolving credit facility to mid-2028.
Revenue of $144.0 million
Operating cash flow of $107.9 million
Earnings of $63.4 million
Adjusted EBITDA margin of 80%
Forward Guidance
Royal Gold reaffirmed its 2023 guidance for GEO sales, DD&A expense per GEO, and effective tax rate. However, GEO sales may come in around the low end of the guidance range if operations at Peñasquito remain suspended.
Challenges Ahead
- Total GEO sales may come in around the low end of the 2023 guidance range if operations at Peñasquito remain suspended.
- The contribution from the potential acquisition of the Serrote and Santa Rita royalty acquisitions is not included in the 2023 guidance for sales, DD&A and effective tax rate.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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