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Sep 30, 2024
Royal Gold Q3 2024 Earnings Report
Reported record revenue, significant increases in operating cash flow and earnings, and a debt-free balance sheet.
Key Takeaways
Royal Gold reported a record revenue of $193.8 million and net income of $96.2 million, or $1.46 per share, for the quarter ended September 30, 2024. The company also saw new revenue contributions from the Manh Choh and Côté Gold mines and completely repaid its outstanding borrowings on its credit facility.
Record revenue of $193.8 million, a 40% increase over the prior year period
Operating cash flow of $136.7 million and earnings of $96.2 million; 39% and 95% increases, respectively, over the prior year period
Record adjusted earnings of $96.6 million
Revenue split: 76% gold, 12% silver, 9% copper
Revenue by Geographic Location
Forward Guidance
Royal Gold expects 2024 metal sales will be within the ranges previously provided, with the exception of silver. Silver sales are expected to be modestly below the low end of the guidance range primarily due to lower sales from Pueblo Viejo. Gold sales are forecast to be at or below the midpoint of the guidance range.
Positive Outlook
- Gold sales are forecast to be at or below the midpoint of the guidance range.
- DD&A expense for 2024 will be within the previously-provided guidance ranges.
- Effective tax rate for 2024 will be within the previously-provided guidance ranges.
- Total liquidity at the end of the third quarter was approximately $1.1 billion.
- Credit facility being fully undrawn and available as of September 30, 2024.
Challenges Ahead
- Silver sales are expected to be modestly below the low end of the guidance range primarily due to lower sales from Pueblo Viejo.
- Lower gold sales from Andacollo compared to the prior year period.
- Lower production from the Cortez Legacy Zone compared to the prior year period.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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