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Sep 30, 2024
FNV Q3 2024 Earnings Report
Franco-Nevada reported higher revenues, Adjusted EBITDA, and earnings in Q3 2024, with initial contributions from the Tocantinzinho Stream.
Key Takeaways
Franco-Nevada reported $275.7 million in revenue for Q3 2024, an 11% decrease compared to Q3 2023 but a 14% increase when excluding the impact of Cobre Panama. Net income was $152.7 million, or $0.79 per share, while Adjusted EBITDA reached $236.2 million. The company maintained a strong financial position with no debt and $2.3 billion in available capital.
Record gold prices generated higher revenues, Adjusted EBITDA and earnings in Q3 compared to Q2 2024.
Initial contributions from the newly commissioned Tocantinzinho mine in Brazil and increased contributions from Greenstone mine and Yanacocha royalty.
Strong financial position with no debt and $2.3 billion in available capital as at September 30, 2024.
Rated #1 precious metals company and #1 gold company by Sustainalytics, AA by MSCI and Prime by ISS ESG.
Revenue by Segment
Forward Guidance
Franco-Nevada has revised its full-year 2024 revenue guidance to between $1,050 million and $1,150 million, and its Precious Metal GEO sales guidance to between 340,000 and 360,000, down from original estimates.
Positive Outlook
- Benefited from record gold prices in the first nine months of 2024.
- Revenue exceeding initial expectations for the first nine months of 2024.
- Company remains debt-free with substantial available capital.
- Strong pipeline of potential precious metal streams and royalties.
- Limited exposure to cost inflation.
Challenges Ahead
- Lower than expected gold production at Candelaria.
- Slower ramp-ups at newly contributing mines.
- Fewer Precious Metal GEOs than originally anticipated.
- Record gold prices impacted the conversion of non-gold revenue into GEOs.
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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