Franco-Nevada Corporation (TSX:FNV) after Wednesday’s close announced third-quarter 2023 adjusted earnings per share (EPS) that increased 10% year over year to US$0.91, surpassing Zacks Equity Research's consensus forecast of US$0.88.
Its revenue for the period, meanwhile, rose 2% to US$309.5 million.
"Our core precious metal assets anchored the quarter, resulting in increased revenue and earnings over the prior year period," Franco-Nevada CEO Paul Brink said in a statement.
"We are looking forward to added precious metal contributions from a number of new mines in 2024 and, in particular, from the Tocantinzinho stream where G Mining Ventures is progressing construction on time and budget," he added.
Franco-Nevada noted that precious metals sales accounted for 77.8% of its revenue, about 64.5% of which was from gold as the company benefitted from a higher gold price during the quarter.
The company added that it has no debt and $2.3 billion in available capital as of September 30, 2023.
Shares of Franco-Nevada rose 0.7% to $167.19 in early Thursday trading but have fallen 7% year to date.
Contact Sean at sean@proactiveinvestors.com