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Franco-Nevada hikes dividend after booking record Q1 earnings, revenue

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Franco-Nevada hikes dividend after booking record Q1 earnings, revenue

Franco-Nevada Corp. increased its quarterly dividend for the 11th consecutive year after the company posted record earnings and revenue in the first quarter.

The company's net income in the period rose 41.7% year over year to US$64.6 million, or 35 cents per share, from US$45.6 million, or 25 cents per share, according to a May 9 release.

Adjusted EBITDA, likewise, jumped to US$139.9 million from US$128.5 million booked a year ago.

Franco-Nevada generated US$173.1 million in revenues from the sale of 115,671 gold equivalent ounces during the quarter. This compares to revenue of US$172.7 million reported in the prior-year period from the sale of 131,578 gold equivalent ounces.

The company's board declared a dividend of 24 cents per share, representing a 4.3% increase on a quarterly basis. It will be payable on June 28 to shareholders on record as of June 14.

At the end of the quarter, Franco-Nevada had US$87.7 million in cash and cash equivalents and no debt.

In addition, the company said that senior vice president Paul Brink was promoted to president and COO, while Graham Farquharson retired from its board.

Commenting on the results, CEO David Harquail said the company expects further growth over the next year, driven by higher production from the Tasiast, Subika, and Candelaria projects, where it owns royalties and streams, as well as from its oil and gas assets.