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Diversified Royalty profit misses consensus by 43.2% in Q4

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Diversified Royalty profit misses consensus by 43.2% in Q4

Diversified Royalty Corp. said its normalized net income for the fourth quarter amounted to 3 Canadian cents per share, compared with the S&P Capital IQ consensus estimate of 5 cents per share.

EPS rose 26.8% year over year from 2 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was C$3.2 million, an increase from C$1.4 million in the prior-year period.

The normalized profit margin fell to 43.5% from 44.3% in the year-earlier period.

Total revenue rose year over year to C$7.4 million from C$3.1 million, and total operating expenses increased 81.3% year over year to C$1.2 million from C$685,000.

Reported net income declined 16.9% on an annual basis to C$1.4 million, or 1 cents per share, from C$1.7 million, or 2 cents per share.

For the year, the company's normalized net income totaled C$9.2 million, a gain from C$197,500 in the prior year.

Full-year total revenue increased from the prior-year period to C$19.6 million from C$3.2 million, and total operating expenses decreased 11.9% on an annual basis to C$2.9 million from C$3.3 million.

The company said reported net income fell 21.3% year over year to C$6.0 million, or 7 cents per share, in the full year, from C$7.6 million, or 17 cents per share.