Franco-Nevada Corp. on Aug. 7 said its net profit increased 19.4% year over year in the second quarter to US$64.0 million, or 34 cents U.S. per share, from US$53.6 million, or 29 cents U.S. per share.
The company declared a dividend of 25 cents U.S. per share, up from 24 cents U.S. per share for the prior-year period.
Revenues for the quarter stood at US$170.5 million, increasing 5.7% from US$161.3 million a year prior. Franco-Nevada sold 107,774 gold-equivalent ounces, up from 107,333 gold-equivalent ounces in the second quarter of 2018.
Quarterly operating income climbed 21.7% to US$79.0 million from US$64.9 million for the prior-year period. Adjusted EBITDA for the quarter stood at US$137.9 million, increasing 9.2% from US$126.3 million a year earlier. Meanwhile, quarterly costs dropped 8.8% to US$27.4 million from US$29.8 million in the prior-year period.
On the back of rosier expectations for revenues from First Quantum Minerals Ltd.'s Cobre Panama copper-gold mine in Panama, now ramping up, Franco-Nevada CEO David Harquail said in a statement that the company expects to hit the upper end of its 2019 guidance of between 465,000 and 500,000 gold-equivalent ounces.