Business
Franco-Nevada Corporation Announces Q1 2017 Results; Increases Revenue 30% Year-Over-Year
TORONTO, May 9, 2017 /CNW/ - "Franco-Nevada's diversified portfolio and business model continues to deliver with record Gold Equivalent Ounces and revenue
About this update from Franco-nevada Corporation
[{"type":"text","content":"TORONTO, May 9, 2017 /CNW/ - \"Franco-Nevada's diversified portfolio and business model continues to deliver with record Gold Equivalent Ounces and revenue being realized in the first quarter\" commented David Harquail, CEO. \"Recent acquisitions are performing well and we continue to benefit from increased activity on many of our properties. It is a testament to both the portfolio and our business model that Franco-Nevada has again declared a dividend increase. This marks Franco-Nevada's 10th consecutive year of dividend increases since it went public in late 2007. Franco-Nevada remains debt free with increasing cash balances and we continue to see investment opportunities across various commodities.\" Q1/2017 Financial Highlights 131,578 Gold Equivalent Ounces1 (GEOs) sold – a new record and a 23.4% increase year-over-year $172.7 million in revenue – a new record and a 30.8% increase year-over-year $128.5 million of Adjusted EBITDA2 or $0.72 per share $45.6 million of net income or $0.26 per share $44.8 million of Adjusted Net Income3 or $0.25 per share $283.0 million in cash and cash equivalents at quarter-end and no debt Revenue and GEOs by Asset Categories Q1/2017 Q1/2016 GEOs Revenue GEOs Revenue # (in millions) # (in millions) Precious Metals: Gold 100,540 $ 122.9 76,753 $ 91.5 Silver 19,746 24.4 22,627 26.8 PGMs 8,224 10.7 5,196 7.6 Precious Metals - Total 128,510 $ 158.0 104,576 $ 125.9 Other Minerals 3,068 3.8 2,045 2.5 Oil & Gas — 10.9 — 3.6 131,578 $ 172.7 106,621 $ 132.0 For Q1/2017, revenue was sourced 91.5% from precious metals (71.2% gold, 14.1% silver and 6.2% PGM) and 81.0% from the Americas (13.9% U.S., 16.9% Canada and 50.2% Latin America). Operating costs and expenses increased year-over-year in-line with the increase in the number of GEOs sold during the quarter. Oil & gas revenue increased three-fold year-over-year, r...