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Franco-Nevada Reports Q2 2023 Results; Improved Performance From Core Precious Metal Assets
Improved performance from core precious metal assets (in U.S. dollars unless otherwise noted) TORONTO, Aug. 8, 2023 /CNW/ - "Our portfolio continues to
About this update from Franco-nevada Corporation
[{"type":"text","content":" Improved performance from core precious metal assets (in U.S. dollars unless otherwise noted) TORONTO, Aug. 8, 2023 /CNW/ - \"Our portfolio continues to generate strong cash flows and high margins. The second quarter's results benefited from our core assets returning to normal production and deliveries caught up from the disruptions in Q1. Revenue from our Diversified assets was impacted by lower oil, gas and iron ore prices compared to the relative highs of the prior year period\" stated Paul Brink, CEO. \"We expect Total GEOs for the year to be at the low end of our guidance range provided in March this year. We are looking forward to increased contributions from Cobre Panama, where the CP100 Expansion is on-track for year-end, and to contributions from royalties on several new mines. Franco-Nevada is debt-free and is growing its cash balances.\" Q2 2023 H1 2023 Q2 results vs H1 results vs Q2 2022 H1 2022 Total GEOs1 sold (including Energy) 168,515 GEOs -12 % 313,846 GEOs -15 % Precious Metal GEOs1 sold 132,033 GEOs +0.3 % 243,271 GEOs -7 % Revenue $329.9 million -6 % $606.2 million -12 % Net income $184.5 million ($0.96/share) -6 % $341.0 million ($1.78/share) -10 % Adjusted Net Income2 $182.9 million ($0.95/share) -7 % $335.1 million ($1.75/share) -10 % Adjusted EBITDA2 $275.6 million ($1.44/share) -8 % $505.0 million ($2.63/share) -14 % Adjusted EBITDA Margin2 83.5 % -2.3 % 83.3 % -2.1 % Strong Financial Position No debt and $2.3 billion in available capital as at June 30, 2023 Generated $261.9 million in operating cash flow during the quarter 16 consecutive annual dividend increases. Quarterly dividend of $0.34/share Sector-Leading ESG Global 50 Top Rated and #1 gold company by Sustainalytics, AA by MSCI and Prime by ISS ESG Committed to the World Gold Council's Responsible Gold...