Franco-Nevada reports 10% quarterly sales boost
Franco-Nevada (NYSE: FNV) sold 134,941 gold equivalent ounces in the first quarter of 2020, an increase of 10.6% from the 122,049 sold in Q1 2019.
Cobre Panama, Guadalupe-Palmarejo and Hemlo contributed to the quarter-over-quarter increase, partly offset by lower contributions from Candelaria, Antapaccay and Sabodala.
Ounces sold were lower compared to the 153,396 ounces sold in Q4 2019, which was a company record.
The company withdrew its guidance for 2020, but has increased the dividend for the 13th consecutive year.
The company had $240.5 million in revenue with a $98.8 million net loss, or $0.52 per share, reflecting an after-tax impairment charge of $207.4 million related to the company’s energy interests.
“In our energy portfolio, we have seen a sharp drop in commodity prices and drilling activity and an impairment has been taken to reflect our reduced expectations for those assets,” said CEO David Harquil in the media release.
Franco Nevada’s stock was up nearly 3% on the NYSE on Thursday afternoon. The company has a $28 billion market capitalization.