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Franco-Nevada’s third-quarter profit climbed to $395.5 million, while revenue rose 13%, but precious-metal deliveries came in below expectations and revenue fell short of analysts’ estimates. The royalty and streaming company said stronger oil prices helped offset the delivery shortfall.
For the quarter ended Sept. 30, Franco-Nevada earned $2.05 a share, up from $1.49 a share a year earlier, when profit was $287.5 million. Adjusted earnings, excluding certain one-time items, were $1.89 a share, topping the $1.74 forecast from analysts polled by FactSet.
Revenue increased to $549.3 million, below the $568.4 million analysts expected. Gold equivalent ounces sold fell 6% to 130,435.
“Precious metal GEO deliveries were slightly below expectations in the period, although strong oil prices boosted our diversified revenue, and we are now tracking towards the mid-range of our annual guidance,” Chief Executive Officer Paul Brink said. Franco-Nevada had previously said it was tracking toward the upper half of its guidance range.
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