Franco-Nevada Corp Higher After Q1
Franco-Nevada (FNV.TO) is up 23 cents at $35.13 after reporting first quarter results late Thursday that were largely in line with consensus. Q1 2011 highlights included (US dollars unless otherwise noted):
- Revenue of $73.1 million, a 56% increase year-over-year.
- Adjusted Net Income(1) of $21.4 million (or $0.18 per share), a 157% increase year-over-year.
- Adjusted EBITDA(2) of $50.6 million (or $0.43 per share), a 38% increase year-over-year.
- Acquisition of Gold Wheaton completed, adding to 2011 growth outlook.
The Board of Directors of Franco-Nevada also declared the monthly dividend of US$0.04 per share for each of August and September
Credit Suisse yesterday raised estimates but kept a Neutral rating and US$38 target price on Franco Nevada ahead of its Q1/11 results. It forecast Q1/11 adj EPS of $0.19, slightly above the consensus estimate of $0.18 (range $0.15 - $0.22) with forecasted total revenues of $65.2M for the quarter.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.