Q2 2024 Franco-Nevada Corp Earnings Call Transcript
Key Points
- Record gold prices boosted revenues and cash flow from operations compared to Q1.
- Business development team successfully added two long-life assets to the portfolio.
- Initial contributions from Yanacocha and growing contributions from new mines expected to boost results in the second half of the year.
- Company has a strong balance sheet with $2.4 billion in available capital as of June 30, 2024.
- Adjusted EBITDA was $221.9 million, and adjusted net income was $144.9 million for Q2 2024.
- Revenues and cash flow from operations were lower compared to Q2 last year due to the absence of contributions from Cobre Panama and lower production at Candelaria and Antapaccay.
- Lower quarterly production at Candelaria and Antapaccay due to operational issues.
- Precious metal GEOs sold were lower year-over-year, with a significant drop from 95,383 in Q2 2023 to 82,350 in Q2 2024.
- Energy GEOs were lower at 22,100 for Q2 compared to 28,063 a year ago, partly due to weaker natural gas prices.
- The company incurred $800,000 in arbitration costs for Cobre Panama in Q2 2024, with an expected total of $3 million for the year.
Good morning, and welcome to Franco-Nevada Corporation's second-quarter 2024 results conference call and webcast. This call is being recorded on August 14, 2024. (Operator Instructions) I would now like to turn the conference over to your host, Candida Hayden, Senior Analyst Investor Relations. Please go ahead.
Thank you, Laura. Good morning, everyone. Thank you for joining us today to discuss Franco-Nevada's second-quarter 2024 results. Accompanying this call is a presentation, which is available on our website at franco-nevada.com. Where you will also find our full financial results.
The presentation is also available to view on the webcast. During our call this morning, Paul Brink, President and CEO of Franco-Nevada, will provide introductory remarks, followed by Sandip Rana, Chief Financial Officer, who will provide a brief overview of our results and Eaun Gray, Senior Vice President Business Development, who will discuss our recent transaction.
This will be followed by a Q&A
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