Franco-Nevada (TSE:FNV), a precious metals streaming and royalty company, swung to a profit in the past quarter of last year as revenue improved. It also hiked its dividend.
Net income was C$1.2 million, or breakeven per share, in the October-to-December quarter, compared to a net loss of C$80.6 million, in the year-earlier period, the Toronto-based company said in a statement late yesterday.
Earnings, adjusted for non-recurring costs, were C$0.20 per share.
Revenue rose 23 percent to C$123 million in the period.
The average estimate of three analysts surveyed by Zacks Investment research was also for earnings of C$0.20 per share, while analysts polled by Thomson Reuters estimated earnings of C$0.22 per share on revenues of C$116.5 million for the quarter.
The company's production for the quarter rose 33 percent from last year to 92,774 gold equivalent ounces.
"Franco-Nevada's diversified portfolio continues to perform well and business development efforts have shown good results," chief executive officer David Harquail said in the statement.
Franco-Nevada upped its quarterly dividend by 5 percent to C$0.21 per share. The company plans on formally declaring the second quarter dividend of $0.21 per share in May 2015 with payment by the end of June 2015.
Shares fluctuated between gains and losses and were trading at C$61.50, down 1.3 percent, at 2:37 p.m. in Toronto.