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Royal Gold (RGLD) Issues Stream Segment Sales Update for Q1
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Royal Gold, Inc. (RGLD - Free Report) issued a stream segment sales update for first-quarter 2024. In the quarter, RGLD Gold AG — the fully-owned subsidiary of Royal Gold — sold 49,500 gold equivalent ounces (GEOs), comprising 38,100 ounces of gold, 635,000 ounces of silver and 1,100 tons of copper related to its streaming agreements.
The average realized price of gold was $2,054 per ounce in the first quarter compared with $1,955 per ounce in fourth-quarter 2023. The average realized price of silver stood at $23.22 per ounce, up from the fourth quarter’s $23.18. Average realized copper prices were $8,453 per ton, up 3.9% sequentially. The company ended the quarter with 16,800 ounces of gold, 349,400 ounces of silver and 400 tons of copper in inventory.
In the quarter, the cost of sales was $436 per GEO compared with the prior quarter’s $417 per GEO.
Royal Gold reported adjusted earnings per share (EPS) of 95 cents in the fourth quarter of 2023, beating the Zacks Consensus Estimate of 75 cents. The bottom line increased 5% year over year due to lower revenues and higher interest expenses.
RGLD generated revenues of $153 million, down 6.3% year over year. The downside resulted primarily from lower gold and copper sales at Mount Milligan, declining gold and silver sales at Pueblo Viejo, and reduced royalty revenues at Peñasquito.
However, these factors were partly offset by an increase in sales from Andacollo, higher revenues from Cortez, and increased metal prices from the prior-year quarter.
The Zacks Consensus Estimate for the company’s first-quarter earnings is pegged at 88 cents. Notably, it reported earnings of 96 cents in the first quarter of 2023.
Price Performance
In the past year, RGLD shares have lost 8.6% against the industry’s growth of 1.9%.
The Zacks Consensus Estimate for Ecolab’s 2024 earnings is pegged at $6.39 per share, indicating an increase of 22.7% from the prior year’s reported number. It has an average trailing four-quarter earnings surprise of 1.7%. ECL shares have gained 41.8% in a year.
The Zacks Consensus Estimate for Carpenter Technology’s 2024 earnings is pegged at $4 per share. The consensus estimate for 2024 earnings has moved 1% north in the past 60 days. It has an average trailing four-quarter earnings surprise of 14.3%. CRS shares have gained 33.5% in a year.
The Zacks Consensus Estimate for Innospec’s 2024 earnings is pegged at $6.72 per share, indicating a year-over-year rise of 10.3%. The Zacks Consensus Estimate for IOSP’s current-year earnings has been revised 2% north in the past 60 days. It has an average trailing four-quarter earnings surprise of 10.5%. The company’s shares have rallied 19.3% in the past year.
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Royal Gold (RGLD) Issues Stream Segment Sales Update for Q1
Royal Gold, Inc. (RGLD - Free Report) issued a stream segment sales update for first-quarter 2024. In the quarter, RGLD Gold AG — the fully-owned subsidiary of Royal Gold — sold 49,500 gold equivalent ounces (GEOs), comprising 38,100 ounces of gold, 635,000 ounces of silver and 1,100 tons of copper related to its streaming agreements.
The average realized price of gold was $2,054 per ounce in the first quarter compared with $1,955 per ounce in fourth-quarter 2023. The average realized price of silver stood at $23.22 per ounce, up from the fourth quarter’s $23.18. Average realized copper prices were $8,453 per ton, up 3.9% sequentially. The company ended the quarter with 16,800 ounces of gold, 349,400 ounces of silver and 400 tons of copper in inventory.
In the quarter, the cost of sales was $436 per GEO compared with the prior quarter’s $417 per GEO.
Royal Gold reported adjusted earnings per share (EPS) of 95 cents in the fourth quarter of 2023, beating the Zacks Consensus Estimate of 75 cents. The bottom line increased 5% year over year due to lower revenues and higher interest expenses.
RGLD generated revenues of $153 million, down 6.3% year over year. The downside resulted primarily from lower gold and copper sales at Mount Milligan, declining gold and silver sales at Pueblo Viejo, and reduced royalty revenues at Peñasquito.
However, these factors were partly offset by an increase in sales from Andacollo, higher revenues from Cortez, and increased metal prices from the prior-year quarter.
The Zacks Consensus Estimate for the company’s first-quarter earnings is pegged at 88 cents. Notably, it reported earnings of 96 cents in the first quarter of 2023.
Price Performance
In the past year, RGLD shares have lost 8.6% against the industry’s growth of 1.9%.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
Royal Gold currently has a Zacks Rank #3 (Hold).
Some better-ranked stocks from the basic materials space are Ecolab Inc. (ECL - Free Report) , Carpenter Technology Corporation (CRS - Free Report) and Innospec Inc. (IOSP - Free Report) . ECL and CRS sport a Zacks Rank #1 (Strong Buy) at present, and IOSP has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Ecolab’s 2024 earnings is pegged at $6.39 per share, indicating an increase of 22.7% from the prior year’s reported number. It has an average trailing four-quarter earnings surprise of 1.7%. ECL shares have gained 41.8% in a year.
The Zacks Consensus Estimate for Carpenter Technology’s 2024 earnings is pegged at $4 per share. The consensus estimate for 2024 earnings has moved 1% north in the past 60 days. It has an average trailing four-quarter earnings surprise of 14.3%. CRS shares have gained 33.5% in a year.
The Zacks Consensus Estimate for Innospec’s 2024 earnings is pegged at $6.72 per share, indicating a year-over-year rise of 10.3%. The Zacks Consensus Estimate for IOSP’s current-year earnings has been revised 2% north in the past 60 days. It has an average trailing four-quarter earnings surprise of 10.5%. The company’s shares have rallied 19.3% in the past year.