Franco-Nevada falls on Q2 earnings miss as lower sales weigh
** Shares of gold-focused royalty and streaming company Franco-Nevada Corp FNV.N fall 7% to C$159.32
** Co on Tuesday after markets closed reported Q2 net income per share of 75 cents vs. est. of 82 cents - LSEG data
** Revenue falls 21.2% from year ago; reports lower GEO sales
** Says y-o-y results were lower without the contribution from Cobre Panama mine in Panama, lower production at the Candelaria mine in Chile and Antapaccay mine in Peru, and higher taxes; expects stronger output in H2 2024
** "While we see the company as offering a strong asset base, we think any resolution at Cobre Panama will take time and we are not willing to pay a bigger premium than the shares already trade" - Jefferies analysts
** "Notwithstanding our positive views on the Yanacocha 1.8% NSR royalty acquisition, we anticipate a potential negative reaction in today's trading due to the earnings miss and the adjustment to guidance" - TD Cowen analysts
** FNV expects to be at the lower end of its 2024 total GEO sales guidance of 480,000-540,000 ounces
** YTD, including session moves, FNV up ~8.6%
Reporting by Seher Dareen in Bengaluru
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