DENVER—Royal Gold Inc., which owns stakes in precious-metals royalties, said Thursday its fiscal first-quarter profit nearly doubled on a steep increase in revenue stemming from higher gold prices.
For the quarter ended Sept. 30, Royal Gold posted net income of $22.5 million, or 40 cents per share, up from $11.8 million, or 21 cents per share, for the same quarter last year.
The recent quarter’s results included a restructuring charge of $1.3 million, or 2 cents per basic share.
Analysts, on average, expected a profit of 42 cents per share, according to a FactSet poll. Analysts estimates usually exclude one-time charges.
Royalty revenue jumped 42 percent to $64.5 million from $45.3 million in the same quarter last year. In addition to the higher prices of gold and other metals, Royal Gold said it got a boost from increased production at three of its properties and contributions from two recently acquired ones.
In morning trading, Royal Gold shares rose $3.18, or 4.3 percent, to $76.63.
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