Q2 2024 Sprott Inc Earnings Call Transcript
Key Points
- Sprott Inc (SII) reported a record high in assets under management (AUM), increasing by $1.7 billion to $31.1 billion.
- The company successfully launched the Sprott Physical Copper Trust, the world's first physical copper fund, raising $110 million.
- Adjusted base EBITDA increased by 25% year-over-year to $22.4 million for the quarter.
- Net sales rebounded strongly in Q2, generating $357 million in net sales plus an additional $110 million from the Copper Trust IPO.
- The company's flagship Gold Equity Fund performed well, up approximately 20% as of August 1, 2024.
- Net income for the quarter was down 25% year-over-year, from $17.7 million to $13.4 million.
- Despite strong performance in precious metals, mining equities lagged behind, with investor sentiment towards miners at historically low levels.
- The market environment for IPOs remains challenging, with the Copper Trust IPO being the first on the Toronto Stock Exchange since March 2023.
- There was a period of net redemptions in the first quarter, marking the first time in over four years.
- Uranium and copper prices experienced some recent weakness, which the company expects to be short-lived.
Good morning, ladies and gentlemen, and thank you for standing by. Welcome to Sprott Inc.'s 2024 second-quarter results conference call. (Operator Instructions)
As a reminder, this conference is being recorded today, August 7, 2024. On behalf of the speakers that follow, listeners are cautioned that today's presentation and the responses to questions may contain forward-looking statements within the meaning of the safe harbor provision of the Canadian provincial securities laws.
Forward-looking statements involve risks and uncertainties and (technical difficulty) not be placed on such statements. Certain material factors are assumptions are implied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements.
For additional information about factors that may cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward-looking statements. Please consult the MD&A for the quarter of Sprott's other filings in the Canadian and US security
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
