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Sprott results beat estimates

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Sprott Inc.'s (SII-T) quarterly results beat analysts' estimates as the Canadian fund manager reported an increase in assets under management with larger funds benefiting from exposure to gold and silver.

For the July-September quarter, the company's net income rose 74 percent to $9.6 million, or 6 cents a share. That compares with $5.5 million, or 4 cents a share, a year ago.

Assets under management were about $6.5 billion, up 51 percent compared with $4.3 billion, a year ago.

Total revenue stood at $29.1 million.

Analysts, on average, expected the company to earn 5 cents a share on revenue of $26.8 million, according to analysts polled by Thomson Reuters.

Management fees were up 19 percent to $24.7 million.

AUM rose during the quarter, partly driven by net sales from follow-on offering of units of the Sprott Physical Gold Trust. Shares of the company have gained more than 90 percent in last three months.

CTV.ca CTV Two CTV News CTV News Channel BNN - Business News Network CP24