05:16 PM EDT, 08/01/2024 (MT Newswires) -- Sandstorm Gold ( SAND ) on Thursday said its second-quarter profit rose nearly fourfold, even as revenue and production fell.

The royalty and streaming company said it earned US$10.5 million in the period, up from US$2.7 million in the year-prior quarter. Per share amounts were not disclosed.

Revenue fell 17% to $41.4 million from $49.8 million.. It said the decrease in revenue was attributable to a 29% drop in attributable gold equivalent ounces sold, partially offset by a 17% increase in its average selling price .

Sandstorm also posted $32.6 million in cash flow from operations, excluding changes in non-cash working capital, compared to $38.0 million in Q2 2023.

The company had cash operating margins of $2,043 per attributable gold equivalent ounce, representing a new record for the company, compared to $1,744 per ounce in Q2 2023.

Based on the company's existing streams and royalties, attributable gold equivalent ounces for 2024 are forecasted to be between 75,000 and 85,000 ounces.

The company's shares closed down $0.13 to $7.80 on the Toronto Stock Exchange.