Anglo American shares gap up after earnings call
(Kitco News) - Anglo American (AAL:LSE) shares shot nearly 5% higher after the firm recorded a net profit of $2.09 billion last year down from $3.55 billion in 2019.
Underlying earnings before interest, taxes, depreciation and amortization declined 2% to $9.80 billion but was above the market consensus of $9.39 billion.
Anglo American declared a final dividend of $0.72 a share, bringing the full-year payment to $1.00--down from $1.09 in 2019.
Chief Executive Mark Cutifani said "The resilience of our diversified business, following the operational disruptions of the first half and benefiting from strong metals prices in the latter months, generated underlying Ebitda of $9.8 billion, with an increased mining Ebitda margin of 43%,".
Speaking about the future Cutifani said "Looking further out, we benefit from a sequence of high returning growth options, mainly in copper, PGMs, and now also crop nutrients. Our business is increasingly positioned to supply those products that are fundamental to enabling a low carbon economy and catering to global consumer demand trends. Combined with our integrated approach to technology and sustainability - also helping us reach carbon neutrality across our operations by 2040 - we are well positioned to meet the expectations of our full breadth of stakeholders.".