(Adds more details on earnings reports, context)
SAO PAULO, April 26 (Reuters) - Brazil's Vale , one of the world's largest miners, reported a first
quarter net profit down 59% from a year earlier, far below
analyst expectations, as profits were dragged down by weaker
sales and lower iron ore prices.
The company posted a net profit of $1.8 billion for the
first three months of 2023, in a filing to Brazil's main stock
exchange on Wednesday, while analysts polled by Refinitiv had
forecast a profit of $2.4 billion.
Last week, the miner had already reported a slip in iron ore
sales volume, blaming it on port loading restrictions and supply
chain rebalancing after strong sales in the previous quarters.
Revenues, meanwhile, fell 22% to $8.4 billion, also lagging
analysts' $9.2 billion forecast. Meanwhile, costs rose 5.4% to
$5.4 billion.
Earnings before interest, taxes, depreciation and
amortization came in at $3.6, below analysts' $4.3 billion
estimate.
Over the quarter, Vale said that prices for its iron ore had
averaged $108.6 per tonne, down from the $141.4 per tonne it
reported for the same period last year.
(Reporting by Peter Frontini; Editing by David Alire Garcia and
Sarah Morland)
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.