Glencore Beat Analyst Expectations on Net Income -- Earnings Review

   By Oliver Griffin 
 

Miner and commodities trader Glencore PLC (GLEN.LN) reported its full-year results on Thursday. Here's how the results came in:

NET INCOME: Glencore reported net income of $5.78 billion in 2017, beating analyst expectations and a more-than-fourfold increase on profit reported in 2016. A consensus estimate from 18 analysts compiled by FactSet had forecast net income for the year of $5.57 billion.

REVENUE: Glencore reported revenue of $205.48 billion, 34% higher than in 2016, but lower than analysts had predicted. A group of 19 analysts had forecast revenue of $213.88 billion, according to FactSet.

WHAT WE WATCHED:

M&A: As expected nothing concrete was announced regarding potential acquisitive activity, although Chief Executive Ivan Glasenberg told media in a call that there was room for potential transactions. "If nothing becomes available, if we don't get things at the right price, we won't do it," he told journalists.

COSTS: The company said that its results were offset somewhat by rising cost pressures, which were due to moderate cost inflation and a weaker dollar. Net foreign exchange losses widened 14% to $80 million, the company said.

Write to Oliver Griffin at [e-mail]

(END) Dow Jones Newswires

February 21, 2018 05:42 ET (10:42 GMT)

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