We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Glencore Plc | LSE:GLEN | London | Ordinary Share | JE00B4T3BW64 | ORD USD0.01 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
6.55 | 1.53% | 435.30 | 436.05 | 436.15 | 437.20 | 431.40 | 433.60 | 30,156,841 | 16:35:28 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Nonmetallic Mineral Pds, Nec | 217.83B | 4.28B | 0.3508 | 12.43 | 53.21B |
By Scott Patterson
Glencore PLC on Wednesday said it quadrupled its earnings in 2017, increased its dividend payout to investors and was on the lookout for deals -- fresh signs of strength in the global mining industry.
The Swiss mining-cum-trader said net income for 2017 rose more than four times from the previous year, to $5.8 billion from $1.4 billion. Strong trading gains in the company's trading division, reaching $3 billion for the first time since 2008, boosted results.
Glencore declared a dividend for 2018 of $2.9 billion, or 20 cents a share, to be paid in two equal payments -- well ahead of expectations for a $2.2 billion dividend.
Chief Executive Ivan Glasenberg, one of the mining industry's most aggressive deal makers, said booming cash flows at the company gave it plenty of room to keep returning cash to investors or to consider acquisitions.
"There's room to do transactions," Mr. Glasenberg said on a media call early Wednesday. "If nothing becomes available, if we don't get things at the right price, we won't do it," he added.
Rising commodity prices have helped drive Glencore's comeback. Over the past 12 months, copper prices have gained about 20%, coal has climbed about 12%, and cobalt has more than doubled. Those materials are among the biggest contributors to Glencore's profits.
Glencore's strong results follow earlier solid earnings reports by BHP Billiton Ltd. and Rio Tinto PLC. Anglo American PLC reports 2017 earnings Thursday.
Glencore said results were somewhat offset by rising cost pressures. While it maintained marketing guidance of between $2.2 billion and $3.2 billion in adjusted earnings, current conditions and commodity prices "would point to the top end of the range being achieved," said RBC Capital Markets mining analyst Tyler Broda in a note.
Revenue for the year rose 34% to $205.5 billion, Glencore said. Net debt fell to $10.7 billion by the end of the year, from $15.5 billion at the end of 2016. A consensus estimate from 10 analysts compiled by FactSet had forecast net income for the year of $5.7 billion, while 19 analysts on FactSet forecast revenue of $213.88 billion.
Write to Scott Patterson at scott.patterson@wsj.com
(END) Dow Jones Newswires
February 21, 2018 04:37 ET (09:37 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
1 Year Glencore Chart |
1 Month Glencore Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions