{"id":25313,"date":"2023-04-26T23:07:39","date_gmt":"2023-04-26T23:07:39","guid":{"rendered":"http:\/\/lynettelockhart.com\/client\/brazils-vale-posts-nearly\/"},"modified":"2023-04-26T23:09:12","modified_gmt":"2023-04-26T23:09:12","slug":"brazilian-miner-vales-profit","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/brazilian-miner-vales-profit\/","title":{"rendered":"Brazilian miner Vale’s profit slumps well below forecasts"},"content":{"rendered":"

SAO PAULO (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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

Revenues, meanwhile, fell 22% to $8.4 billion, also lagging analysts’ $9.2 billion forecast. Meanwhile, costs rose 5.4% to $5.4 billion.<\/p>\n

Earnings before interest, taxes, depreciation and amortization came in at $3.6, below analysts’ $4.3 billion estimate.<\/p>\n

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.<\/p>\n

(Reporting by Peter Frontini; Editing by David Alire Garcia and Sarah Morland)<\/p>\n

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SAO PAULO (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 […]<\/p>\n","protected":false},"author":8,"featured_media":25314,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1213],"tags":[1223],"class_list":["post-25313","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-business","tag-updated"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ3P12Q-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/25313","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=25313"}],"version-history":[{"count":2,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/25313\/revisions"}],"predecessor-version":[{"id":25331,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/25313\/revisions\/25331"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/25314"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=25313"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=25313"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=25313"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}