Vale’s Q4 profit weighed by weaker iron ore prices, sales volume (NYSE:VALE)
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Vale (NYSE:VALE) reported Thursday its Q4 net profit fell from the year-ago quarter, as sales volumes and iron ore prices both declined.
Q4 net income from continuing operations fell by 30% to $3.7B from $5.4B a year earlier, while net operating revenues dropped nearly 9% to $11.9B from $13.1B in the prior-year quarter and total costs and expenses jumped more than 9% to $7.9B.
Q4 adjusted EBITDA from continuing operations slipped to $4.6B from $4.7B at the same time a year ago.
Vale’s (VALE) Q4 average realized price for iron ore fines fell to $$99/metric ton from $109.60/ton a year earlier, while the price for iron ore pellets slid to $165.60/ton from $182.60 in the prior-year period.
The miner previously reported Q4 iron ore sales by volume fell 0.7% Y/Y to 81.2M metric tons and iron ore production declined 1% Y/Y 80.9M metric tons.
Vale (VALE) shares have gained 4.5% so far this year but fell 2% during the past year.
