BHP Group reported a flat first-half underlying profit, citing strong revenue generation but warning of inflation impact. Glencore experienced a steep drop in profit due to market retreat from price spikes post Russia's invasion of Ukraine. Glencore's 2023 earnings halved on lower commodity prices, leading to a dividend cut and a focus on debt reduction.
COMMODITY TRADING: Glencore reports a steep drop in profit after markets retreated from the price spikes and wild swings that drove blockbuster earnings in the aftermath of Russia’s invasion of Ukraine | $GLEN https://t.co/yKuMPvtzdA
#Glencore joins #BHP in assigning some blame for declining #nickel prices to the London Metal Exchange. But when did the LME become a producer?! Its warehouse stocks are a reflection of supply-demand fundamentals
#Glencore says it doesnt expect the #nickel market to rebalance "for quite some time". Notes that despite continued strong growth in global electric vehicle sales, nickel’s price dropped 45% over the course of the year
#Glencore's metals marketing activities produced a 2023 Adjusted EBIT of $1.7 billion (+5%), "reflecting broadly consistent physical marketing conditions for many of our most important commodities," the company notes
But Glencore's Energy Adjusted EBIT for marketing was -67% at $1.7 billion, "in a return to a more stable market environment, following the extreme market volatility levels, dislocations and complexities exhibited during 2022," it adds.
Coal hits #Glencore earnings, with its Industrial Assets Adjusted EBITDA down 52% in 2023 to $13.2 billion, "primarily reflecting lower coal earnings with the significant reduction in energy prices in 2023," it says. Coal ops contibution fell by $9.9 billion
#Glencore says it could demerge its #coal and #carbon steel materials business "only once Glencore had sufficiently delevered towards a revised $5 billion net debt cap, expected to occur within 24 months from close" of Elk Valley Resources from Teck. Closing due no later than Q3
Glencore cuts dividend as Swiss firm’s earnings fall 50% due to collapse in global coal prices https://t.co/TfbMxYiVPX
Glencore said lower commodity prices halved its earnings last year, pushing them down to just over $17 billion. But unlike Rio Tinto, the company slashed its payout to investors. Read more https://t.co/ApOkM2pKww https://t.co/iyjDt2y43z
Glencore reports a steep drop in profit after markets retreated from the price spikes and wild swings that drove blockbuster earnings in the aftermath of Russia’s invasion of Ukraine https://t.co/NRGsfk6eK1 via @markets @tbiesheuvel #Switzerland
Glencore Posts Steep Profit Fall as Energy Crisis Fades Company is seeking to reduce debt after Teck coal deal Commodity trading profit dropped sharply as volatility eased https://t.co/SB0htWlumM
Glencore's 2023 earnings halve on lower commodity prices https://t.co/mWNw3wf6GB https://t.co/y6oiM1lUJp
Glencore full-year earnings tumble to $17.10 billion amid falling coal prices https://t.co/BcKTsyTzYL
Glencore Posts Steep Profit Fall As Energy Crisis Fades - BBG https://t.co/82Z4Z80oWk
Glencore reports a steep drop in profit after markets retreated from the price spikes and wild swings that drove blockbuster earnings in the aftermath of Russia’s invasion of Ukraine https://t.co/847hs7YHTk
BHP says its base case for #nickel is that the market "may rebalance by the late 2020s." May?! "The industry is expected to experience a difficult multi-year run as excess current and committed supply is gradually absorbed by rising demand."
⚠️ BHP REPORTS FLAT FIRST-HALF UNDERLYING PROFIT, WARNS OF INFLATION IMPACT Full Story → https://t.co/ynpy0rUTn1 BHP Group said its first-half underlying profit was largely unchanged from a year ago on Tuesday citing strong revenue generation, but warned the lagged effect of… https://t.co/CKlBYYyioc