Commodities giants Rio Tinto and Glencore reported significant drops in their annual earnings, attributed to various market pressures. Rio Tinto announced a 12% decline in full-year underlying earnings, with weaker contributions from its aluminium business despite gains in iron ore and copper segments. Glencore's earnings were more severely impacted, halving to just over $17.10 billion, primarily due to falling coal prices and a reduction in energy prices in 2023. The company's Industrial Assets Adjusted EBITDA also fell by 52% to $13.2 billion. Glencore's commodity trading profit dropped sharply as market volatility eased, and it reduced its debt after the Teck coal deal. Its Energy Adjusted EBIT for marketing was -67%, while metals marketing activities produced a 2023 Adjusted EBIT of $1.7 billion (+5%). Unlike Rio Tinto, which paid a better-than-expected final dividend, Glencore slashed its payout to investors.
Rio Tinto reported a 12% fall in annual underlying earnings, in line with forecasts, but paid a better-than-expected final dividend as it said inflation pressures were starting to recede. Read more https://t.co/NrdS0U2dG1 https://t.co/ZKijavYye6
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 https://t.co/CyX8YsXEw3 https://t.co/YPDWkwuooc
Rio Tinto declared a 12% fall in annual underlying earnings, though that was in line with forecasts. The British-Australian firm, however, did pay a better-than-expected final dividend as it said inflation pressures were starting to fade. Read more https://t.co/NrdS0U2Lvz https://t.co/5xPcyfhkiN
Two commodities giants reported big falls in earnings. Rio Tinto reported a 12% fall in annual underlying earnings, while rival Glencore said lower commodity prices had halved its earnings last year https://t.co/CyX8YsXEw3 https://t.co/ez6uc9rcV6
Two commodities giants reported big falls in earnings. Rio Tinto reported a 12% fall in annual underlying earnings, while rival Glencore said lower commodity prices had halved its earnings last year. Read more https://t.co/ApOkM2pKww https://t.co/y3OfiOtJqD
Rio Tinto declared a 12% fall in annual underlying earnings, though that was in line with forecasts. The British-Australian firm, however, did pay a better-than-expected final dividend as it said inflation pressures were starting to fade https://t.co/UZBSCv0pUN https://t.co/iyJX6YNR8X
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'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 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
⚠️ RIO TINTO POSTS 11% DROP IN ANNUAL PROFIT (Reuters) Rio Tinto reported an 11.1% drop in full-year underlying earnings on Wednesday, as lower contributions from its aluminium business amid weaker prices countered production gains at the iron ore and copper segments. The… https://t.co/wihFW8ntqw
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