Seeking Alpha

BHP earnings surge 31%

  • BHP Billiton's (BHP) underlying FH1 profit jumped 31% to $7.76B and exceeded consensus of $6.9B, helped by a rise in its earnings from its iron ore operations, cost cuts and the improving global economy.
  • Revenue increased 5.9% to $33.9B.
  • Annualized cost cuts $4.9B, projects $5.5B by end of FY.
  • Expects global economy to continue growing.
  • Iron ore underlying EBIT jumped 60% to $6.5B; copper slipped $200M to $2.9B; coal $510M vs $79M prior; petroleum -16% to $2.5B.
  • BHP declared a dividend of $0.59 for the period, up from $0.59 from the previous corresponding period. The record date is March 7 and the payment date is March 26.
  • The mining giant said its strong cash flows could enable it to consider a substantial dividend increase and shareholder return in the future. The company also plans to reduce net debt to $25B by June 2014 from $27.1B.
  • Shares +0.4% in London. (PR)
Comments (1)
  • Time to wake up the world is starting to grow very fast
    18 Feb, 05:19 AM Reply Like
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