- Vale (VALE -1.3%) reports a 19% Y/Y drop in its Q1 profit to $2.52B, slightly below the $2.59B analyst consensus, as its realized prices for iron ore fell to a four-year low.
- Q1 net revenue fell 11% to $9.5B, the lowest level for any three-month period since Q1 2010; Brazil's seasonal rains limited production, typical for Q1, but lower prices for iron ore also chopped $1.3B from Vale's sales Q/Q.
- Revenue would have fallen further if it were not for a 9.6% growth in iron ore output to 71.1M metric tons, the best Q1 result since 2008 but 13% lower Q/Q.
- Vale received an average $90.52/ton of iron ore it sold, down 19% Y/Y and the company's lowest realized price since 2010.
- EBITDA fell 22% Y/Y to $4.06B.
at Zacks.com (Nov 14, 2014)