Mar. 4, 2014, 3:46 AM
- Glencore Xstrata's (GLNCY) FY adjusted EBIT climbed 34% to $5.97B, boosted by the inclusion of eight months of Xstrata's profits and a strong performance at the company's commodities trading operations.
- Adjusted net income rose 20% to $3.67B but missed consensus of $3.81B.
- However, Glencore Xstrata swung to an overall net loss of $7.4B from a net profit of $1B in 2012, due to a $7.5B writedown that the company booked on the Xstrata deal. Still, the firm expects to achieve $2.4B of annual synergies from the purchase, up from a prior forecast of $2B.
- Glencore Xstrata is continuing its talks with a Chinese suitor to sell its $5.9B Las Bambas copper asset in Peru. A group led by China Minmetals was reportedly close to a deal last month.
- Glencore Xstrata is selling the asset in order to meet Chinese conditions for approving the Xstrata transaction.
- Glencore increased its full-year dividend 4.8% to 16.5 cents a share.
- Shares are +2.4% in London. (PR)
Aug. 20, 2013, 2:28 AM
- GlencoreXstrata (GLCNF.PK) H1 Pro forma Adjusted EBITDA -9% to $6B, at the higher end of estimates.
- Adjusted EBIT -28% to $3.18B,
- Revenue -2% to $121.4B
- Reported adjusted EBITDA +14% to $3.64B
- Revenue +4% to 112.48B
- Profit before significant items -34% to $1.21B.
- Loss $8.92B vs profit of $2.275B
- Loss per share $0.99 vs EPS of $0.33
- As expected, takes goodwill impairment of $7.6B related to Xstrata acquisition, reflecting the negative mining-industry environment and the heightened risks of greenfield and large scale expansion.
- Declares interim dividend of $0.054 a share, in line with 2012.
- Progress made in integrating Xstrata "has exceeded our expectations," and synergies will "be materially in excess of previous guidance of $500M per annum." (PR)
GLCNF vs. ETF Alternatives
Glencore Xstrata is one of the worlds largest global diversified natural resource companies and is one of the ten biggest companies within the FTSE 100 Index. The Groups industrial and marketing activities are supported by a global network of more than 90 offices located in over 50 countries.
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