Anglo American 1st Half Earnings Dropped on Weaker Prices, Higher Costs
July 27 2023 - 3:18AM
Dow Jones News
By Christian Moess Laursen
Anglo American said Thursday that earnings slipped in the first
half of the year as macro headwinds weighed on the results, but it
remains on track to meet full-year production views.
The multinational mining company achieved underlying earnings
before interest, taxes, depreciation and amortization of $5.11
billion in the half year, down from $8.70 billion in the first half
of 2022, largely due to weaker product prices and a 1% unit cost
increase.
This missed market views of $5.28 billion, based on an analyst
poll taken from FactSet.
Revenue fell to $15.67 billion from $18.11 billion, beating the
$15.45 billion consensus.
Net profit fell 66% to $1.26 billion, compared with consensus'
$1.455 billion, while earnings per share fell to $1.04 from $3.30,
compared with consensus of $1.30.
The FTSE 100-listed company declared an interim dividend of
$0.55, in line with its payout policy.
The company's new Peruvian copper mine Quellaveco is ramping up
strongly and is on track to produce 310,000-350,000 metric tons of
copper in 2023, the mining group said.
"We are on track to deliver on our full year production
guidance, which includes a significant anticipated step-up in
volumes in the second half," Chief Executive Duncan Wanblad
said.
Write to Christian Moess Laursen at christian.moess@wsj.com
(END) Dow Jones Newswires
July 27, 2023 03:03 ET (07:03 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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