Metals And Mining Giant Vale Misses Q3 Revenue Estimates On Weak Iron Ore Production
Portfolio Pulse from Lekha Gupta
Vale S.A. (NYSE:VALE) reported Q3 FY23 net operating revenue of $10.62 billion, missing the consensus of $10.937 billion. Iron ore and nickel production fell 4% and 19% Y/Y respectively, while pellet and copper production rose 11% and 10% Y/Y. Adjusted EBITDA rose 12% Y/Y to $4.5 billion. EPS of $0.66 beat the consensus of $0.62. VALE shares are trading lower by 0.23% at $13.00 premarket.
October 27, 2023 | 11:15 am
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NEGATIVE IMPACT
Vale's Q3 FY23 revenue missed estimates due to a decrease in iron ore and nickel production. However, pellet and copper production increased. The company's shares are trading lower premarket.
Vale's Q3 revenue missed estimates primarily due to a decrease in iron ore and nickel production. This could negatively impact investor sentiment, leading to a decrease in the company's stock price. However, the increase in pellet and copper production could offset some of this negative impact. The company's shares are currently trading lower in premarket trading, indicating a potential negative short-term impact on the stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100