Vale SA VALE shares are trading lower by 5.60% to $12.64 going into the close of Friday’s session after the company reported worse-than-expected third-quarter sales results.
Vale reported quarterly earnings of 98 cents per share which beat the analyst consensus estimate of 55 cents.
The company also reported quarterly sales of $9.93 billion which missed the analyst consensus estimate of $10.10 billion by 2%. This sales figure represents a 22% decrease over sales of $12.68 billion in the same period last year.
Vale reported proforma adjusted EBITDA from continued operations of $4.002 billion, $1.532 billion lower than second-quarter 2022, mainly reflecting the decline in iron ore and nickel prices.
Vale also highlighted capital expenditures of $1.230 billion, including growth and sustaining investments, down $63 million from second-quarter 2022, mainly due to lower disbursement in Sol do Cerrado solar project due to equipment deliveries last quarter.
According to data from Benzinga Pro, Vale SA has a 52-week high of $21.29 and a 52-week low of $11.16.
Image and article originally from www.benzinga.com. Read the original article here.