- Vale (NYSE:VALE) +1% pre-market after reporting Q3 earnings slightly below estimates and in-line revenues of $9.54B, weighed by a weaker Brazilian real and lower base metals production.
- Q3 underlying earnings, which strip out the effect of exchange rate movements, edged lower to $2.05B from $2.09B in the year-ago period, and Q3 EBITDA rose to $4.37B from $4.19B in the year-ago quarter and compared to forecasts for $4.29B.
- Free cash flow reached $3.11B, helping the company lower its debt to $10.7B, its lowest since 2009, from $11.52B in Q2; Vale says it "will explore options for our accumulated free cash flow in a disciplined way. Dividends will be our natural choice based on our new policy."
- Vale posted record iron ore production in the quarter, helped by a ramp-up of the SD11 mine.
- Vale also approves a $1.1B expansion of the Salobo copper mine.
- Now read: SunCoke Energy Partners 2018 Q3 - Results - Earnings Call Slides
Original article