VALE Q1 Earnings & Revenues Miss Estimates

Vale S.A. (VALE Quick QuoteVALE - Free Report) reported first-quarter 2023 adjusted earnings per share of 41 cents, which missed the Zacks Consensus Estimate of earnings of 57 cents per share. The company had reported earnings per share of 78 cents in the year-ago quarter. Lower iron ore and pellet prices, and lower iron ore sales volumes mainly led to the drop in earnings.

Including one-time items, the company had reported earnings per share of 93 cents in the first quarter of 2022.

Net operating revenues plunged 22% year over year to $8.4 billion. The top line also missed the Zacks Consensus Estimate of $8.8 billion.