Vale S.A. VALE reported first-quarter 2022 adjusted earnings per share of 78 cents, which missed the Zacks Consensus Estimate of 90 cents. The bottom line decreased 3% from the prior-year quarter. Lower sales volumes for iron ore and pellets, copper and nickel offset the impact of higher prices, leading to the overall decline in earnings in the quarter.
Including one-time items, earnings in the quarter was 93 cents compared with $1.08 in the year-ago quarter.
Net operating revenues declined 14% year over year to around $10.8 billion. The top line lagged the Zacks Consensus Estimate of $11.3 billion.
Net operating revenues from Ferrous Minerals declined 16% year over year to $8.7 billion as higher iron ore prices were offset by lower sales volume. Base Metals’ net operating revenues dipped 3% to $1.9 billion as the impact of higher copper and nickel prices were offset by lower sales volume.
Production of LME deliverable KAS-branded aluminium at Kazakhstan’s Eurasian Resources Group has reached the four-million-tonnes milestone
