Vale S.A. VALE reported third-quarter 2022 adjusted earnings per share of 98 cents, which beat the Zacks Consensus Estimate of 60 cents. The company had reported earnings per share of $1.16 cents in the year-ago quarter. Lower sales volumes for iron ore combined with the decline in iron ore prices mainly led to the drop in earnings.
Including one-time items, the company had reported earnings per share of 76 cents in the third quarter of 2021.
Net operating revenues declined 19.5% year over year to around $9.9 billion. The top line lagged the Zacks Consensus Estimate of $10.1 billion.
Net operating revenues from Ferrous Minerals plunged 26% year over year to $7.8 billion owing to lower iron ore prices. Base Metals’ net operating revenues soared 30% to $2.04 billion on a higher year-over-year sales volume for copper and nickel. Also, elevated nickel prices compared to last year quarter helped offset the impact of lower copper prices.
