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.
Alfiniti Inc. acquires USA’s sole aluminium welded tube manufacturer, Alabama Tube Corporation
