2023-07-28 09:27:28 ET
Vale ( NYSE: VALE ) -1.4% pre-market Friday after reporting profits that fell for a sixth straight quarter , hurt by a drop in iron ore prices.
Q2 net income from continuing operations fell to $892M from $4.09B in the year-ago quarter, adjusted EBITDA from continuing operations slumped to $3.87B from $5.25B a year ago, and net operating revenue slid 13.3% to $9.67B from $11.16B in the same period last year.
Vale ( VALE ) previously reported Q2 sales volumes of iron ore fines increased 8% to 63.3M metric tons from 62.8M tons a year earlier, while pellet sales volumes were roughly flat Y/Y at 8.8M tons.
But Vale's ( VALE ) average realized price for iron ore fines fell to $111/ton from $137.90/ton a year ago, while the price for iron ore pellet slid to $160.40/ton from $201.30/ton.
Vale's ( VALE ) board approved the distribution of 8.3B Brazilian reais (~$1.7B) in interest on capital, to be paid in September.
Separately, Vale ( VALE ) agreed to sell 13% of its nickel and copper business in two separate deals totaling $3.4B.
More on Vale:
- Financial and valuation comparison to sector peers
- Analysis: Vale: Brazilian Mining Giant Potentially Undervalued And Offering 8% Dividend Yield
- Stock price return: Down 9.5% YTD, up 9.5% in the past 12 months
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Vale's Q2 profit drops on weaker iron ore prices