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Vale SA (NYSE:VALE) shares are trading lower by 5.60% to $12.64 going into the close of Friday's session after the company reported worse-than-expected third-quarter sales results.
What Happened?
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Vale reported quarterly earnings of 98 cents per share which beat the analyst consensus estimate of 55 cents.
The company also reported quarterly sales of $9.93 billion which missed the analyst consensus estimate of $10.10 billion by 2%. This sales figure represents a 22% decrease over sales of $12.68 billion in the same period last year.
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Vale reported proforma adjusted EBITDA from continued operations of $4.002 billion, $1.532 billion lower than second-quarter 2022, mainly reflecting the decline in iron ore and nickel prices.
Vale also highlighted capital expenditures of $1.230 billion, including growth and sustaining investments, down $63 million from second-quarter 2022, mainly due to lower disbursement in Sol do Cerrado solar project due to equipment deliveries last quarter.
According to data from Benzinga Pro, Vale SA has a 52-week high of $21.29 and a 52-week low of $11.16.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.