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Glencore Posts 2014 Profit

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Glencore PLC (OTC: GLNCY) posted a profit in 2014.

Glencore posted a net profit of $2.31 billion for the full year. The company recorded $1.1 billion in impairment charges.

Glencore's net income, excluding one-time items, came in at $4.3 billion. Analysts were expecting a profit of $4.04 billion.

Revenue declined to $221.1 billion versus $232.7 billion.

Core adjusted earnings before interest, tax, depreciation and amortisation came in at $12.8 billion.

Glencore's Chief Executive Officer, Ivan Glasenberg, said, "Our ultimate goal remains to grow our free cash flow and return excess capital in the most sustainable and efficient manner. As the most diversified raw material producer and marketer, Glencore is well positioned to react to and benefit from changes in commodity fundamentals. Glencore will continue to focus on maximising the value of the potential within our businesses. We look forward to the future with confidence."

Glencore shares gained 0.44% to close at $9.21 yesterday.

 

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