Why Vale SA Shares Are Falling Friday

Vale SA 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?

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.

See Also: Rumble Shares Are Rising Following Tesla CEO Elon Musk's Twitter Acquisition: What's Going On?

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.

Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsMoversTrading Ideaswhy it's moving
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...