GLNCY Glencore Plc (PK)

By Oliver Griffin

Glencore PLC (GLEN.LN) reported earnings results for the first half of 2019 on Wednesday. Here's how the results came in:

REVENUE: Glencore reported first-half revenue of $107.1 billion, compared with $108.6 billion in the year-earlier period. A consensus estimate taken from four analysts and compiled by FactSet had forecast Glencore's revenue in the first half of 2019 at $105.7 billion.

ADJUSTED EBITDA: The Anglo-Swiss miner and commodities trader reported earnings before interest, taxes, depreciation and amortization, with significant items stripped out, of $5.58 billion, down from $8.18 billion in the year-earlier period, which was restated from $8.27 billion as published a year ago, due to certain accounting changes. An estimate taken from 12 analysts' forecasts and compiled by Vuma Consensus saw Glencore's first-half adjusted Ebitda at $5.94 billion.

WHAT WE WATCHED:

-COPPER & COBALT GUIDANCE: As promised, Glencore gave an update on production guidance for copper and cobalt in the rest of the year. The company said copper and cobalt production from its majority owned Katanga subsidiary in 2019 is now expected at 235,000 tons and 14,000 tons respectively. Previous guidance for Katanga saw copper and cobalt production in 2019 of 285,000 tons and 26,000 tons each.

-AFRICA COPPER BUSINESS: Glencore said it will place the Mutanda copper and cobalt mine in the Congo on care and maintenance by the year end. Overall, Glencore said revenue from its African copper business fell 27% to $1.54 billion.

Write to Oliver Griffin at oliver.griffin@dowjones.com; @OliGGriffin

(END) Dow Jones Newswires

August 07, 2019 05:22 ET (09:22 GMT)

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