Glencore Swung to Net Loss on Impairments; Adjusted Earnings Beat Market View
18 Fevereiro 2020 - 4:57AM
Dow Jones News
By Adria Calatayud
Glencore PLC said Tuesday that it swung to a net loss in 2019 on
impairment charges but its adjusted earnings beat analysts'
expectations.
The Anglo-Swiss miner and commodities trader reported a loss of
$404 million for 2019 compared with a profit of $3.41 billion in
the prior year. The company booked impairment charges of $2.8
billion, it said.
Adjusted earnings before interest, taxes, depreciation and
amortization--a key metric for the company, which strips out
exceptional items--came to $11.60 billion, down 26% on year but
ahead of consensus expectations of $11.25 billion, according to a
Vuma consensus estimate based on forecasts by 18 analysts.
Revenue fell to $215.11 billion in 2019 from $220.52 billion a
year earlier, the company said.
"We are closely watching coronavirus developments and potential
scenario impacts on global growth and markets," Chief Executive
Ivan Glasenberg said. Mr. Glasenberg said Glencore's business has
defensive cashflow characteristics, stemming primarily from
marketing activities, but also from its exposure to precious metals
and infrastructure.
Glencore said it projects a reduction of around 30% by 2035 in
absolute scope 3 emissions--all indirect emissions that occur in
the value chain of the reporting company--as part of its commitment
to a low-carbon economy.
Glencore ended 2019 with net debt of $17.56 billion. Analysts
polled by Vuma expected net debt at $17.12 billion.
The company kept its dividend unchanged at 20 cents a share.
Write to Adria Calatayud at adria.calatayud@dowjones.com
(END) Dow Jones Newswires
February 18, 2020 02:42 ET (07:42 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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