Glencore to Return $7.1 Billion to Shareholders After Record 2022 Earnings -- Update
15 Fevereiro 2023 - 6:02AM
Dow Jones News
By Joe Hoppe
Glencore PLC said Wednesday that it will return $7.1 billion to
shareholders after reporting record 2022 earnings on the back of
significant growth in its marketing and energy divisions.
The Anglo-Swiss commodity mining and trading company declared
distributions of $5.6 billion and a $1.5 billion share-buyback
program.
This follows increased earnings and net debt reducing to $75
million, significantly beating a market consensus of net debt of
around $386 million. However, the net debt figure should imply
total shareholder returns of around $9 billion, leaving the actual
result a significant miss, RBC Capital Markets said in a research
note.
The culprit for the shortfall is $484 million in legal
provisions and $1.4 billion for Australian tax payment timings, the
Canadian bank's analysts said.
Glencore reported record adjusted earnings before interest,
taxes, depreciation and amortization of $34.06 billion for 2022, up
from $21.32 billion in 2021 and slightly above a market consensus
of $33.94 billion, taken from FactSet and based on 13 analysts'
estimates.
Full-year net profit was $17.32 billion compared with $4.97
billion a year earlier, and a forecast of eight analysts from
FactSet of $18.97 billion.
Adjusted earnings before interest and tax from the marketing
business--Glencore's name for its trading arm--rose 73% to $6.4
billion, while energy adjusted EBIT rose to $5.2 billion, from $1.4
billion. The company attributed the significant energy rise to
already tight post-pandemic energy markets jolted by significant
dislocation, generating extreme volatility in oil, refining
margins, freight, gas and coal prices.
"High inflation rates and associated tighter monetary conditions
present some risk to the economic outlook in 2023. China's
reopening, however, together with a continued global focus on
energy security and decarbonization [and] electrification, mean
that demand for many of our commodities is likely to remain
healthy, while supply constraints persist and inventories remain
relatively low," Chief Executive Gary Nagle said.
Shares at 0821 GMT down from 11.7 pence, or 2.3%, at 504.2
pence.
Write to Joe Hoppe at joseph.hoppe@wsj.com
(END) Dow Jones Newswires
February 15, 2023 03:47 ET (08:47 GMT)
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