Vale 3Q Net Income Drops 36% to $2.8 Billion

By Jeffrey T. Lewis

SÃO PAULO--Brazilian iron-ore miner Vale SA's profit fell after foreign exchange gains reported a year-earlier failed to materialize again in the third quarter.

The Rio de Janeiro-based company reported net income from continuing operations of $2.8 billion in the period, down from $4.5 billion a year earlier. Net operating revenue increased to $10.6 billion from $9.9 billion in the third quarter of 2022.

The company reported adjusted earnings before interest, taxes, depreciation and amortization from continuing operations of $4.2 billion compared with $3.7 billion a year earlier.

The average realized price per metric ton of iron ore fines rose to $114.0 in the third quarter of 2023 from $103.3 per ton a year earlier, while the price for iron ore pellets, a premium product, fell to $161.2 per ton from $194.3 per ton, Vale said.

Vale reported a loss from foreign exchange and monetary variation of $102 million in the third quarter of this year, compared with a gain of $1.8 billion in the same period of last year.

Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com

(END) Dow Jones Newswires

October 26, 2023 18:41 ET (22:41 GMT)

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