Rio Tinto Annual Net Profit Falls 19%, Dividend Pared
By Rhiannon Hoyle
Rio Tinto reported a 19% decline in annual net profit and cut its payout to shareholders following a drop in aluminum and copper prices.
The world's second-biggest miner by market value said Wednesday that it made a net profit of $10.06 billion in 2023. That was down from a profit of $12.39 billion in 2022.
Underlying earnings--a closely watched profit measure that strips out some one-time charges--totaled $11.76 billion, down 12%. Analysts expected underlying earnings of $11.64 billion, according to a consensus estimate compiled by Visible Alpha from 18 forecasts.
Directors declared a final dividend of $2.58 a share, taking the miner's total payout for the year to $4.35 a share. It paid investors $4.92 a share for 2022.
Rio Tinto's earnings were weighed by lower prices for the aluminum and copper it sells. That was offset by a slight rise in the price it received for its Australian iron ore, which accounts for most of the company's profits.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
(END) Dow Jones Newswires
February 21, 2024 01:10 ET (06:10 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
For Bond Investors, Delayed Rate Cuts Demand a Different Playbook
-
What’s Happening In the Markets This Week
-
How the Tokyo Stock Exchange Is Pushing for Better Shareholder Returns
-
Magnificent 7 Stocks Earnings Updates: AI Remains the Focus
-
Where We See Opportunities After an Ugly Month for Stocks
-
After Earnings, Is Alphabet Stock a Buy, a Sell, or Fairly Valued?
-
When Will the Fed Start Cutting Interest Rates?
-
What’s the Difference Between the CPI and PCE Indexes?
-
10 Questions for Berkshire Hathaway’s 2024 Annual Meeting
-
After Earnings, Is Ford Stock a Buy, a Sell, or Fairly Valued?
-
3 Dividend Stocks for May 2024
-
Amgen Earnings: Obesity Drug Update Is Highly Encouraging
-
What’s Going on With Apple, Tesla, and Alphabet?
-
Apple Earnings: A Weak 2024, but Optimism for 2025
-
4 Utility Stocks to Play the AI Data Center Boom
-
Albemarle Earnings: We Expect Improved Results In the Rest of Year Following Cyclically Low Profits