Glencore Backs Guidance After Declines in Copper, Coal Output
By Christian Moess Laursen
Glencore backed its full-year production guidance despite slight declines in its copper and coal output in the first quarter of the year.
The Switzerland-based commodity mining and trading company said Tuesday that its first-quarter copper output fell 2% to 239,700 metric tons compared with the same period a year prior, while production of coal--its main profit center--declined 1% to 26.6 million tons.
Elsewhere, zinc production edged higher to 205,600 tons from 205,300 tons, while nickel output jumped 14% to 23,800 tons and ferrochrome volumes slumped 26% to 297,000 tons.
The Anglo-Swiss company backed its full-year targets across its portfolio.
Glencore also said it expects adjusted earnings before interest, taxes, depreciation and amortization from marketing activities--its trading arm--to be between $3.0 billion and $3.5 billion for the year, which puts it around the top end of the long-term annual target of $2.2 billion-$3.2 billion.
Write to Christian Moess Laursen at christian.moess@wsj.com
(END) Dow Jones Newswires
April 30, 2024 02:36 ET (06:36 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
5 Undervalued Stocks to Buy as Their Stories Play Out
-
Markets Brief: Return of the Meme Stocks
-
What’s Happening In the Markets This Week
-
What Does Nvidia’s Stock Split Mean for Investors?
-
It’s Been a Terrible Time for Bonds. Here’s Why You Should Own Them
-
Which AI Stocks Are Turning Hype Into Revenue?
-
Best- and Worst-Performing Stocks of May 2024
-
3 Stocks to Buy and 3 Stocks to Sell in June
-
The 10 Best Dividend Stocks
-
The Most Attractive Investment Opportunities in Oil & Gas
-
Apple: Generative AI Strategy Should Drive Sales and Upgrades
-
2 Undervalued Stocks That Just Raised Dividends
-
2 Popular Stocks That Top Managers Are Selling
-
The Best REITs to Buy
-
Nio Earnings: Revenue and Loss Largely In Line, but Vehicle Margin Missed Amid Price Competition
-
The Best Biotech Stocks to Buy