Sibanye-Stillwater Sees Earnings Falling on Platinum Prices Drop
By Joe Hoppe
Sibanye-Stillwater said it expects to report lower earnings per share as platinum group metal prices fell.
The Johannesburg-listed precious metals miner said Friday that it expects to report earnings per share for the first half of between 249 and 275 South African rand cents (14-15 U.S. cents in a conversion supplied by the company), compared with EPS of 426 South African rand cents a year earlier.
Headline earnings per share are expected to decline 48%-53% to be between 198 and 218 South African rand cents.
The company attributed the falls to a decline in platinum group metal prices, which also led to a decline in the share of results from investees, as well as lower production and higher unit costs from the U.S. platinum operations.
These negative effects were partially offset by significantly improved operating and financial results from the South African gold operations on-year, and favorable foreign-exchange rates, among other factors.
Write to Joe Hoppe at joseph.hoppe@wsj.com
(END) Dow Jones Newswires
August 18, 2023 07:12 ET (11:12 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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