Trending: Glencore Slashes Dividends After Earnings Plunge as Energy Markets Calm

1055 GMT - Glencore is among the most mentioned companies across news items over the past four hours, according to Factiva data, after the Anglo-Swiss mining behemoth posted a drop in full-year earnings as energy markets calmed through 2023. Full-year adjusted earnings before interest, taxes, depreciation and amortization halved to $17.10 billion, mainly on lower energy prices as coal and liquefied natural gas prices fell from the unprecedented levels witnessed in 2022. Net profit plummeted 75% to $4.28 billion, weighed further by one-off charges of $2.48 billion. Additionally, the Baar, Switzerland-based company significantly trimmed its shareholder returns, planning to hand back around $1.6 billion compared with $7.1 billion a year prior. Citing the $6.93 billion acquisition of Teck Resources' coal unit, Elk Valley Resources, the company said it was managing the balance sheet. "The business, however, is expected to be highly cash generative at current spot commodity prices, which augers well for top-up returns to recommence in the future," Chief Executive Gary Nagle said. Shares fell as much as 6.4% following the earnings report. Dow Jones & Co. owns Factiva. (christian.moess@wsj.com)

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February 21, 2024 06:10 ET (11:10 GMT)

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