Glencore Beat Analyst Expectations on Net Income -- Earnings Review
February 21 2018 - 5:57AM
Dow Jones News
By Oliver Griffin
Miner and commodities trader Glencore PLC (GLEN.LN) reported its
full-year results on Thursday. Here's how the results came in:
NET INCOME: Glencore reported net income of $5.78 billion in
2017, beating analyst expectations and a more-than-fourfold
increase on profit reported in 2016. A consensus estimate from 18
analysts compiled by FactSet had forecast net income for the year
of $5.57 billion.
REVENUE: Glencore reported revenue of $205.48 billion, 34%
higher than in 2016, but lower than analysts had predicted. A group
of 19 analysts had forecast revenue of $213.88 billion, according
to FactSet.
WHAT WE WATCHED:
M&A: As expected nothing concrete was announced regarding
potential acquisitive activity, although Chief Executive Ivan
Glasenberg told media in a call that there was room for potential
transactions. "If nothing becomes available, if we don't get things
at the right price, we won't do it," he told journalists.
COSTS: The company said that its results were offset somewhat by
rising cost pressures, which were due to moderate cost inflation
and a weaker dollar. Net foreign exchange losses widened 14% to $80
million, the company said.
Write to Oliver Griffin at oliver.griffin@dowjones.com
(END) Dow Jones Newswires
February 21, 2018 05:42 ET (10:42 GMT)
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