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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Glencore plc    GLEN   JE00B4T3BW64

GLENCORE PLC

(GLEN)
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Glencore 1st Half Production Dropped, Lowers 2020 Coal and Nickel Guidance

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07/31/2020 | 02:39am EDT

By Jaime Llinares Taboada

 

Glencore PLC said Friday that production across most of its commodities declined in the first half of the year, and revised down full-year guidance for nickel and coal.

The FTSE 100 mining and energy company said its production of copper fell 11% on a year-on-year basis. However, zinc was up 3%. All other commodities' offtake, including cobalt, nickel and lead, declined in the period.

In addition, coal production fell 15% and oil output dropped 17%.

"Although some of our industrial operations were temporarily suspended in line with national and regional guidance, or where our risk assessment determined a suspension was appropriate, the majority of our assets continued to operate relatively normally," Chief Executive Ivan Glasenberg said.

As for 2020 overall, Glencore has downgraded nickel production forecasts to 114,000 metric tons from 122,000 tons, and coal guidance to 114 million tons from 132 million tons.

The company said its marketing business performance was strong in the first half of the year, and that it has raised 2020 expectations for marketing EBIT to the top of its long-term range of $2.2 billion-$3.2 billion.

 

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

 

Stocks mentioned in the article
ChangeLast1st jan.
GLENCORE PLC 0.89% 179.46 Delayed Quote.-24.42%
LONDON BRENT OIL 1.80% 45.32 Delayed Quote.-31.89%
WTI 2.39% 42.56 Delayed Quote.-31.52%
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Financials (USD)
Sales 2020 158 B - -
Net income 2020 -837 M - -
Net Debt 2020 34 332 M - -
P/E ratio 2020 -60,0x
Yield 2020 2,79%
Capitalization 30 689 M 30 763 M -
EV / Sales 2020 0,41x
EV / Sales 2021 0,33x
Nbr of Employees 160 000
Free-Float 75,0%
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Technical analysis trends GLENCORE PLC
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 2,73 $
Last Close Price 2,32 $
Spread / Highest target 63,5%
Spread / Average Target 17,7%
Spread / Lowest Target -66,8%
EPS Revisions
Managers
NameTitle
Ivan Glasenberg Chief Executive Officer & Executive Director
Anthony Bryan Hayward Independent Non-Executive Chairman
Steven F. Kalmin Chief Financial Officer
Peter Roland Coates Non-Executive Director
Leonhard Heinrich Fischer Independent Non-Executive Director
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