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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  Fortescue Metals Group Limited    FMG   AU000000FMG4

FORTESCUE METALS GROUP LIMITED

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Fortescue Metals : Beats Iron-Ore Shipment Guidance, Forecasts Strong Year

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07/29/2020 | 06:14pm EDT

By David Winning

SYDNEY--Fortescue Metals Ltd. beat guidance for annual iron-ore shipments and forecast another strong year, even as costs creep up and it spends more on growth projects including the Eliwana Mine and Rail Project.

Fortescue said it shipped a record 178.2 million metric tons of iron ore in the 12 months through June, including 47.3 million tons in the most recently completed quarter. That was above the top end of recently revised guidance of 177.0 million tons and 6% more than a year ago.

In the current year, Fortescue said it expects to ship between 175 million tons and 180 million tons of iron ore. C1 cash costs are forecast in a range of US$13.00-US$13.50 per wet metric ton, which would be higher than the average of US$12.94/ton in fiscal 2020.

"This was an outstanding performance which underpinned the operational excellence we delivered in fiscal 2020, particularly during a quarter when we implemented a range of measures in response to Covid-19," said Chief Executive Elizabeth Gaines.

Fortescue said it expects capital spending of US$3.0 billion-US$3.4 billion this year, with more investment in the Eliwana Mine and Rail Project than originally envisaged. The Perth-based company now intends to spend US$1.325 billion-US$1.375 billion in that project, up from a prior projection of US$1.275 billion.

 

Write to David Winning at david.winning@wsj.com

 


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Financials (USD)
Sales 2021 14 432 M - -
Net income 2021 5 571 M - -
Net Debt 2021 747 M - -
P/E ratio 2021 6,47x
Yield 2021 10,7%
Capitalization 36 010 M 35 876 M -
EV / Sales 2021 2,55x
EV / Sales 2022 3,29x
Nbr of Employees -
Free-Float 50,1%
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Technical analysis trends FORTESCUE METALS GROUP LIMITED
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Income Statement Evolution
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Mean consensus HOLD
Number of Analysts 18
Average target price 11,24 $
Last Close Price 11,70 $
Spread / Highest target 23,2%
Spread / Average Target -3,93%
Spread / Lowest Target -53,4%
EPS Revisions
Managers
NameTitle
Elizabeth Anne Gaines Chief Executive Officer & Executive Director
John Andrew Henry Forrest Chairman
Greg Lilleyman Chief Operating Officer
Ian Wells Chief Financial Officer
Mark Bradley Barnaba Deputy Chairman
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