By Christian Moess Laursen
Anglo American's trimmed its dividend after full-year profit declined more than expected and it booked $2.1 billion in impairments as it grapples with weak commodity markets across its portfolio.
The multinational, diversified miner said Thursday that its net profit for 2023 dropped 94% to $283 million on year due to impairments from its diamond and nickel businesses and lower prices for platinum and diamonds.
This significantly missed analysts' expectations of $2.44 billion, according to FactSet.
Underlying earnings before interest, taxes, depreciation and amortization--the company's preferred profit metric--fell to $9.96 billion from $14.495 billion, with the largest contributions coming from copper and iron ore at $3.23 billion and $4.01 billion, respectively.
Analysts had expected group earnings of $9.83 billion, according to FactSet.
Revenue, meanwhile, dipped to $30.65 billion from $35.12 billion, lower than analysts' forecasts of $30.83 billion.
On the back of lower earnings and falling prices, Anglo American trimmed its final dividend to 41 U.S. cents a share from 74 cents, bringing the full-year payout to 96 cents, down from $1.98.
Write to Christian Moess Laursen at christian.moess@wsj.com
(END) Dow Jones Newswires
02-22-24 0240ET