Glencore cuts output forecast but raises full-year earnings to up to $2.8bn
London/Bengaluru — On Monday, Glencore cut its output forecast for core commodities, including zinc, but raised its marketing division’s full-year earnings before interest and tax (Ebit) to between $2.6bn and $2.8bn, reflecting higher raw materials prices. Its previous 2017 marketing, or trading, Ebit guidance was $2.4bn to $2.7bn, which was already an upward revision from $2.1bn to $2.4bn at the start of the year. In its third-quarter production report on Monday, Glencore lowered its output guidance for copper, zinc and coal, citing operational difficulties, maintenance and end-of-mine-life declines, but said full-year earnings would not suffer. Analysts said it had been a weak quarter, but marketing conditions were favourable. The share price rose 0.43% by 9.12am GMT, slightly more than the broader market. "Overall, we see today’s results as slightly negative, though the marketing Ebit guidance upgrade is a clear positive," analysts at Bernstein said in a note. They reiterated the...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.