BHP Billiton Ltd.
) reported its financial results for fiscal 2013, ended Jun 30,
2013. Earnings per American Depositary Share (ADS) stood at
$4.07, down 29.4% from $5.77 per ADS a year-ago. Lower revenues
and higher taxes hurt earnings in the fiscal.
Earnings per ADS also missed the Zacks Consensus Estimate of
$4.67 by 12.8%.
Revenues for fiscal 2013 dropped 8.7% year over year to $66.0
billion from $72.2 billion as a result of a challenging global
industry as well as lower prices of commodities.
Revenues also missed the Zacks Consensus Estimate of $68.0
billion by 2.9%.
Underlying earnings before interests and taxes (EBIT) were
recorded at $21.1 billion, down 22.4% year over year, as a result
of lower commodity prices and inflation.
The company saw an improvement in the production of copper, zinc,
iron ore, coal, total petroleum products, aluminum and manganese
alloy, to name a few, in fiscal 2013. However, the production of
silver, nickel and diamonds decreased year over year, over the
BHP Billiton's Western Australia Iron Ore (WAIO) production
reached 187 million tonnes for fiscal 2013.
Cash and cash equivalents, at the end of the period, were
recorded at $6.1 billion, up from $5.1 billion in the half year
ended Dec 31, 2012. Net debt, comprising interest-bearing
liabilities, was $29.9 billion, down from $30.4 billion as of Dec
Net operating cash flow decreased 16.9% to $27.6 billion year
over year. Capital and exploration expenditure totaled $22.9
billion for fiscal 2013, compared with $20.8 billion in fiscal
BHP Billiton announced a final dividend of 59 cents per share
to be paid on Sep 25, 2013, to shareholders of record as on Sep
Moreover, in line with the company's strategy to trim its
portfolio, BHP divested around $6.5 billion worth of assets in
the year, which are either complete or awaiting closures.
As on the closure of fiscal 2013, BHP had roughly 18 projects in
progress, 70% of which are expected to start production by the
end of calendar year 2014. BHP expects the economy to start
reviving in the coming quarters, mainly China, thereby, boosting
demand and prices. The production at WAIO is expected to increase
further to 207 million tonnes by fiscal 2014.
Other Stocks to Consider
Avalon Rare Metals Inc.
) announced fiscal third-quarter 2013 operating loss of 1 cent
per share, compared with the Zacks Consensus Estimate of a loss
of 3 cents.
Denison Mines Corp.
) announced second-quarter 2013 operating loss of 1 cent per
share, compared with the Zacks Consensus Estimate of a loss of 2
AMCOL International Corporation
) announced second-quarter 2013 operating earnings of 57 cents
per share, beating the Zacks Consensus Estimate of 56 cents by
BHP Billiton currently carries a Zacks Rank #3 (Hold).
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