Vale reports higher-than-expected revenue in the second quarter, while profit misses estimates; board approves dividend
Vale’s second-quarter net revenue was $10.5 billion, compared with analysts’ expectations of $10.43 billion. Second-quarter net income was $1.38 billion, versus analysts’ estimate of $1.97 billion. Capital expenditures in the second quarter were $1.13 billion, up 7.1% year over year. Pro forma EBITDA for the quarter was $4.07 billion, compared with analysts’ forecast of $3.81 billion. The board also approved a dividend of 2.03 Brazilian reais per share.