RE: Morgan Stanley9 May 2019 14:05
Bloomberg
Markets
Glencore Plans New Buyback as Trading Profit Disappoints
By Thomas Biesheuvel
February 20, 2019, 2:23 AM EST
Updated on February 20, 2019, 8:00 AM EST
Company to repurchase at least $2 billion of shares this year
Glencore’s trading profit dropped to the lowest since 2013
Glencore Said to Plan to Cap Coal Output in Climate Shift
Glencore Plc reported its weakest trading profit in five years and missed analysts’ earnings estimates, even as the mining giant promised to increase its rewards to shareholders after a tough year.
The disappointing performance in the trading unit is a blow for Glencore, which has always said its traders can make money in any kind of market. The company touts the unit as a differentiator from other big miners, cushioning the ups and downs of the commodities cycle.