GLNCY Glencore Plc (PK)

1134 GMT - Glencore PLC is among the most mentioned topics across news items over the past three hours, according to Factiva data. The commodity mining and trading company posted a record set of 2022 earnings on strong oil and coal prices and raised its capital returns to $7.1 billion--though some analysts argue the size of the distributions were below expectations. Adjusted earnings before interest, taxes, depreciation and amortization rose a whopping 60% to $34.1 billion, breezing past last year's $21.3 billion record, and net debt was reduced to $75 million, well ahead of a market consensus of $386 million. However, the net debt figure should imply total shareholder returns of around $9 billion, leaving the actual result a significant miss--with the culprit being legal provisions and provisions for Australian tax payment timings, RBC Capital Markets said in a research note. Still, working capital builds from extraordinary market environments in 2022 have likely already unwound, setting Glencore up well for even higher mid-year cash returns, RBC said. Overall the results were solid, Citi said, while Glencore CEO Gary Nagle points to a generally high and volatile commodity price environment in 2022 driving the record results. Dow Jones & Co. owns Factiva. (joseph.hoppe@wsj.com)

(END) Dow Jones Newswires

February 15, 2023 06:50 ET (11:50 GMT)

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