Fortescue Metals Group First Half 2023 Earnings: EPS Misses Expectations
Fortescue Metals Group (ASX:FMG) First Half 2023 Results
Key Financial Results
Revenue: US$7.84b (down 3.6% from 1H 2022).
Net income: US$2.37b (down 15% from 1H 2022).
Profit margin: 30% (down from 34% in 1H 2022). The decrease in margin was primarily driven by lower revenue.
EPS: US$0.77 (down from US$0.90 in 1H 2022).
All figures shown in the chart above are for the trailing 12 month (TTM) period
Fortescue Metals Group EPS Misses Expectations
Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 9.8%.
Looking ahead, revenue is forecast to decline by 7.2% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Australia are expected to remain flat.
Performance of the Australian Metals and Mining industry.
The company's share price is broadly unchanged from a week ago.
Before you take the next step you should know about the 2 warning signs for Fortescue Metals Group (1 makes us a bit uncomfortable!) that we have uncovered.
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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