Brazilian miner Vale reported on Thursday a 36% year-on-year decline in third-quarter net profit, landing above analyst estimates.
Vale, one of the world’s largest iron-ore miners, reported profit of $2.84-billion, while analysts polled by LSEG expected $2.55-billion.
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) came in at $4.18-billion, below analysts’ estimates of $4.72-billion. Revenue came in at $10.62-billion, missing analysts’ expectations of $10.98-billion.
Over the quarter, the miner said its iron ore prices had averaged $105.1 per metric ton, up from the $92.6 per ton in the year-ago quarter.
Last week, Vale said its iron-ore output had dropped nearly 4% in the quarter due to a production snag at a key mine.