Vale S.A. reported Q2 net income of $1.106 billion vs $1.776 billion in 1Q16; net revs $6.626 bln versus $6.605 bln Capital IQ consensus (5.77)
- Co delivered a sound operational performance in 2Q16, reaching several production records for a second quarter, namely: Carajás iron ore production of 36.5 Mt; nickel production of 78.5 kt, copper production of 105.6 kt; and gold production of 109,000 oz.
- Adjusted EBITDA was US$ 2.383 billion in 2Q16, 18.9% higher than in 1Q16 mainly driven by Ferrous Minerals (US$ 398 million) and Base Metals (US$ 47 million). Adjusted EBITDA margin was 36.0% in 2Q16, increasing from the 35.1% recorded in 1Q16.
- "Looking forward, we remain fully focused on improving our operations, maintaining our capex discipline and strengthening our balance sheet."