Fortescue Metals Group reports 3% increase in FY24 profit [Yahoo! Finance]
FORTESCUE METAL GRP S/ADR (FSUGY)
NASDAQ:AMEX Investor Relations:
fmgl.com.au/investors
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Source: Yahoo! Finance
The company's iron ore shipments reached 191.6 million tonnes (mt), contributing to the third-highest earnings in its history. Revenue for the mining company saw an 8% increase, climbing to $18.22bn in FY24 from $16.87bn a year earlier. This was accompanied by an increase in underlying earnings before interest, taxes, depreciation and amortisation (EBITDA), which went up to $10.7bn from $9.96bn in FY23. The company's net cash flow from operating activities also grew by 7% to $7.9bn, and free cash flow saw a significant 18% increase, amounting to $5.1bn. As of 30 June 2024, Fortescue's cash balance and gross debt stood at $4.9bn and $5.4bn, respectively. However, the final dividend declared was A$0.89 per share, a decrease from the previous year's A$1.00 per share. Looking ahead to FY25, Fortescue anticipates iron ore shipments to be between 190mt and 200mt, which includes 5–9mt from the Iron Bridge project on a 100% basis. The company has also outlined its capital expen
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