Vale Loss Widens On Financial, Tax Expenses - Quick Facts

(RTTNews) - Brazilian mining company Vale S.A. (Vale) Wednesday reported fourth-quarter net loss of $6.45 billion or $1.25 per share compared with a loss of $2.6 billion or $0.51 per share last year.

Results for the recent quarter included asset impairment costs $2.3 billion, foreign exchange loss of $934 million, financial expenses of $2.63 billion and income tax expense of $3.8 billion.

Underlying earnings for the quarter were higher at $3.2 billion or $0.62 per share compared with $1.87 billion or $0.36 per share last year.

On average, 11 analysts polled by Thomson Reuters estimated earnings of $.65 per share for the quarter. Analysts' estimates typically exclude special items.

Net revenue for the quarter grew to $13.4 billion from $12.3 billion last year.

Analysts estimated revenue of $12.6 billion for the quarter.

For full year 2013, net income was $584 million or $0.11 per share versus $5.45 billion or $1.07 per share in the prior year. On an underlying basis, earnings were $12.26 billion or $2.38 per share versus $10.62 billion or $2.08 per share a year ago. Net revenue was $48.05 billion compared with $47.7 billion a year ago.

Analysts expected earnings of $2.25 per share on revenue of $47.08 billion for the year.

Moving forward, Vale expects global activity to improve further in 2014, largely on account of recovery in the developed economies while concerns remain on emerging markets.