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Reliance, Newmont Report Q1 Financial Results; BHP Proposes Acquisition Of Anglo American And More: Thursday's Top Mining Stories
Top Stories for April 25, 2024:
1. Reliance (NYSE:RS) reported Q1 results with net sales of $3.64 billion and a 10.3% increase in tons sold.
The company recorded a gross profit margin of 31% and earnings per share (EPS) of $5.23, with a non-GAAP EPS of $5.30.
Reliance also completed the acquisitions of Cooksey Iron & Metal, American Alloy Steel and Mid-West Materials in early 2024.
Despite macroeconomic uncertainties, the company projects continued demand growth in its key markets for Q2 2024, expecting a 2.5% to 4.5% increase in tons sold and a slight decrease in average selling price per ton.
Reliance increased its dividend by 10%, marking 65 consecutive years of payouts.
2. Newmont (NYSE:NEM) reported strong Q1 2024 results, producing 2.2 million gold equivalent ounces and generating over $1.4 billion in ...