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Glencore shares dip on 2024 earnings decline, shareholder payout cut

Investing.com -- London-listed shares in Glencore (LON:GLEN) fell on Wednesday after the Swiss group flagged that a decline in energy and metal prices had contributed to a halving in its full-year earnings.

Annual adjusted earnings before interest, tax, depreciation and amortization at the miner and commodities trader tumbled by 50% to $17.1 billion, according to preliminary results. Chief Executive Officer Gary Nagle commented that the firm faced a "rebalancing and normalization of international energy trade flows."

Net debt at the end of 2023, meanwhile, jumped to $4.9 billion from $75 million in the prior year.

Glencore announced that it would also recommend a cash distribution to shareholders worth around $1.6 billion, down from $7.1 billion in 2022. Nagle said that will be no additional top-up special dividends "at this point," as the firm attempts to guard its reserves to help fund a $6.9 billion takeover of Canadian miner Teck's coal division.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.