Rio Tinto exceeded revenue estimates due to strong copper business despite iron ore price drop

From StockTwits: 2025-02-20 01:24:13

Rio Tinto Plc. (RIO) surprised with its fiscal year 2024 revenue beating Wall Street estimates, despite a slump in iron ore prices. The company’s revenue came in at $53.66 billion, slightly ahead of the consensus of $53.36 billion. Earnings per share (EPS) missed estimates at $6.70 compared to $6.82. Weakness in Chinese demand impacted iron ore earnings, although copper business earnings rose 75%. The company announced a final dividend of $2.25 per share for FY24. Retail sentiment on Stocktwits surged to ‘extremely bullish’ territory, with one user noting a lack of excitement around the stock. Rio’s stock is up 6.7% YTD but down 4.8% over the past year.



Read more at StockTwits: Rio Tinto Tops 2024 Revenue Estimates As Copper Strength Cushions Iron Ore Price Slump: Retail Sees More Upside