Brazil's Vale misses estimates amid FX, fuel hedging issues
RIO DE JANEIRO, April 28 (Reuters) - Brazilian iron ore miner Vale SA posted first quarter results on Tuesday that missed market expectations, as a dramatic depreciation of Brazil’s real currency and a significant loss on a fuel hedging program weighed on margins.
In a securities filing, Vale reported a net income of $239 million and earnings before interest, taxes, depreciation and amortization, or EBITDA, of $2.88 billion. Analysts polled by Refinitiv had predicted Vale would post EBITDA of $3.18 billion.
