BHP Group (NYSE: BHP) reported a 2% year-over-year increase in underlying attributable profit from continuing operations at $13.7 billion for fiscal 2024 (ended June 30, 2024). The growth was attributed to higher prices and sales volumes in BHP's iron ore and copper operations, productivity initiatives, cost discipline and favorable raw material costs. This offset the impact of lower energy coal and nickel prices and higher labor costs on profits.
BHP's underlying earnings per share were $2.70 compared with $2.65 in fiscal 2023. Earnings per American Depositary Share were $5.39s, higher than $5.30 in the previous fiscal year. The metric missed the Zacks Consensus Estimate of $5.52. BHP's each ADS represents two fully-paid ordinary shares.
BHP's FY24 Revenues Up 3%
Revenues for fiscal 2024 totaled $55.7 billion, which beat the Zacks Consensus Estimate of $54 billion. The top line was 3.4% higher than the prior fiscal year. The improvement was due to higher prices and sales volumes for iron ore and copper compared with the prior fiscal. This was offset by lower energy coal and nickel prices, and lower steelmaking coal volumes following the divestment of Blackwater and Daunia on April 2, 2024.
The Iron ore segment's revenues rose 13% year over year to around $28 billion and revenues in the Copper segment increased 16% to $18.6 billion. Both segments benefited from higher volumes and prices. The Coal segment's revenues plunged 30% to $7.7 billion.
BHP Delivers Solid Production Numbers for Iron & Copper
The company's total iron ore production for fiscal 2024 was a record 260 Mt, up 1% year over year. Western Australia Iron Ore (WAIO) delivered a record iron ore production of 255 Mt (287 Mt on a 100% basis). This reflects solid supply-chain performance with increased capacity unlocked by the record production at South Flank. These gains helped offset the impacts of the continued tie-in activity for the Rail Technology Program 1.
Copper production rose 9% year over year to 1,865 kt, the highest in 15 years. Nickel ...
