Fortescue Ltd
FMG: XASX (AUS)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
A$97.90 | Qbg | Plkdjhkvc |
Fortescue: Iron Ore Volumes Disappointing
Inclement weather and a train derailment meant no-moat Fortescue’s third-quarter fiscal 2024 was modestly behind our expectations. Shipments of 43 million metric tons were 7% down on the same quarter of fiscal 2023 and 11% below the prior quarter. Shipments for the first nine months of fiscal 2024 were 138 million metric tons, 4% down on last year, with a contribution from the new 69%-owned Iron Bridge mine remaining immaterial.