Rio Tinto Ltd

RIO: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$761.00	Xddj	Msfckhdg

Rio Tinto Earnings: Improved Copper and Aluminum Divisions More Than Offset Weaker Iron Ore

Jon Mills

Jul 31, 2024

No-moat Rio Tinto’s 2024 first-half result was broadly in line with our expectations. Guidance is reiterated, and our forecasts are broadly unchanged. Adjusted net profit after tax of USD 5.8 billion or USD 3.54 per share (about AUD 5.45) was similar to last year. Adjusted EBITDA of USD 12.1 billion rose 3% on 2023. Improvements in copper, with EBITDA up 67% on higher sales volumes and copper prices along with lower unit cash costs, and aluminum, up 38% on lower input costs, more than offset Pilbara iron ore weakness.

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