Sweden’s Boliden on Thursday reported a bigger than expected drop in fourth-quarter operating earnings citing lower metal grades in its mines.
Operating profit at the mining and smelting group fell to 1.74 billion Swedish crowns ($180.20 million) from 2.09 billion a year earlier, lagging the 1.91 billion seen by analysts in a Refinitiv poll.
The company proposed a 2019 dividend of 7.00 crowns per share, down from 8.75 crowns a year earlier, and below the 10.21 crowns average analyst forecast.
“We don’t see any significant issues in this result but instead consensus expectations were just too high on earnings and dividend expectations,” Credit Suisse said in a research note.
($1 = 9.6559 Swedish crowns)
(By Johannes Hellstrom; Editing by Simon Johnson)