Vale Beats Analysts’ Estimates for the First Time in 2 Years on Cost Cuts

Bloomberg reported that the worst performing major mining stock for the year, Vale SA, posted a first quarter net income of $3.11B, beating analysts’ estimates.

As quoted in the news report:

First-quarter net income of $3.11 billion, or 60 cents a share, compared with a loss of $2.7 billion, or 52 cents, in the previous three-month period, according to a statement after the close of trading yesterday. Vale was expected to post per-share profit excluding items of 55.8 cents, the average of 13 analysts’ estimates compiled by Bloomberg. Net income fell from $3.79 billion, or 74 cents, in the year-ago period.

Click here to read the full Bloomberg report.