Nexa Resources: Falls on weak Q3, FY zinc output estimate cut
01/11/2019 16:26
** Shares of the zinc producer NEXA.N fall ~9% to $9.73
** Co reports wider-than-expected loss of $1.13 per share
v/s estimates of $0.05 per share - Refinitiv data
** Reports a 5.4% dip in net revenues to $563 mln, mainly
driven by lower London Metal Exchange (LME) prices
** Co says Q3 LME average prices for zinc, copper and lead
down by 7.4%, 5.0% and 3.6% on year, respectively
** Co reduces 2019 zinc production outlook range by 15
thousand metric tons (kt) to 360kt-380kt due to the ongoing
equipment repair at Vazante mine in Brazil
** Q3 proved to be very challenging. Average zinc prices
decreased 15% on quarter, directly affecting the company's
results - CEO Tito Martins
** Stock down ~18% YTD
(Reporting by Shanti S Nair in Bengaluru)
((ShantiS.Nair@thomsonreuters.com))