Pilbara Minerals Shares on Watch After Reporting 86% Decline in FY24 Profits
Pilbara Minerals Shares on Watch After Reporting 86% Decline in FY24 Profits
Earnings before interest, tax, depreciation, and amortisation ($Pilbara Minerals Ltd (PLS.AU)$ shares will be on watch on Monday.
$Pilbara Minerals Ltd (PLS.AU)$ 这些股票将在周一被关注。
That's because the lithium giant has just released its full year results and report a sharp decline in profits.
这是因为锂矿巨头刚刚发布了其全年业绩报告，利润大幅下降。
Pilbara Minerals shares on watch amid profit crunch
Pilbara Minerals股票在利润下滑中受关注。
Revenue down 69% to $1,254 million
Earnings before interest, tax, depreciation, and amortisation (EBITDA) down 84% to $538 million
Underlying profit after tax down 86% to $318 million
Cash balance down 51% to $1,626 million
No dividend for FY 2024
营业收入下降69%，达到125400万美元。
利息、税项、折旧和摊销前收入(EBITDA)下降84%，至53800万美元。
税后基础利润下降86%，至31800万美元。
现金结余下降51%，至162600万美元。
2024财年无股息。
What happened in FY 2024?
FY2024年发生了什么？
For the 12 months ended 30 June, Pilbara Minerals reported a 69% decline in revenue to $1,254 million. This reflects a 16% increase in sales volumes which was offset by a 74% decline in its realised price.
截至6月30日的12个月里，Pilbara Minerals的营业收入下降了69%，达到125400万美元。这反映出销售量增加了16%，但实际价格下降了74%.
Things were even worse for the company's earnings, with EBITDA down 84% to $538 million and underlying profit after tax down 86% to $318 million.
对于该公司的收益情况更糟糕，EBITDA下降了84%，达到53800万美元，税后的基本利润下降了86%，达到31800万美元.
Unsurprisingly, in line with its capital management framework, and to further preserve its balance sheet strength while investment in the P680 and P1000 projects continue, the company's board has not declared a final dividend for FY 2024.
不出所料，公司董事会在继续投资P680和P1000项目的同时，根据其资本管理框架，进一步保持其资产负债表的强势，未宣布2024财年的最终股息。
Speaking of its balance sheet, Pilbara Minerals ended the period with a cash balance of $1,626 million. This is down 51% year on year due to an income tax catch-up payment of $763 million, growth capital expenditure of $493 million, and a FY 2023 final dividend payment of $421 million.
说到资产负债表，Pilbara Minerals在期末现金余额为162600万美元，较去年同期减少了51%，原因是税收税款补缴76300万美元，增长型资本支出49300万美元和2023财年的最终股息支付42100万美元.
However, Pilbara Minerals revealed that it has received credit approved commitments from a group of domestic and international banks for a new $1 billion debt facility. This is conditional on the execution of transaction documentation by mid-October, repayment of existing debt facilities, and other customary conditions precedent.
然而，Pilbara Minerals透露，该公司已获得国内外一组银行批准的信贷承诺，额度为10亿美元。前提是在10月中旬执行交易文件、偿还现有债务和其他习惯条件下.
How does this result compare to expectations?
这个结果与预期相比如何?
According to a note out of Bell Potter, its analysts were expecting the lithium miner to report revenue of $1,254 million and EBITDA of $578 million.
根据Bell Potter的一份研究报告，其分析师预计这家锂矿公司的营业收入为125400万美元，EBITDA为57800万美元.
So, with Pilbara Minerals reporting revenue to $1,254 million and EBITDA of $538 million, it has delivered on the top line but missed by some margin on the bottom line.
因此，Pilbara Minerals报告的营业收入为125,400万美元，EBITDA为53,800万美元，它在收入方面取得了成功，但在利润方面有一定差距。
This could potentially weigh on Pilbara Minerals' shares today. Though, with lithium stocks rallying hard on Wall Street on Friday, it may be spared by investors today.
这可能会对Pilbara Minerals的股票产生一定压力。尽管在上周五，锂矿股在华尔街上涨迅猛，但可能会受到投资者的宽容。
Management commentary
管理评论
Pilbara Minerals' CEO, Dale Henderson, was pleased with the results in a difficult operating environment. He said:
在一个困难的运营环境中，Pilbara Minerals的首席执行官Dale Henderson对这些结果感到满意。他说：
Pilbara Minerals delivered a strong set of results in the 2024 financial year, reinforcing our position as a global leader in lithium production through the disciplined execution of our strategic plan. The successful completion of the P680 primary rejection facility was a significant milestone, enabling record production and sales.
Despite the challenges posed by a softer lithium pricing environment, Pilbara Minerals maintained a robust EBITDA margin of 43%, a testament to the strong operational performance and disciplined cost management of the team.
Pilbara Minerals在2024财年取得了强劲的业绩，通过有纪律地执行我们的战略计划，巩固了我们作为锂矿全球领导者的地位。P680主要排渣设施的成功竣工是一个重要的里程碑，实现了记录的生产和销售。
尽管面临锂价环境较软的挑战，Pilbara Minerals仍然保持了强大的43%的EBITDA利润率，这证明了团队在强劲的运营绩效和严谨的成本管理方面的能力。
Outlook
展望
Henderson spoke positively about FY 2025, highlighting its low costs and proposed acquisition of Latin Resources Ltd (ASX: LRS). He commented:
Henderson积极评价2025财年，强调其低成本和拟议收购Latin Resources Ltd (ASX: LRS)。他评论说：
Earlier this month, we announced a binding scheme implementation agreement for the acquisition of Latin Resources. This strategic, counter-cyclical acquisition will further diversify our business, adding a second 100% owned, hard rock lithium asset that is expected to be highly accretive for our shareholders over time. We are excited about the value this transaction will create and look forward to updating the market as we progress.
The 2025 financial year promises to be another exciting year for Pilbara Minerals. The focus will remain on building on our strengths; extending our low cost position as a scale operator; disciplined capital deployment to scale the operation in lock-step with lithium market growth and preserving our strong balance sheet.
本月初，我们宣布签署了收购Latin Resources的拟定方案执行协议。这次战略性的、逆周期的收购将进一步多元化我们的业务，增加第二个百分之百自有的硬岩锂矿资产，预计将长期对我们的股东产生重大增值。我们对这笔交易将创造的价值感到兴奋，并期待随着进展更新市场。
2025财政年度将是Pilbara Minerals又一个令人兴奋的一年。重点仍将放在发挥我们的优势上；作为规模运营商的低成本地位延伸；纪律资本部署以与锂市场增长同步扩大运营，并保持我们雄厚的资产负债表。
The company is guiding to production of 800,000 to 840,000 dry metric tonnes of spodumene concentrate with unit operating costs of $650 to $700 per tonne.
该公司预计生产800,000至840,000干吨锂辉石精矿，单位运营成本为每吨650至700美元。
This compares to production of 725,329 tonnes and costs of $654 per tonne in FY 2024.
这与2024财政年度生产725,329吨、成本为每吨654美元相比。