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.
$Pilbara Minerals Ltd (PLS.AU)$ 這些股票將在週一被關注。
That's because the lithium giant has just released its full year results and report a sharp decline in profits.
這是因爲鋰礦巨頭剛剛發佈了其全年業績報告，利潤大幅下降。
Pilbara Minerals shares on watch amid profit crunch
Pilbara Minerals股票在利潤下滑中受關注。
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
營業收入下降69%，達到125400萬美元。
利息、稅項、折舊和攤銷前收入(EBITDA)下降84%，至53800萬美元。
稅後基礎利潤下降86%，至31800萬美元。
現金結餘下降51%，至162600萬美元。
2024財年無股息。
What happened in FY 2024?
FY2024年發生了什麼？
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個月裏，Pilbara Minerals的營業收入下降了69%，達到125400萬美元。這反映出銷售量增加了16%，但實際價格下降了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.
對於該公司的收益情況更糟糕，EBITDA下降了84%，達到53800萬美元，稅後的基本利潤下降了86%，達到31800萬美元.
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，公司董事會在繼續投資P680和P1000項目的同時，根據其資本管理框架，進一步保持其資產負債表的強勢，未宣佈2024財年的最終股息。
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.
說到資產負債表，Pilbara Minerals在期末現金餘額爲162600萬美元，較去年同期減少了51%，原因是稅收稅款補繳76300萬美元，增長型資本支出49300萬美元和2023財年的最終股息支付42100萬美元.
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，該公司已獲得國內外一組銀行批准的信貸承諾，額度爲10億美元。前提是在10月中旬執行交易文件、償還現有債務和其他習慣條件下.
How does this result compare to expectations?
這個結果與預期相比如何?
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.
根據Bell Potter的一份研究報告，其分析師預計這家鋰礦公司的營業收入爲125400萬美元，EBITDA爲57800萬美元.
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報告的營業收入爲125,400萬美元，EBITDA爲53,800萬美元，它在收入方面取得了成功，但在利潤方面有一定差距。
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.
這可能會對Pilbara Minerals的股票產生一定壓力。儘管在上週五，鋰礦股在華爾街上漲迅猛，但可能會受到投資者的寬容。
Management commentary
管理評論
Pilbara Minerals' CEO, Dale Henderson, was pleased with the results in a difficult operating environment. He said:
在一個困難的運營環境中，Pilbara Minerals的首席執行官Dale Henderson對這些結果感到滿意。他說：
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財年取得了強勁的業績，通過有紀律地執行我們的戰略計劃，鞏固了我們作爲鋰礦全球領導者的地位。P680主要排渣設施的成功竣工是一個重要的里程碑，實現了記錄的生產和銷售。
儘管面臨鋰價環境較軟的挑戰，Pilbara Minerals仍然保持了強大的43%的EBITDA利潤率，這證明了團隊在強勁的運營績效和嚴謹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積極評價2025財年，強調其低成本和擬議收購Latin Resources Ltd (ASX: LRS)。他評論說：
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，我們宣佈簽署了收購Latin Resources的擬定方案執行協議。這次戰略性的、逆週期的收購將進一步多元化我們的業務，增加第二個百分之百自有的硬巖鋰礦資產，預計將長期對我們的股東產生重大增值。我們對這筆交易將創造的價值感到興奮，並期待隨着進展更新市場。
2025財政年度將是Pilbara Minerals又一個令人興奮的一年。重點仍將放在發揮我們的優勢上；作爲規模運營商的低成本地位延伸；紀律資本部署以與鋰市場增長同步擴大運營，並保持我們雄厚的資產負債表。
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.
該公司預計生產800,000至840,000幹噸鋰輝石精礦，單位運營成本爲每噸650至700美元。
This compares to production of 725,329 tonnes and costs of $654 per tonne in FY 2024.
這與2024財政年度生產725,329噸、成本爲每噸654美元相比。
