What’s up with Fortescue’s (ASX:FMG) shares?

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 What’s up with Fortescue’s (ASX:FMG) shares?
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  • Shares of Fortescue were trading in the green today, up 0.316% as of 10:35 AM AEDT, 28 November.
  • Fortescue has recently published its 2022 AGM and Q1 FY23 results.
  • The company moved its current CFO to the board of FFI on 23 November.

Shares of Fortescue were trading in the green territory, up 0.316% on the ASX today (28 November). One share of Fortescue was valued at AU$19 as of 10:45 AM AEDT.

Today’s rise has pushed Fortescue’s shares to gain 28.39% in a month. The share value of Fortescue has decreased 0.26% in the last five trading sessions and 4.53% in the previous six months as well as on a year-to-date (YTD) basis. However, iron ore miner witnessed a 7.67% hike in its share price over the course of a year.

Last week on 22 November, Australian iron ore miner Fortescue Metals Group Ltd (ASX:FMG) published insights from its 2022 annual general meeting (AGM). During the AGM, the company showcased its FY22 operational and financial results alongside sharing its Q1 FY23 update.

Highlights of Fortescue’s AGM and Q1 FY23 update

FY22 highlights:

  • Fortescue carried out record shipments of 189mt during FY22.
  • The iron ore miner’s average revenue for 2022 was US$100/dmt.
  • The underlying EBITDA of Fortescue for FY22 was US$10.6 billion.
  • The company’s industry leading C1 cost expenditure came to a total of US$15.91/wmt for FY22.
  • Fortescue generated US$6.2 billion net profit after tax (NPAT) during the financial year 2022.
  • Earnings per share for FY22 was US$2.01.

Q1 FY23 highlights:

  • The number of shipments during the first quarter of FY23 was 47.5mt.
  • For Fortescue, industry leading C1 cost for Q1 FY23 was US$17.69/wmt.
  • Fortescue generated average revenue of US$87/dmt for the first quarter of FY23.
  • For the quarter ended 30 September 2022, the company’s net debt was US$2.8 billion.

What else has happened at Fortescue lately?

On 24 November 2022, Fortescue confirmed entering a partnership with West Coast Fever for the next four seasons. While acting as West Coast Fever’s principal partner for upcoming seasons, Fortescue also intends to encourage the involvement and pathway of Aboriginal and Torres Strait Islander people in Netball Western Australia.

In a statement, Simone Hanson, CEO of West Coast Fever, said:

Image Source: © 2022 Kalkine Media ®

Data Source: West Coast Fever announcement dated 24 November 2022

Apart from this, on 23 November 2022, Fortescue announced the movement of Dr Guy Debelle from his role as Fortescue Future Industries’ (FFI) Chief Financial Officer (CFO) to the board of FFI. The company has advised that this step has been taken due to the poor health of Dr Debelle, and Felicity Gooding will be replacing him as acting CFO of FFI.


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