Highlights of the day: 21 July

FinMeUp highlights of the day

South Africa

Vodacom Group Limited- Trading update for the quarter ended 30 June 2022

• Revenue grew 5.2% to R26.1 billion.
• Group service revenue grew 5.2% to R20 154 million.
• South African service revenue grew 3% to R14 496 million.
• International service revenue grew by 10.4% to R5 854 million.
• Financial services revenue increased 9.3% to R2.1 billion.

Kumba Iron ore- Sales and production report for the six months ended 30 June 2022

• Total production decreased by 13% to 17.8 Mt.
• Export sales increased marginally by 2% to 19.7 Mt.
• Finished stock decreased to 4.5 Mt from 6.1 Mt.
• Average realised FOB export iron ore price of US$136/wmt, which is 15% above average benchmark prices.
• This is the sixth consecutive year that the company has reported zero fatalities.
• Kumba expects an EPS of between R33.75 and R37.35 a share, representing a decrease of between 49% and 54%.

Anglo American PLC- Production report for the second quarter ended 30 June 2022

• Rough diamond production decreased by 4%, while production guidance was increased to 32-34 million carats.
• Copper production decreased by 21% due to planned lower grades and water availability.
• Iron ore production decreased by 8%.
• Steelmaking coal production decreased by 12%.

Anglo American Platinum Limited- PGM production report for the quarter ended 30 June 2022

• Total PGM production decreased 2% to 1,031,500 ounces.
• Own-managed mines PGMs production decreased by 2% to 586,700 ounces.
• Refined PGMs production decreased 8% to 1,240,600 ounces.
• PGMs sales volumes decreased by 16% to 1,206,200 ounces.
• Anglo expects both the EPS and HEPS to decrease by between 40% and 50% to between 8,745 cents and 10,646 cents per share.
• The expected decrease in headline earnings and basic earnings is primarily driven by a 20% decrease in sales volumes from own production.

The U.S.

Microsoft

• Microsoft-owned Minecraft announced it will be banning NFTs in its game.

Ford

• Ford plans to cut as many as 8,000 jobs in the coming weeks.
• Ford CEO aims to boost profitability, amid Fords push into the EV market.

Tesla earnings

• EPS of $2.27 beating expectations of $1.83.
• Revenue of $16.9B in line with expectations.
• Elon Musk said he thinks Tesla has a good chance to exit the year making 40,000 vehicles per week.
• The company has also said it sold about 75% of its Bitcoin.
• "The reason we sold a bunch of our Bitcoin holdings was we were uncertain when the COVID lockdowns in China would elevate so it was important for us to maximize our cash position given the uncertainty" - Tesla CEO Elon Musk.
• "We are certainly open to increasing our Bitcoin holdings in the future" - Elon Musk.
• Elon Musk has also said that the company has not sold any of its Dogecoin.

Ford

• Ford said it has secured a battery supply to build 600,000 EVs a Year by 2023.
• Ford said it sees EV demand growing at more than 90% annually.

AT&T Earnings

• EPS of $0.65 beating expectations of $0.61.
• Revenue of $29.64B beating expectations of $29.56B.

Union Pacific Earnings 

• EPS of $2.93 beating expectations of $2.83.
• Revenue of $6.27B beating expectations of $6.12B.