BHP Billiton Unearths Record Revenue

BHP Billiton(BHP Quote - Cramer on BHP - Stock Picks) reported record results for the 2008 fiscal year, with revenue surging more than 25% from a year earlier.

The metals and mining giant said that revenue for the year ended June 30 jumped to a record $59.47 billion from $47.47 billion in the fiscal year 2007. That increase came as BHP's profit climbed nearly 15% from a year before to $15.39 billion.

By customer sector, base metals were the largest contributor to revenue and saw an increase of 16.9% during the year. Petroleum, iron ore, manganese, and energy coal revenue were all rose by 40% or more during the fiscal year. Meanwhile, aluminum and stainless steel materials groups saw declines in revenue for the year.

Looking ahead, BHP said that higher inflation will have a negative impact on emerging markets due to the adoption of tighter monetary policies. However, BHP said that those emerging market economies should remain strong thanks to investments in domestic infrastructure and region trade.

"We expect short-term global economic growth to slow as developed economies experience further weakening in the coming quarters," the company said in a statement. "Rising inflation, particularly in food and energy, alongside weakening economic growth has restricted the flexibility of central banks to inject liquidity and stimulate their economies."

BHP also announced it raised its dividend to 70 cents from 47 cents.

Shares of the company were gaining $1.78, or 2.7%, to $67. BHP's acquisition target Rio Tinto(RTP Quote - Cramer on RTP - Stock Picks) was recently up 1.8%. Among other miners, Freeport-McMoRan (FCX Quote - Cramer on FCX - Stock Picks) and Newmont Mining(NEM Quote - Cramer on NEM - Stock Picks) were each climbing 2.1%, and Southern Copper (PCU Quote - Cramer on PCU - Stock Picks) was up 2.7%.