This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

BHP Profit Soars, to Buy Back $10B

SYDNEY -- BHP Billiton (BHP), the world's biggest mining company, said Wednesday it plans to return $10 billion to its shareholders after soaring iron ore and copper prices helped its first-half net profit jump 71.5%.

The Melbourne-based mining giant said in a statement it was more than doubling its share buyback from the $4.2 billion it announced in November. BHP said it plans to complete the initiative by the end of 2011.

BHP's net profit for the six months ended Dec. 31 was $10.52 billion, up from $6.14 billion a year earlier, it said in a statement.

Revenue was up 39% to $34.17 billion from $24.58 billion.

The company credited its boost in profit to strong demand from emerging markets, such as China, and tight supply for its key commodities, which pushed prices higher. Tough weather conditions in many producing countries, such as Australia -- which has experienced record flooding in recent months -- cut into supplies of coal, iron ore and copper.

The company said it was "cautiously optimistic" about the short-term outlook for the global economy.

"While we expect a slowdown in the growth rate of global commodity demand in calendar year 2011, the economic environment still underpins a robust near term outlook for our products," the company said in a statement.

BHP declared an interim dividend of 46 cents a share, up from 42 cents in the prior corresponding period.

Rival Rio Tinto (RIO)announced its own massive stock buyback last week. The Anglo-Australian miner said it planned to buy back $5 billion of its shares by the end of 2012.
Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $95.01 0.00%
FB $99.75 0.00%
GOOG $682.74 0.00%
TSLA $147.99 0.00%
YHOO $27.05 0.00%


Chart of I:DJI
DOW 16,027.05 -177.92 -1.10%
S&P 500 1,853.44 -26.61 -1.42%
NASDAQ 4,283.7530 -79.3910 -1.82%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs