NEW YORK (TheStreet) -- Glencore International (GLNCY) , the commodity trader and miner, said it will launch a share buy back program of up to $1 billion over the next six months, making it the first among the diversified miners to return extra cash to shareholders this year, Reuters reports.
The announcement accompanied a forecast-beating 8% increase in first half core profit. Glencore said earnings before interest, tax, depreciation and amortization totaled $6.5 billion, helped by a strong performance of its trading arm.
That beat a company-provided analysts' consensus of $6.3 billion.
The company also declared an interim dividend of 6 cents per share, an 11% increase over its 2013 interim distribution.
Must Read: Warren Buffett's 25 Favorite Stocks
Shares of Glencore closed yesterday at $11.93.
EXCLUSIVE OFFER: See inside Jim Cramer's multi-million dollar charitable trust portfolio to see the stocks he and Stephanie Link think could be potentially HUGE winners. Click here to see the holdings for FREE.