How has the Rio Tinto (ASX:RIO) share price performed since reporting results?

ASX 200 iron ore miners have come under pressure with fast retreating iron ore prices
The post How has the Rio Tinto (ASX:RIO) share price performed since reporting results? appeared first on The Motley Fool Australia. –

The Rio Tinto Limited (ASX: RIO) share price closed up 0.6% yesterday to finish the day at $106.66 per share.

That gain was a welcome reprieve for the S&P/ASX 200 Index (ASX: XJO) listed iron ore miner.

The Rio Tinto share price has been trending steadily lower since early August, under pressure from sliding iron ore prices, which have dropped 23% over the past 4 weeks.

With some 6 weeks having now passed since Rio reported its half-year financial results for the 6 months ending 30 June, we take a look at a brief recap of those results, and how the Rio Tinto share price has been tracking since then.

What results did the ASX 200 miner report for H1FY21?

The company released its half-year results after market close on 28 July.

That meant the Rio Tinto share price wasn’t impacted by those results until the following day. We’ll look at those moves below. But first, here are some of the key metrics the miner reported.

The company’s consolidated sales revenue hit US$33.1 billion. That was up 71% from the prior corresponding period. Cash flow also leapt to US$10.2 billion, up 262% from the prior corresponding half year.

Little wonder then that the company shared the wealth with its investors.

Rio declared an interim dividend of $3.76 per share, fully franked. If investors weren’t already pleased with that, they likely were satisfied with the declaration of a special dividend of US$1.85 per share, also fully franked.

Rio Tinto’s CEO Jakob Stausholm highlighted that the company’s future isn’t dependent on iron ore alone.

Stausholm said: “We are further strengthening the portfolio with our commitment to fund the high-quality Jadar lithium project, which signals our large-scale entry into the fast-growing battery materials market.”

How has the Rio Tinto share price performed since the results?

On 29 July, the first day investors had to digest the half-year results, the Rio Tinto share price closed up 1.5%.

As mentioned up top, it’s since come under increasing pressure from falling iron ore prices.

Rio Tinto shares are down around 20% since the company released its half-year financial results. By comparison, the ASX 200 is up 1% over that same time.

The post How has the Rio Tinto (ASX:RIO) share price performed since reporting results? appeared first on The Motley Fool Australia.

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More reading

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The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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