Fortescue shipments miss expectations

Miner misses expectations on iron ore shipments in quarter, warns full-year result will be at lower end of guidance

Fortescue Metals (FMG) has increased its shipments of iron ore substantially in the second quarter, but the results have come in below analysts' expectations.

In the three months to December 31, Fortescue's share of iron ore shipped was 26.7 million tonnes, a 40% increase on the 19.1 million tonnes shipped in the previous corresponding quarter.

The result was also an eight per cent increase on the 24.7 million tonnes shipped in the first quarter.

However, Bloomberg reports the median estimate for Fortescue's second quarter shipments was 29.4 million tons.

The second quarter results brought Fortescue's share of first-half shipments to 51.4 million tonnes.

The miner warned its full-year shipments would likely be around 127 million tonnes, at the lower end of previous guidance, due to significant weather related production impacts this month.

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