FTSE 100 Live 30 January: Shell profits fall but hikes dividend, BT posts update
FTSE 100 Live 30 January: Shell profits fall but hikes dividend, BT posts update
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Shell fourth quarter earnings today dropped sharply to $3.7 billion (£3 billion) after its performance was impacted by weaker oil prices and margins. The figure, which compared with $6 billion in the previous quarter, led to an overall earnings haul of $23.7 billion (£19 billion) for 2024.
Despite the lower earnings in the quarter, Shell’a free cash flow of $39.5 billion (£31.8 billion) for 2024 came in higher than 2023. This has fuelled a 4% increase in the fourth quarter dividend and another $3.5 billion buyback, making it the 13th consecutive quarter of at least $3 billion.
Chief executive Wael Sawan said: “2024 was another year of strong financial performance across Shell.”. US markets closed lower last night after Federal Reserve chair Jerome Powell said the central bank is in no hurry to lower borrowing costs. Interest rates remain in the range of 4.25-4.5% after cuts at the previous three meetings.
The Dow Jones Industrial Average finished 0.3% lower, with the S&P 500 index and Nasdaq Composite down by 0.5%. Results after the closing bell left the shares of Microsoft 5% lower but Meta Platforms rose 2% and Tesla by 4% in extended hours trading. The FTSE 100 index is forecast to open about 25 points lower, having risen 0.3% to 8558 at last night’s closing bell.
