After hiking prices to offset rising input costs, the British company Reckitt Benckiser, which manufactures Dettol cleaning products, on Wednesday exceeded second-quarter sales projections.
According to the company, on a constant currency basis, quarterly like-for-like revenue increased by 11.9 per cent, exceeding the 6.8 per cent gain that analysts had predicted in a company-supplied survey.
The CEO of Canadian mining company Teck Resources (TECK) Ltd. will retire, and the company also reported a quarterly profit that beat forecasts thanks to favourable coal prices for steelmaking.
Jonathan Price will take over as CEO in place of Lindsay, who will depart by the end of September. Harry Conger has been named president and chief operating officer.
Prior to the market circumstances weakening last month and the prices of steelmaking coal exiting the second quarter, steel output and demand for steelmaking coal were solid for the majority of the second quarter.
For a variety of applications, including renewable energy initiatives like wind or solar power and transportation options like rapid transit, buses, and hybrid vehicles, steel and steelmaking coal are necessary.
From year-ago levels, the average price of steelmaking coal increased by nearly 200 per cent in the reporting quarter.
The business, however, added that, as sluggish car output and worldwide inflationary pressures weigh on market sentiment, decreasing downstream steel demand has an impact on global steelmaking coal prices.
Higher labour, energy, and supply prices have been a problem for miners. The major miner BHP Group (BHP) and Rio Tinto (RIO) warned that the labour shortage and pressure from inflation will persist.
Due to lower iron ore prices brought on by a slowing in demand from major user China, rising costs, and a labour shortage, Rio Tinto (RIO) reported a sharp decline in first-half profit and more than halved its dividend.
Following the record dividend made last year when the global miner’s revenues benefited from a rise in commodity prices, it is still the second-highest temporary payout in history.
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