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Brazil’s Vale misses profit estimates as revenue falls

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Vale SA, the world’s largest iron ore producer, posted net income that missed estimates in the first quarter, reflecting the impact of heavy rains that hampered output in a key mine and increasing financial expenses.

In a Thursday securities filing, Vale said net income totaled $2.490 billion, compared with an average consensus estimate of $3.325 billion in profit. Adjusted earnings before interest, taxes, depreciation and amortization, or EBITDA, hit $4.308 billion, below a consensus estimate of $4.996 billion compiled by Thomson Reuters.