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UPDATE 2-Fortescue iron ore shipments fall short after derailment [Yahoo! Finance]

Morgan Stanley (MS) 
Last morgan stanley earnings: 4/16 07:15 am Check Earnings Report
US:NYSE Investor Relations: morganstanley.com/about-us-ir
Company Research Source: Yahoo! Finance
April 24 (Reuters) - Australia's Fortescue on Wednesday logged a larger-than-expected decline in third-quarter iron ore shipments, following a derailment of ore cars and weather disruptions that also led to a slight cut in its outlook for annual shipments. The world's fourth-largest iron ore miner said it shipped 43.3 million metric tons of the steel-making commodity in the three months ended March 31, down from 46.3 million tonnes a year earlier. That compared with a Visible Alpha estimate of 45.4 million tons, according to Morgan Stanley. Citi analysts said March quarter hematite shipments were 12% below their expectations given the derailment plus weather effects. Fortescue said it expects its fiscal year 2024 shipment at the lower end of its 192-197 million ton forecast, citing the derailment and weather impacts during the quarter. That includes 2 million tons from its magnetite Iron Bridge operations, compared to a previous forecast of 2-4 million tons, which were impa Show less Read more
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