US Business

The company’s sales more than tripled as it scrambled to meet demand for chips that power AI systems.  Its shares rose 9% in off-hours trading.

Rolls-Royce Holdings reported underlying operating profit of £1.6 billion on a surge in sales that were above-forecast, and said its strong order delivery last year gave it confidence in its 2024 guidance.

Anglo American posted lower full-year underlying earnings that were slightly above consensus but it trimmed its dividend after net profit missed forecasts on weak prices and as it booked $2.1 billion in impairments.

Mercedes-Benz warned that 2024 underlying earnings would be slightly below last year’s levels on stable revenue expectations, adding the auto market faced an uncertain economic backdrop and possible “unexpected developments” from geopolitics and trade policy.

Glencore’s full-year adjusted earnings came in at $17.1 billion after coal prices retreated from the record highs that followed Russia’s invasion of Ukraine.

BAE Systems said it expected sales to rise 10-12% this year as governments ramp up spending on military equipment, faced with escalating geopolitical tensions.

Rio Tinto reported a 19% decline in annual net profit and cut its payout to shareholders following a drop in aluminum and copper prices.

Australian chemicals company Orica has agreed to buy U.S. sodium cyanide producer Cyanco from an affiliate of Cerberus Capital Management for $640 million.

The bank said first-quarter revenue grew by 1% when compared with the average of the prior two quarters.

The Biden administration is pledging $1.5 billion in grants to GlobalFoundries in the first major award to revitalize the domestic semiconductor industry.