BHP BILLITON LTD. ADRs $55(New York symbol BHP; Conservative Growth Portfolio, Resources sector; ADRs outstanding: 1.6 billion; Market cap: $88.0 billion; Price-to-sales ratio: 2.2; Dividend yield: 4.5%; TSINetwork Rating: Average; www.bhpbilliton.com) still plans to spin off its aluminum, manganese, nickel and silver operations, as well as some coal mines, into a separate company in the first half of 2015.
After the spinoff, BHP will focus on four main commodities: metallurgical coal, iron ore, copper and oil. In all, they account for 96% of its earnings.
Prices of these commodities have declined in the past few months, mainly due to slowing growth in China, Japan and Europe. In response, the company is laying off workers and making its main properties more productive.
BHP now expects these moves to cut $4.0 billion from its annual costs by the end of fiscal 2017 (fiscal years end June 30), up from its earlier target of $3.5 billion. To put these amounts in context, the company earned $13.5 billion, or $5.05 per ADR, in 2014.
In addition, the company is cutting capital spending in 2015 to $14.2 billion from its earlier plan of $14.8 billion. It will also cut spending in 2016 to $13.0 billion.
The savings should give BHP more room to raise its $2.48 dividend, which yields 4.5%.
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