VALE S.A. (NYSE:VALE) stock declined Friday after the company reported a fourth-quarter loss of 90 cents per share, compared with analyst expectations for a 60-cent profit.

Meanwhile, net operating revenue rose 9% year over year to $11.06 billion, exceeding the consensus estimate of $10.999 billion.

Pro forma EBITDA rose 17% Y/Y to $4.8 billion in the quarter on a higher contribution from Vale Base Metals.

Vale's underlying (proforma) profit rose sharply to $1.5 billion in the fourth quarter, up 68% from a year ago, mainly due to stronger operating performance and currency-related gains that boosted last year's comparison.

However, the company ultimately reported a $3.8 billion net loss for shareholders. The loss was largely driven by major one-time charges, including a $3.5 billion write-down on its Canadian nickel assets after lowering long-term price expectations, and a $2.8 billion tax-related write-off. Higher provisions tied to the Samarco legal case also weighed on results.

Capital expenditures rose 15% Y/Y to $2.0 billion in the quarter. As of December 31, cash and cash equivalents ...