ArcelorMittal Earnings Beat Expectations After Prices, Volumes Improve
By Pierre Bertrand
ArcelorMittal reported a decline in earnings for the first three months of the year, but which exceeded expectations after volumes and prices improved.
The Luxembourg-based steelmaker said it made $938 million in net profit for the quarter compared with $1.1 billion a year ago, on revenue that fell 12% to $16.28 billion.
Earnings before interest taxes depreciation and amortization came to $1.96 billion.
Analysts had expected $733 million in net profit and Ebitda of $1.81 billion, according to a company-provided consensus.
Average steel selling prices in the quarter rose 4.8% and steel shipment volumes improved by 1.4% compared with the last quarter of last year, which supported the company's earnings, it said.
ArcelorMittal, which agreed in March to become the largest shareholder in French manufacturing company Vallourec, said crude steel production remained largely flat on year at 14.4 million metric tons of crude made compared with 14.5 million tons in the first quarter of 2023.
Steel shipments, which reached 13.5 million tons in the quarter, declined slightly on year from 14.5 million tons.
ArcelorMittal said that despite the improvement in 1Q from the end of last year, economic sentiment remained subdued and that it wasn't yet seeing signs that customers were restocking on inventories.
Write to Pierre Bertrand at pierre.bertrand@wsj.com
(END) Dow Jones Newswires
May 02, 2024 01:55 ET (05:55 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
Improving the CAPE 10
-
4 Cheap Mining Stocks
-
CrowdStrike Selloff a Buying Opportunity After Outage
-
Markets Brief: GDP and Inflation Back in the Spotlight
-
What’s Happening in the Markets This Week
-
Can Value Stocks Really Make a Comeback?
-
When Will the Fed Start Cutting Interest Rates?
-
Do Stock Splits Really Matter?
-
Best Innovative Companies to Own: 2024 Edition
-
19 Best Healthcare Companies to Invest In
-
Truist Earnings: Repurchases Resume After Insurance Business Sale and Stronger Capital Ratios
-
After Earnings, Is Charles Schwab Stock a Buy, a Sell, or Fairly Valued?
-
Verizon Earnings: Cash Flow Looks a Touch Weak Despite Solid Wireless Growth
-
3 High Dividend Stocks to Buy Before They Become Too Expensive
-
10 Best Blue-Chip Stocks to Buy for the Long Term
-
Fifth Third Earnings: Solid Net Interest Margin, but Loan Demand Softens