ArcelorMittal Trades Higher After 3Q Earnings Beat Expectations
November 07 2019 - 04:37AM
Dow Jones News
By Kim Richters
Shares in ArcelorMittal (MT.AE) jumped Thursday after the
steelmaker's third-quarter earnings beat analysts'
expectations.
The Luxembourg-based company said its earnings before interest,
taxes, depreciation and amortization fell to $1.06 billion compared
with $2.73 billion a year earlier.
However, ArcelorMittal beat analysts' expectations of a
quarterly Ebitda of $930 million, according to a company-compiled
consensus.
Analysts at Citi expected an Ebitda of $920 million and said
that the "beat was driven by stronger shipments in Europe,
offsetting the weakness in mining business."
At 0855 GMT, shares in ArcelorMittal traded 7.1% higher at
EUR15.56.
Analysts at Jefferies called the result a solid beat. "While
there are puts and takes in the report, we expect shares to
outperform today," the bank said.
ArcelorMittal also reported a net loss of $539 million compared
with a profit of $899 million a year earlier, and sales of $16.63
billion, down from $18.52 billion.
Write to Kim Richters at kim.richters@wsj.com
(END) Dow Jones Newswires
November 07, 2019 04:22 ET (09:22 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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