Arcelor Mittal (MT) reported a profit for fourth quarter that decreased from the same period last year but beat the Street estimates.
The company's earnings came in at $261 million, or $0.30 per share. This compares with $4.04 billion, or $3.92 per share, in last year's fourth quarter. On an adjusted basis, net income was $1.19 billion, compared to $3.83 billion for last year.
Analysts on average had expected the company to earn $0.28 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
The company's revenue for the quarter fell 18.8% to $16.89 billion from $20.80 billion last year. Shipments for the quarter were almost 20% lower at 12.6Mt, reflecting significantly lower apparent demand due to destocking.
In addition, the Group said its board proposes to increase the annual base dividend to shareholders to $0.44/share, subject to the approval of shareholders at the 2023 AGM.
Arcelor Mittal earnings at a glance (GAAP) :
-Earnings (Q4): $261 Mln. vs. $4.04 Bln. last year.
-EPS (Q4): $0.30 vs. $3.92 last year.
-Analyst Estimates: $0.28
-Revenue (Q4): $16.89 Bln vs. $20.80 Bln last year.
For comments and feedback contact: editorial@rttnews.com
Business News