Arcelor Mittal Announces Drop In Q4 Income, But Beats Estimates

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.

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