ArcelorMittal Shares Soar After 4Q Results, More Upbeat Outlook
February 06 2020 - 5:01AM
Dow Jones News
By Kim Richters
Shares in ArcelorMittal Ltd. (MT.AE) rose sharply Thursday after
the steelmaker reported that fourth-quarter earnings beat
expectations and provided a more upbeat outlook.
The Luxembourg-based company's earnings before interest, taxes,
depreciation and amortization in the quarter was $925 million, down
from $1.95 billion in the year-earlier period.
However, the company's earnings beat analysts' expectations,
which had forecast quarterly Ebitda at $865 million, according to
FactSet. A company-compiled consensus forecasted Ebitda of $858
million for the period.
Analysts at Citi said ArcelorMittal had published "strong
results", with an Ebitda that was 3% above their own forecasts.
At 0930 GMT, Amsterdam shares in ArcelorMittal traded 9.30%
higher at EUR15.66.
Commenting on the outlook for this year, the company said there
are "signs that the real demand slowdown is beginnning to
stabilise" and expects "apparent steel consumption in our core
markets to grow in 2020."
The company's more optimistic outlook contrasts "a year of
destocking in 2019," analysts at Jefferies said.
The company also reported a quarterly net loss of $1.88 billion,
sales of $15.51 billion and net debt of $9.35 billion as of the end
of 2019, which is the company's lowest ever level, it said.
Write to Kim Richters at kim.richters@wsj.com
(END) Dow Jones Newswires
February 06, 2020 04:46 ET (09:46 GMT)
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