ArcelorMittal's (MT) Q1 Earnings Miss, Sales Top Estimates
Zacks Investment Research | May 10, 2019 08:00AM ET
ArcelorMittal (NYSE:MT) recorded lower profits in first-quarter 2019. The company generated net income of $414 million or 41 cents per share, down from $1,192 million or $1.17 in the year-ago quarter. The results were impacted by higher raw material costs and lower steel prices.
Barring one-time items, adjusted earnings per share (EPS) came in at 53 cents, which missed the Zacks Consensus Estimate of 88 cents.
Total sales rose modestly to $19,188 million in the quarter from $19,186 million in the year-ago quarter. The figure beat the Zacks Consensus Estimate of $18,825 million.
Total steel shipments rose to 21.8 million metric tons from 21.3 million in the year-ago quarter. The upside can be attributed to higher steel shipments in Europe, partly offset by lower steel shipments in ACIS and NAFTA. Average steel selling prices fell 3.1% year over year in the quarter.
ArcelorMittal Price, Consensus and EPS Surprise
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