ArcelorMittal's (MT) Q4 Earnings And Sales Beat Estimates
Zacks Investment Research | Feb 06, 2020 09:49PM ET
ArcelorMittal (NYSE:MT) slipped to a net loss of $1,882 million or $1.86 per share in fourth-quarter 2019 from a profit of $1,193 million or $1.17 in the year-ago quarter. The results were impacted by lower steel prices.
Barring one-time items, adjusted loss per share were 22 cents, which was narrower than the Zacks Consensus Estimate of a loss of 46 cents.
Total sales fell 15.4% year over year to $15,514 million in the quarter. However, the figure beat the Zacks Consensus Estimate of $15,356.5 million.
Total steel shipments fell 2.5% year over year to 19.7 million metric tons. Excluding the impact of the ArcelorMittal Italia buyout and the remedy asset sales, steel shipments dropped 0.2%. Average steel selling prices fell 16.2% year over year.
2019 Highlights
In 2019, total sales fell 7.1% year over year to $70.6 billion, mainly due to lower average steel selling prices. Nevertheless, the decline was partly offset by higher steel shipments as well as iron ore selling prices.
The company reported a net loss of $2,454 million or $2.42 per share against net income of $5,149 million or $5.04 per share a year ago.
Total shipments in 2019 inched up 0.8% year over year to 84.5 million metric tons.
ArcelorMittal Price, Consensus and EPS Surprise
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