Companhia Siderurgica (SID) Reports Wider-Than-Expected Q3 Loss
Zacks Investment Research | Oct 24, 2019 11:45PM ET
Companhia Siderurgica Nacional (NYSE:SID) reported third-quarter 2019 net loss of approximately R$871 million ($482.8 million) as opposed to net profit of R$752 ($190.7 million) recorded in the prior quarter. The company reported a loss per share of 35 cents in the reported quarter, wider than the Zacks Consensus Estimate of a loss per share of 2 cents. The company had reported a profit per share of 13 cents in the prior year quarter.
Revenues
In the reported quarter, the Brazilian steelmaker’s net revenues came in at R$6,006 million ($1,514.7 million), marking a year-over-year decline of 2.6%. Also, the figure missed the Zacks Consensus Estimate of $1,552 million. The downside resulted from lower sales of steel in the foreign market and less favorable pricing in mining.
Domestic revenues decreased 16% year over year to R$2,677 ($675 million). The company’s international business flourished with foreign-market revenues registering growth of 11.7%, year over year, to R$3,330 million ($839.8 million), accounting for 55.4% of net revenues.
National Steel Company Price, Consensus and EPS Surprise
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