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6 Months : From Oct 2019 to Apr 2020
By Kim Richters
Shares in ArcelorMittal (MT.AE) jumped Thursday after the steelmaker's third-quarter earnings beat analysts' expectations.
The Luxembourg-based company said its earnings before interest, taxes, depreciation and amortization fell to $1.06 billion compared with $2.73 billion a year earlier.
However, ArcelorMittal beat analysts' expectations of a quarterly Ebitda of $930 million, according to a company-compiled consensus.
Analysts at Citi expected an Ebitda of $920 million and said that the "beat was driven by stronger shipments in Europe, offsetting the weakness in mining business."
At 0855 GMT, shares in ArcelorMittal traded 7.1% higher at EUR15.56.
Analysts at Jefferies called the result a solid beat. "While there are puts and takes in the report, we expect shares to outperform today," the bank said.
ArcelorMittal also reported a net loss of $539 million compared with a profit of $899 million a year earlier, and sales of $16.63 billion, down from $18.52 billion.
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(END) Dow Jones Newswires
November 07, 2019 04:22 ET (09:22 GMT)
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