ArcelorMittal Trades Higher After 3Q Earnings Beat Expectations

   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.

Write to Kim Richters at [e-mail]

(END) Dow Jones Newswires

November 07, 2019 04:22 ET (09:22 GMT)

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