ArcelorMittal 2Q Ebitda Beats Views; Seasonal Dip Less Pronounced
27 Luglio 2011 - 8:12AM
Dow Jones News
ArcelorMittal (MT), the world's largest steelmaker, Wednesday
reported a 22% rise in second quarter earnings before interest,
taxes, depreciation and amortization or Ebitda that was better-than
expected due to higher achieved prices.
The steel titan, however, said it expects its third quarter
Ebitda to fall to around $2.4 billion to $2.8 billion due to
seasonal factors such as summer holidays in the northern hemisphere
which typically lead to lower demand.
"As expected the company has delivered a strong performance in
the second quarter of 2011 underpinned by higher steel selling
prices," Lakshmi Mittal, Chairman and CEO of ArcelorMittal said in
a statement.
"Although the third quarter will experience some seasonal
impact, we do not expect this to be as pronounced as last year, and
overall the group's performance in the second half of 2011 should
compare favorably with the second half of 2010," he added.
ArcelorMittal accounted for about 7% of the world's steel
production in 2010 and produced more than double the amount of
steel of its closest rival.
MAIN FACTS:
- Second quarter sales up 25% on year at $25.13 billion, beating
analyst expectations of $24.42 billion based on a Dow Jones
Newswires poll of 5 analysts.
- Second quarter Ebitda up 22% on year at $3.41 billion, beating
analyst expectations of $3.27 billion and in line with company
guidance of $3 billion to $3.5 billion.
- Second quarter net profit down 10% at $1.54 billion, beating
analyst expectations of $1.40 billion. Net profit fell partly due
to tax expenses.
- Second quarter Ebitda per ton rose 22% on year to $154/ton
even though steel shipments were essentially flat on year at 22.2
million tons.
- Second quarter iron ore production was 13.1 million tons, up
2.4% on year. 7 million tons of the total was shipped at market
price.
- Third quarter Ebitda forecast in line with third quarter
guidance of $2.61 billion.
- Net debt at the end of the second quarter was up $2.4 billion
to $25 billion due primarily to investment in working capital.
- ArcelorMittal's shares closed Tuesday down EUR0.65 or 2.8% at
EUR22.18 a share.
-By Alex MacDonald, Dow Jones Newswires; +44 (0)20 7842 9328;
alex.macdonald@dowjones.com
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