MT - ArcelorMittal EPS beats by $0.01 misses on revenue

ArcelorMittal (NYSE:MT): Q3 GAAP EPS of $4.17 beats by $0.01. Revenue of $20.23B (+52.6% Y/Y) misses by $1.48B. Press Release EBITDA of $6.1B in 3Q 2021, the strongest quarter since 2008 and 19.9% higher than 2Q 2021. Free cash flow of $1.6B generated in 3Q 2021; $2.4B net cash provided by operating activities less capex of $0.7B less minority dividends $0.2B. Company expects a working capital release to support higher FCF in 4Q 2021. Gross debt declined by $1B to $8.2B (vs. $9.2B as end of 2Q 2021 and $12.3B as end of 2020); net debt declined to $3.9B, the lowest level since the merger (vs. $5.0B as end of 2Q 2021 and $6.4B as end of 2020). Total steel shipments in 3Q 2021 were 14.6Mt, 9.0% lower as compared with 16.1Mt in 2Q 2021 due to weaker demand as well as production constraints and order shipment delays which are expected

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ArcelorMittal EPS beats by $0.01, misses on revenue