MT - ArcelorMittal S.A. beats Q4 top and bottom line estimates; initiates FY23 outlook

• ArcelorMittal S.A. press release ( NYSE: MT ): Q4 Non-GAAP EPS of $1.37 beats by $1.09 .
• Revenue of $16.89B (-18.8% Y/Y) beats by $1.9B .
• Total steel shipments in 4Q 2022 were 12.6Mt, -6.9% lower as compared with 13.6Mt in 3Q 2022.
• Capex in 4Q 2022 increased to $1,500 million as compared with $784 million in 3Q 2022 as projects gained momentum following earlier impacts from project mobilization/contractor delays.
• Outlook: World ex-China apparent steel consumption in 2023 is expected to recover by +2% to +3% as compared to 2022; the Company expects its steel shipments in 2023 to grow by ~5% vs. 2022 ^.
• The company expects positive FCF generation in 2023; capex is expected to increase to within the $4.5bn-$5.0bn range, interest costs are expected to increase to approximately $0.4bn, and lower cash taxes (including non-recurrence of timing related payments made in 2022 of $0.7bn).
• The company expects working capital will follow the normal seasonal patterns (including an investment in 1Q 2023) but expects a release for the full year 2023.

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