PKX - Posco pops 3% after Q2 profit edges forecast

2023-07-18 10:43:47 ET

Posco Holdings ( NYSE: PKX ) +3.1% in Tuesday's trading after disclosing Q2 operating profit narrowly exceeded expectations due to normalized sales and higher product prices.

According to an SEC filing , Posco's ( PKX ) consolidated operating profit totaled 1.3T Korean won (~$1B) for the quarter, down 38.1% Y/Y but up 85.7% Q/Q, while Q2 revenues of 20.1T won fell 12.6% Y/Y but increased 3.6% compared with Q1.

Q2 operating profit was 6.6% higher than the mean forecast of 1.22T won from a survey by Yonhap Infomax.

Posco ( PKX ) shares have been rising this year on an improvement in its core ironmaking business and hopes for growth in sectors such as rechargeable batteries.

More on Posco Holdings:

• Financial and valuation comparison to sector peers
• Analysis: Posco: Watch Shareholder Capital Return And Investor Relations Plans
• Stock price return: Up 75% YTD, up 122.5% in the past 12 months

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