PKX - Posco says Q3 profit smacked by typhoon damage

Posco Holdings ( NYSE: PKX ) said Wednesday it expects Q3 operating profit to plunge more than 70% from a year earlier, reflecting damage caused by Typhoon Hinnamnor, which struck the area of South Korea where the company's main steel mill is located.

The South Korean steelmaker said it estimates Q3 operating profit at 900B won ($631.4M), including 440B won in typhoon related damage, compared with 3.1T won a year earlier and the analyst consensus estimate of 1.36T won.

Posco ( PKX ) forecasts revenue to rise 2.9% Y/Y to 21.2T won for the quarter, but the storm caused an estimated 2.4T revenue loss in September as severe floods forced a suspension of steel production.

Posco ( PKX ) has stable financial performance and provides predictable dividend yield, Sweet Minute Capital writes in an analysis published on Seeking Alpha .

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