2023-05-04 12:58:52 ET
ArcelorMittal ( NYSE: MT ) -5.9% in Thursday's trading after Q1 GAAP earnings and revenues exceeded analyst estimates but fell sharply from the year-earlier quarter, as steel shipments and average realized prices both declined.
Q1 EBITDA totaled $1.82B, edging expectations of $1.64B but fell nearly two thirds from a year ago to $5.08B, and Q1 attributable net profit plunged by 80% to $1.1B from $4.12B in the same quarter last year.
Q1 revenues fell 15% Y/Y but rose 9.5% Q/Q to $18.5B, above $17.4B analyst consensus estimate.
Q1 steel shipments fell 5.8% Y/Y but rose 14% Q/Q to 14.5M metric tons, with the company citing a 27.5% drop in steel shipments in ArcelorMittal's ( MT ) ACIS region, which includes Ukraine, for the Y/Y decline; steel shipments in Europe fell 7%.
The company said its Y/Y sales decline was due mostly to 13% lower average steel selling prices as well as the lower steel shipments.
"Despite continued headwinds to real demand, the absence of any further destock is expected to support higher apparent demand in 2023 as compared to 2022," ArcelorMittal ( MT ) said, also affirming its previous forecast of world ex-China apparent steel consumption growing 2%-3% this year.
More on ArcelorMittal:
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ArcelorMittal sinks as Q1 earnings, sales slapped by lower shipments, prices