Arcelor Mittal (NYSE:MT) had a loss, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Investors were encouraged by the upbeat forecast, however. Shares are up 1.5%.
Arcelor Mittal Earnings Cheat Sheet
Results: Net loss increased 299% to $3.99 billion ($2.58 per diluted share) in the quarter versus a net loss of $1 billion in the year-earlier quarter.
Revenue: Decreased 14.03% to $19.3 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Arcelor Mittal reported adjusted net loss of $2.58 per share. It missed the average revenue estimate of $19.74 billion.
Quoting Management: Mr. Lakshmi N. Mittal, Chairman and CEO of ArcelorMittal, commented: “2012 was a very difficult year for the steel industry, particularly in Europe where demand for steel fell a further 8.8%. During the year we took a number of important steps to address the challenges we face, including concentrating our operational footprint on our more competitive assets and reducing net debt. Although we expect the challenges to continue in 2013, largely due to the fragility of the European economy, we have recently seen some more positive indicators, which combined with the measures we have implemented to strengthen the business, are expected to support an improvement in the profitability of our steel business this year. Marketable iron ore shipments are also expected to increase by approximately 20% as a result of the expansion at ArcelorMittal Mines Canada.”
Key Stats (on next page)…