Global steel giant ArcelorMittal said Friday its net profit soared in the third quarter thanks to solid market demand as well as strong prices for its products.
Sales jumped by 21.5 percent from the same period a year ago to $17.6 billion (15.1 billion euros), while its net profit shot up 71.4 percent to $1.2 billion, both beating the consensus of estimates of analysts surveyed by Bloomberg.
Sales of the Luxembourg-based company rose 21.4 per cent to United States dollars 17.63 billion in July-September, from USD 14.52 billion in the same period a year ago. ArcelorMittal SA had a negative net margin of 9.37% and a positive return on equity of 4.14%.
Since the start of the New Year, ArcelorMittal (NYSE:MT) shares have seen a move of 32.42%. During the same period last year, the company earned $0.22 EPS. equities research analysts anticipate that ArcelorMittal will post 3.3 EPS for the current year.
ArcelorMittal (NYSE:MT) traded up $0.99 during mid-day trading on Friday, hitting $29.14. According to these analysts, the Low Revenue Estimate for ArcelorMittal is 16.99 Billion and the High Revenue Estimate is 16.99 Billion.
"The company continues to expect cash needs of the business (capex of USD $2.9 billion), interest (USD 0.8 billion), cash taxes, pensions and other cash costs (totalling USD 0.9 billion), but excluding working capital investment and premiums paid to retire debt early to be approximately USD 4.6 billion in 2017", it said. The company has a market cap of $29,800.00, a P/E ratio of 8.38 and a beta of 2.18.
Zacks Investment Research upgraded shares of ArcelorMittal (NYSE:MT) from a hold rating to a buy rating in a research note published on Monday. ValuEngine downgraded ArcelorMittal from a strong-buy rating to a buy rating in a research note on Tuesday, September 26th. One research analyst has rated the stock with a sell rating, three have given a hold rating and thirteen have assigned a buy rating to the company. The company now has a consensus rating of "Buy" and a consensus target price of $32.72. Morgan Stanley boosted its position in shares of ArcelorMittal by 55.5% in the first quarter. If you are accessing this story on another publication, it was copied illegally and reposted in violation of United States and global copyright and trademark legislation. Verition Fund Management LLC's holdings in ArcelorMittal were worth $282,000 as of its most recent filing with the Securities and Exchange Commission. Institutional investors and hedge funds own 3.60% of the company's stock. EBITDA of $1.9 billion grew 1.5%. The legal version of this story can be viewed at https://www.dispatchtribunal.com/2017/11/09/valuengine-downgrades-arcelormittal-mt-to-buy.html. Looking back over the last month, shares have performed 10.77%.