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Posco : 3Q Profit Beat Market Views -- Earnings Review

10/22/2020 | 10:51pm

By Kwanwoo Jun

Posco reported its third-quarter results on Friday. Here's what you need to know:

NET PROFIT: The South Korean steelmaker posted third-quarter net profit of 514.00 billion won ($452.8 million), up 3.5% from the same period a year earlier.

REVENUE: Third-quarter revenue fell 11% to KRW14.261 trillion, while operating profit dropped 36% to KRW666.70 billion.


--ABOVE CONSENSUS: The net profit was above a FactSet-compiled consensus forecast for KRW289.28 billion.

--AUTO RECOVERY: The stronger-than-expected earnings was driven by strong sales of high-margin steel products backed by a recovery in demand from the auto industry.

--PRICES: Increasing sales prices and lower raw-material costs also helped improve earnings in the company' steel business, which swung to an operating profit in the quarter.

Write to Kwanwoo Jun at kwanwoo.jun@wsj.com

(END) Dow Jones Newswires

10-22-20 2250ET

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