|End-of-day quote - 11/20|
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.
WHAT WE WATCHED:
--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 firstname.lastname@example.org
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