ArcelorMittal SA (ADR) (NYSE:MT) stock was up on Friday following the release of its earnings report for the first quarter of 2018.
During the first quarter of the year, ArcelorMittal reported earnings per share of $1.17. This is an increase over the steel company’s earnings per share of 98 cents reported in the same period of the year prior.
Net income reported by ArcelorMittal for the first quarter of 2018 was $1.19 billion. This is better than the net income of $1.02 billion that was reported in the first quarter of the previous year.
Operating income reported by ArcelorMittal for the first quarter of the year came in at $1.57 billion. The company’s operating income for the same time last year was $1.58 billion.
ArcelorMittal’s earnings report for the first quarter of the year also includes revenue of $19.19 billion. This is an improvement over its revenue of $16.09 billion that was reported in the first quarter of 2017. It was also good news for MT stock by coming in above Wall Street’s revenue estimate of $18.69 billion for the period.
ArcelorMittal notes that increasing steel shipments in the first quarter of the year was a boon to MT stock. It saw steel shipments in the quarter increase 1.4% from the same time last year. This was due to stronger steel shipments in Brazil and Europe.
Lakshmi Mittalm, Cahirman and CEO of ArcelorMittal, says that the company’s outlook for 2018 is improving. However, MT only reaffirmed its 2018 outlook, which doesn’t specify expected earnings per share or revenue. Analysts are expecting earnings per share of $3.94 on revenue of $73.66 billion for the year.
MT stock was up 2% as of Friday morning.
As of this writing, William White did not hold a position in any of the aforementioned securities.