Brazilian flats steelmaker Usiminas posted a higher than expected net profit for Q3, beating analyst estimates.
The company reported a BRL 76 million ($23.2 million) net profit in Q3, above the BRL 26 million ($7.95 million) net profit figure based on predictions from BTG Pactual, Itau BBA and Morgan Stanley, as previously reported by SteelOrbis.
In Q3 last year, Usiminas reported a BRL 107 million ($32.7 million) net loss. When compared to Q2 this year, the company’s BRL 76 million ($23.2 million) net profit in Q3 was 57 percent down, quarter-on-quarter.
Net revenues in Q3 rose to BRL 2.7 billion ($825.4 million) from BRL 2.2 billion ($672.5 million) in the same quarter of the year prior. Compared to the previous quarter, revenues were up 7 percent.
Steel sales volumes in Q3 rose to 1.01 million, nearly 6 percent up, year-on-year, and 2.6 percent up, quarter-on-quarter, from 990,000 mt in Q2 this year.
Usiminas reported an EBITDA of BRL 444 million ($135.7 million) in Q3 this year, up from BRL 301 million ($92 million) in Q3 2016, but 37 percent down, quarter-on-quarter.
EBITDA margin improved to 16 percent in Q3 this year from 13 percent in Q3 2016, but declined from 28 percent in Q2 this year.
USD = BRL 3.26 (October 27)