By Kwanwoo Jun
Posco reported its fourth-quarter results on Thursday. Here is what you need to know:
OPERATING PROFIT: The South Korean steelmaker posted operating profit of 863.40 billion won ($778.9 million), up 55% from a year earlier.
REVENUE: Fourth-quarter revenue fell 4.9% from a year ago to KRW15.264 trillion.
WHAT WE WATCHED:
--ABOVE CONSENSUS: The operating profit beat a FactSet consensus forecast for KRW838.11 billion.
--AUTO SHIPMENTS: The strong quarterly earnings were driven by growing shipments of high-margin steel products for vehicles.
--DEMAND: Posco said pandemic-suppressed steel demand and lower average selling prices weighed on its 2020 earnings despite demand recovery in the auto industry in the second half.
Write to Kwanwoo Jun at email@example.com
(END) Dow Jones Newswires
January 28, 2021 05:54 ET (10:54 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.