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Posco 4Q Operating Profit Beat Market Consensus — Earnings Review

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 kwanwoo.jun@wsj.com

 

(END) Dow Jones Newswires

January 28, 2021 05:54 ET (10:54 GMT)

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