By Kwanwoo Jun
Posco expects its second-quarter operating profit to surge 13-fold, compared with the same period a year earlier, beating market consensus.
The South Korean steelmaker said Friday it projects operating profit of 2.201 trillion won ($1.92 billion) for the quarter ended June 30, versus KRW167.70 billion a year earlier.
Revenue is expected to rise 33% on-year to KRW18.229 trillion for the quarter, the company said in a regulatory filing.
The operating-profit forecast is above a FactSet-compiled market consensus for KRW1.916 trillion, and the revenue estimate also beat the FactSet estimate for KRW17.224 trillion.
Analysts expect that higher-than-expected average selling prices for steel products and brisk demand boosted Posco's earnings.
Posco is due to release its full quarterly earnings report later this month.
Write to Kwanwoo Jun at firstname.lastname@example.org
(END) Dow Jones Newswires
July 09, 2021 00:10 ET (04:10 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.