Arcelor Mittal Earning Beats Expectations, JC Penney Loss Widens

Mukesh Buch
10 Nov, 2017
New York City

Arcelor Mittal reported better-than-expected results. JC Penney said net loss widened on weak sales. Macy

[R]11:15 AM New York – Arcelor Mittal reported better-than-expected results. JC Penney said net loss widened on weak sales. Macy’s reaffirmed fiscal 2017 outlook. Perrigo profit exceeded expectations.[/R]

Tollbooth Index decreased 39.55 or 0.3% to 13,272.80.

Earnings Review

ArcelorMittal SA ((MT)) jumped 5.4% or $1.52 to $29.67 after the Luxembourg-based steel producer reported sales in the third-quarter ending in September surged 21.4% from a year ago to $17.6 billion.

Net income in the quarter soared 76.5% to $1.2 billion or $1.18 per diluted share from $680 million or 67 cents in the same quarter last year.

The steel producer said steel shipments in the quarter increased 6.8% to 21.7 metric tons and in the nine-month shipments rose 0.6% to 64.2 metric tons.

ArcelorMittal lifted fiscal 2017 investment in working capital forecast of about $2 billion from the earlier estimate of about $1.5 billion.

J C Penney Company Inc ((JCP)) surged 17.2% or 47 cents to $3.24 after the department stores operator said total net sales in the third-quarter ending in September dropped 1.8% from a year ago to $2.81 billion.

Comparable sales in the quarter increased 1.7 %.

Net loss in the quarter widened to $128 million or 41 cents per diluted share from $67 million or 22 cents in the same quarter last year.

The retailer forecasted fiscal 2017 comparable store sales: to fall between zero and 1 %.

Macy''s Inc ((M)) advanced 2.7% or 51 cents to $20.01 after the department stores operator said sales in the third-quarter ending in September declined 6.1% from a year ago to $5.3 billion.

Comparable sales in the quarter slumped 4%.

Net income in the quarter more than doubled to $36 million or 12 cents per diluted share from $17 million or 5 cents in the same quarter last year.

Macy’s lowered fiscal 2017 total sales growth estimate to between 3.2% and 4.3% and comparable sales to decline between 2.2% and 3.3% and diluted earnings per share between $3.38 and $3.63.

Perrigo Company Plc dropped 1% or 91 cents to $87.09 after Ireland-based specialty pharmaceutical products maker reported net sales in the third-quarter ending in September fell 2% from a year ago to $1.23 billion.

Net in the quarter swung to profit $45 million or 31 cents per diluted share from a loss of $1.6 billion or $11.10 in the same quarter last year.