By Kwanwoo Jun
Posco Holdings is scheduled to report its third-quarter results on Wednesday. Here's what you need to know:
NET PROFIT FORECAST: The South Korean steelmaker is forecast to post a net profit of 447.53 billion won, or $323.6 million, for the July-September quarter, falling 13% compared with the same period a year earlier, according to a FactSet-compiled consensus forecast.
REVENUE FORECAST: The consensus forecast is for revenue to have fallen 2.0% on year to 18.589 trillion won, with operating profit likely to have dropped 32% to 816.93 billion won.
WHAT TO WATCH:
--STRUGGLE: Investors are looking to see if Posco continued to struggle with flagging steel demand. The company's earnings are widely expected to have slumped from a year earlier, despite a possibly mild improvement from the previous quarter, suggesting a slow recovery in the industry.
--DEMAND: Subdued steel demand amid sluggish construction and housing markets in South Korea are weighing on Posco and other local steelmakers, according to analysts. Chinese steelmakers' oversupply and increased shipments of cheaper products to South Korea are also a bad sign for Posco's earnings recovery, they say.
--BATTERY: Posco's unprofitable battery business will interest investors, with Posco Future M, a battery-material supplier affiliated with Posco, scheduled to release its quarterly results shortly before the parent's earnings on the same day.
Write to Kwanwoo Jun at kwanwoo.jun@wsj.com
(END) Dow Jones Newswires
October 29, 2024 00:06 ET (04:06 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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