National Steel (SID) Shares Dip as Q4 Earnings Miss Estimates

About this update from Companhia Siderurgica Nacional

Shares of National Steel SID fell 3% since it reported fourth-quarter 2024 results on Mar 6, delivering earnings per share (EPS) of 13 cents, which missed the Zacks Consensus Estimate of 19 cents. It reported an EPS of 3 cents in the prior-year quarter.Domestic revenues decreased 7.3% year over year to R$5.48 billion ($1.1 billion). The company’s international business revenues improved 25.1% year over year to R$6.52 billion ($1.31 billion).For the December 2023-end quarter, net revenues were R$12 billion ($2.42 billion), up 7.9% year over year. The company reported a net income of R$851 million ($171 million) in the fourth quarter of 2023, which marked a 332% improvement year-over-year.National Steel Company Price, Consensus and EPS Surprise National Steel Company price-consensus-eps-surprise-chart | National Steel Company QuoteSegmental PerformanceSteel: The segment’s revenues totaled R$5.65 billion ($1.14 billion), down 6.6% year over year. Steel sales were 1,064 thousand tons, up 5.6% from 1,008 thousand tons in the fourth quarter of 2022. Iron ore sales were 11,144 thousand tons, marking a 15% rise from the prior-year quarter.Mining: The segment generated revenues of R$5.03 billion ($1.01 billion), up 42.5% year over year.Logistics (Port and Railways): Revenues came in at R$795 million ($160 million), up 14.6% year over year.Energy: The segment’s revenues totaled R$125 million ($25 million), which marked an 18.8% year-over-year fall.Cement: The segment’s revenues declined 7.7% year over year to R$1.1 billion ($0.22 billion).Margin & CostsIn the fourth quarter of 2023, the company’s cost of sales increased 6% year-over-year to R$8.34 billion ($1.68 billion). Gross profit declined 11.8% year over year to R$3.67 billion ($0.74 billion). The gross margin came in at 30.6% compared with the year-earlier quarter’s 29.5%.Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) improved 16.1% year over year to R$3.63 billion ($0.73 billion). The EBITDA margin was 30.2% in the reported quarter compared with the prior-year quarter’s 28.1%.2023 ResultsThe company delivered a net income of R$0.40 billion ($0.08 billion) in 2023 compared with R$2.17 billion ($0.44 billion) in 2022. It reported sales of R$45.43 billion ($9.14 billion), up 2.4% year over year.The company delivered EPS of 6 cents, which missed the Zacks Consensus Estimate of 2...

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