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    ACX   ES0132105018

ACERINOX S.A.

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Acerinox S A : Spain's Acerinox expects further profit rise in Q2 on higher steel demand

05/11/2021 | 03:33am EDT

MADRID, May 11 (Reuters) - Spanish steel maker Acerinox said on Tuesday it expects profitability to rise again in the second quarter as makers of cars and home appliances build inventories.

"The good performance of industries related to consumer goods and consuming stainless steel as well as the situation of inventories, make us optimistic regarding the second quarter," Acerinox said in a statement.

Its order portfolio was up 80% from a year ago and up 40% from the first quarter of 2019.

Its first-quarter net profit rose to 78 million euros ($95 million) from 28 million euros a year earlier, the company said.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) rose to 161 million euros from 85 million and the company said it expects that to rise in the second quarter.

Those results topped the net profit of 64 million and EBITDA of 143 million expected by analysts, Refinitiv Eikon data showed.

Acerinox shares were down 2.3% in early trading in Madrid.

The industrial rebound from the contraction last year triggered by the pandemic has boosted demand for raw materials such as steel.

Acerinox's largest rival ArcelorMittal last week reported a decade-high profit for the first quarter and said it expected global demand for steel this year to grow by between 4.5% and 5.5%.

($1 = 0.8240 euros) (Reporting by Inti Landauro; editing by Jason Neely)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ACERINOX S.A. 0.53% 12.255 Delayed Quote.34.71%
ARCELORMITTAL 1.74% 28.14 Real-time Quote.46.50%
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Financials
Sales 2021 6 468 M 7 537 M 7 537 M
Net income 2021 485 M 565 M 565 M
Net Debt 2021 574 M 668 M 668 M
P/E ratio 2021 6,97x
Yield 2021 4,15%
Capitalization 3 291 M 3 819 M 3 835 M
EV / Sales 2021 0,60x
EV / Sales 2022 0,54x
Nbr of Employees 8 384
Free-Float 73,5%
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Technical analysis trends ACERINOX S.A.
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Income Statement Evolution
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Mean consensus BUY
Number of Analysts 18
Last Close Price 12,17 €
Average target price 15,49 €
Spread / Average Target 27,2%
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Managers and Directors
Bernardo Velázquez Herreros Chief Executive Officer & Executive Director
Miguel Ferrandis Torres Chief Financial Officer
Rafael Miranda Robredo Independent Chairman
Hans O. Helmrich Chief Operating Officer
George Donald Johnston Independent Director
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