Mensajepor Harry Forever » Mié Mar 28, 2018 10:37 pm
Aca va la nota que salio ayer....
Companhia Siderúrgica Nacional SID or CSN, yesterday, reported impressive financial results for the fourth quarter of 2017. This Brazilian steelmaker’s net earnings from continuing operations in the quarter were approximately R$377.4 million ($116.1 million) versus the loss of R$53 million ($16.1 million) recorded in the year-ago quarter.
Earnings per share in the quarter was R$0.27 or roughly 8 cents per American Depository Receipt (ADR). This compared favorably with the year-ago quarter’s loss of R$0.04 or 1 cents per ADR.
For 2017, the company’s net earnings were R$111.2 million ($34.9 million) versus the loss of R$853.1 million ($244.4 million) in 2016. Earnings per share were R$0.08 or 3 cents per ADR in 2017, better than the loss of R$0.61 per share or 17 cents per ADR in 2016.
Revenues Improved Y/Y
In the quarter, CSN’s net revenues were R$4,992.7 million ($1,536.2 million), increasing 10.5% year over year, driven by a rise in prices of steel products and iron ore.
Domestic revenues in the quarter grew 9.8% year over year, representing 47.5% of net revenues. International business flourished with revenues generated in the foreign market, increasing 11.1% year over year and representing 52.5% of net revenues.
The company operates through five business segments. The segments’ results for the fourth quarter are briefly mentioned below:
Steel: The segment’s revenues totaled R$3,435 million ($1,056.9 million) in the quarter, reflecting year-over-year growth of 16%.
Slab production grew 4% year over year to roughly 1,099 thousand tons while production of flat-rolled products inched up 1% year over year to 959 thousand tons. Production of long rolled products declined 17% to 45 thousand tons.
Steel sales volume grew 6% year over year to 1,253 thousand tons, of which, domestic sales accounted for 61.5%, overseas subsidiaries for about 32% and exports for roughly 6.5%.
Mining: The segment generated revenues of R$1,175 million ($361.5 million) in the quarter, down 10.8% year over year.
Iron ore sales were up 4% year over year to 9,561 thousand tons, of which, domestic sales accounted for 12.9% and international sales of roughly 87.1%.
Logistics: Revenues in the quarter were R$436 million ($134.2 million), up 13% year over year.
Cement: The segment’s revenues totaled R$106 million ($32.6 million) in the quarter, reflecting the year-over-year decline of 17.2%. Cement product in the quarter declined 9.4% year over year to 726 thousand tons while sales volume decreased 17.3% to 661 thousand tons.
Energy: Revenues in the quarter were R$104 million ($32 million), up 55.2% year over year.
For 2017, net revenues were R$18,524.6 million ($5,807.1 million), up 8% year over year.
Higher Proportion of Costs Hurt Margins
CSN’s cost of sales in the quarter increased 12.9% year over year to R$3,579.8 million ($1,101.5 million). It represented 71.7% of the quarter’s net revenues versus 70.1% in the year-ago quarter. Gross margin decreased 160 basis points (bps) to 28.3%.
As a percentage of net revenues, selling expenses increased 110 bps year over year to 11% while general and administrative expenses decreased 50 bps to 2.1% over the same time frame.