Posco Holdings Reports Lower Second-Quarter Earnings
By Kwanwoo Jun
Posco Holdings posted an earnings decline in the second quarter as the South Korean steelmaker continued to grapple with sluggish demand.
The downbeat results from the world's sixth-largest steelmaker, which returned to profit in the first quarter, suggest that the recovery from an industry downturn could be slow and gradual.
Net profit for the quarter ended June was 546.00 billion won, the equivalent of about $394.7 million, down 30% from a year earlier, the company said Thursday.
Still, that beat a FactSet-compiled consensus estimate for net profit of 379.27 billion won.
Revenue during the period fell 8.0% to 18.510 trillion won, while operating profit dropped 43% to 752.00 billion won.
Write to Kwanwoo Jun at kwanwoo.jun@wsj.com
(END) Dow Jones Newswires
July 25, 2024 01:17 ET (05:17 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
What’s Happening in the Markets This Week
-
Worst-Performing Stock ETFs of the Quarter
-
Q3 in Review and Q4 2024 Market Outlook
-
Top-Performing Stock ETFs of the Quarter
-
September Jobs Report Forecasts Show Moderate Hiring Gains
-
Port Strike a Headache for Shippers but a Potential Tailwind for Certain US Transport Stocks
-
13 Charts on Q3′s Roller-Coaster Rally for Stocks and Bonds
-
5 Stocks to Buy Instead of Overpriced US Equities
-
Consumer Defensives: Despite Angst, Thirsty Investors Have Names to Pursue
-
Industrials: Many Stocks Overvalued After Q3 Outperformance
-
Basic Materials: Despite Index Rise, We See Multiple Long-Term Opportunities
-
What the Election Could Mean for Big Tech Stocks
-
3 Lessons From Recent Stock Market Drama
-
Consumer Cyclicals: Even Amid Moderating Consumer Spending, We See Discounts
-
Healthcare: Valuations Look Fair Overall, With Select Industries Still Undervalued
-
Utilities: Falling Interest Rates, Growth Outlook Boosting Stocks
United States