Now, we’re towards the end of the third-quarter earnings season. Talking of steel stocks, all of the leading US steel producers have released their quarterly earnings. Steel Dynamics was the first major steel company to release its quarterly performance on October 17. Nucor’s (NUE) earnings were released on October 18.
AK Steel (AKS) released its third-quarter earnings on October 25. U.S. Steel Corporation (X) and ArcelorMittal (MT) released their earnings on November 1. Overall, the third quarter has been a subdued earnings season for steel companies (SPY). Nucor’s earnings fell short of analysts’ expectations, while AK Steel missed the consensus top-line and bottom-line estimates. U.S. Steel Corporation posted better-than-expected revenues. U.S. Steel Corporation’s EBITDA was slightly lower than analysts’ expectations. Read U.S. Steel Corporation’s Outlook after Its Third-Quarter Earnings for a detailed analysis of U.S. Steel Corporation’s earnings and fourth-quarter guidance.
Analysts generally revise their ratings and target prices after companies’ earnings releases to reflect the quarterly performance and the outlook provided during the earnings calls. In this series, we’ll discuss how analysts are rating steel stocks after their third-quarter earnings.
Next, we’ll discuss Steel Dynamics’ ratings and target prices.