ArcelorMittal Reports 67% Surge In Q1 Net Income

ArcelorMittal MT reported a 67% rise in its first-quarter net income on Wednesday. The company's quarterly earnings increased to $1.07 billion, or $0.69 per share, from $640 million, or $0.33 per share, in the year-ago period. Its earnings from continuing operations climbed 3.4% to $608 million. Its shares outstanding dropped 1.5% to 1.55 billion. MT's revenue rose to $22.18 billion from $17.43 billion. However, analysts were expecting a profit of $792 million on revenue of $22.56 billion. In the first quarter, MT shipped 22 million metric tons of steel, versus 21 million, in the year-earlier period. The company's operating profit per ton jumped to $65 from $27. MT shares fell 0.71% to $36.50 in after-hours trading. Read more from Benzinga's Company news.