Mechel Reports Upbeat Q1 Profit

Mechel OAO MTL reported a strong rise in its first-quarter net profit. The company reported its net profit at $309.12 million, up from $82.58 million, in the year-earlier period. Analysts were expecting a profit of $274 million. Its revenue surged 54% to $2.93 billion. Its adjusted earnings before interest, tax, depreciation and amortization (EBITDA) came in at $566.85 million. Mechel's mining segment revenue climbed 57% y/y to $828.12 million, while its steel segment revenue surged 61% y/y to $1.76 billion. Mechel shares gained 0.28% to close at $25.21 yesterday. Read more from Benzinga's Company news.