ArcelorMittal swings to net loss in third quarter

ArcelorMittal said Thursday that it swung to net loss for the third quarter of 2019 compared with a year prior, blaming difficult market conditions with low steel prices and high raw material costs.

For the three-month period ended Sept. 30, net loss at the Luxembourg-based steelmakerMT, -2.52%MT, -3.30% was $539 million, compared with a profit of $899 million a year earlier.

Earnings before interest, taxes, depreciation and amortization–a preferred metric by the company–was $1.06 billion, compared with $2.73 billion a year earlier. Analysts had forecast an Ebitda of $930 million according to a company-compiled consensus.

Sales in the quarter were $16.63 billion, down from $18.52 billion in the third quarter of 2018.

The company said that it now expects steel shipments to be stable in 2019 compared with 2018, which it revised from a previous guidance of an increase year-on-year.

“As anticipated, we continued to face tough market conditions in the third quarter, characterized by low steel prices coupled with high raw-material costs,” Chairman and Chief Executive Lakshmi N. Mittal said.

J Sainsbury Plc H1 Pretax Profit Declines; LFL Sales, Excl. Fuel, Down 1.0%

J Sainsbury plc (JSAIY.PK,SBRY.L) reported profit before tax of 9 million pounds for the 28 weeks to 21 September 2019 compared to 107 million pounds, prior year. Loss per share was 2.2 pence compared to profit of 5 pence. Underlying profit before tax declined to 238 million pounds from 279 million pounds.

For the first-half, Group sales were 16.86 billion pounds, down 0.2 percent from prior year. Retail sales (excluding fuel) was down 0.6 percent. Like-for-like sales (excluding fuel) was down 1.0 percent, for the period.

Interim dividend was 3.3 pence per share, up 6 percent. This will be paid on 20 December 2019 to shareholders on the Register of Members at the close of business on 15 November 2019.

ProSiebenSat.1 Media Q3 Profit Down, Revenues Up; Maintains FY19 View

German commercial broadcaster ProSiebenSat.1 Media AG (PBSFF.PK) reported Thursday that its third-quarter net income attributable to shareholders plunged to 34 million euros from last year’s 126 million euros.

Adjusted net income was 46 million euros, compared to 75 million euros a year ago. Adjusted earnings per share were 0.20 euro, compared to 0.33 euro last year.

EBITDA declined to 122 million euros from last year’s 187 million euros, as expected, due to investments recognized as expense in making the Entertainment business fit for the future and in the further growth of NuCom Group.

Revenues, however, increased 4 percent to 926 million euros from 892 million euros a year ago.

Further, the company maintained financial targets for the full-year 2019. ProSiebenSat.1 continues to aim for a revenue increase in the mid-single-digit percentage range and an adjusted EBITDA margin between 22 percent and 25 percent.

Over the next around five years, ProSiebenSat.1 Group intends to further increase the digital business’s share in revenues to 50 percent.

Siemens net profit and revenue beat forecasts

Siemens AG on Thursday reported a rise in its fourth-quarter profit and revenue, beating analysts’ expectations.

Net profit at the German engineering conglomerate SIE, +1.57% rose to 1.32 billion euros ($1.46 billion) from EUR559 million in the same period a year earlier, partly benefiting from a substantially lower income tax rate year-over-year, the company said.

Siemens said revenue for the quarter increased to EUR24.52 billion from EUR22.61 billion, while orders rose to EUR24.71 billion from EUR23.70 billion. The rise was driven by the company’s industrial businesses, it said, particularly Siemens Healthineers.

Analysts had expected Siemens to report fourth-quarter net profit of EUR1.01 billion on revenue of EUR23.22 billion and orders of EUR23.60 billion, according to a consensus provided by the company.

The company said it achieved its full-year targets for fiscal 2019. As for the next fiscal year, it expects moderate growth in comparable revenue and a moderate decline in market volume for its short-cycle businesses.

Siemens expects basic earnings per share from net income to be between EUR6.30 to EUR7.00 compared with EUR6.41 in fiscal 2019.

Lufthansa profit rises and backs 2019 view

Deutsche Lufthansa AG said Thursday that third-quarter net profit slightly rose and confirmed its full-year guidance.

Quarterly net profit at the carrier LHA, +0.74% edged up 4% to 1.15 billion euros ($1.27 billion) from EUR1.11 billion during the same period last year, the company said. Revenue rose to EUR10.18 billion from EUR9.96 billion. Analysts expected revenue of EUR10.01 billion and net profit of EUR846 million, according to FactSet estimates.

Quarterly adjusted earnings before interest and taxes fell 8% to EUR1.3 billion.

“At Eurowings the turnaround measures are showing first results; and at Austrian Airlines, Brussels Airlines and Lufthansa Cargo we will be taking tangible corrective action to improve earnings,” Lufthansa’s Chief Executive Carsten Spohr said.

Lufthansa confirmed its 2019 guidance, which includes an adjusted EBIT of EUR2 billion to EUR2.4 billion. The company said it expects Lufthansa Cargo’s 2019 adjusted EBIT margin to range between 0% and 2% due to weak market demand.

This year, Lufthansa has cut its outlook twice–in April and June–due to overcapacity and aggressive low-cost competitors which put pressure on its European operations.

Disney attempts to stop pay-equity class action

Democratic lawmakers gets behind US Women’s National Team’s equal pay fight

GOPAC Chairman David Avella on Democratic lawmakers getting behind the U.S. Women’s National Team’s legal fight for equal pay.

The Walt Disney company is taking steps to stop a potential class action lawsuit filed against the company based on back pay, lost benefits and other compensation.

Continue Reading Below

The suit was first filed on April 3 by long-term employees LaRonda Rasmussen and Karen Moorein and now includes 10 female Disney employees, according to Deadline.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Disney pushed back on October 18 with paperwork of its own seeking to stop class action certification. Stating the company does not discriminate based on gender and added that determining if the company violated California’s Fair Pay Act would  be impossible to prove because the complexity of the organization.

Disney claims the allegations are purely individualized.

“Disney is firmly committed to equitable pay and is prepared to engage with any individual who believes they are not paid equally,” a Disney spokesperson told Deadline on Wednesday.

The plaintiff and their main lawyer Lori Andrus want to let the process continue, filing a 22-page opposition Wednesday in Los Angeles Superior Court.

CLICK HERE TO READ MORE ON FOX BUSINESS

Whether the class action receives certification will be heard by Judge Daniel Buckley in Los Angeles Superior Court on December 11.