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CSN swings to Q3 loss, cuts FY'19 adjusted EBITDA guidance

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CSN swings to Q3 loss, cuts FY'19 adjusted EBITDA guidance

Cia. Siderúrgica Nacional swung to a net loss in the third quarter mainly due to variation in the exchange rate of the Brazilian real and an update to its shares at fair value.

The company recorded a net loss of 870.7 million reais in the quarter, including a noncash expense of 863 million reais, compared to a year-ago net profit of 752.2 million reais.

Net sales revenue in the quarter slid to 6.01 billion reais from 6.16 billion reais a year ago, according to an Oct. 23 news release.

Cost of goods sold climbed to 4.37 billion reais, from 4.30 billion reais in the prior-year quarter.

Separately, CSN cut its full-year 2019 guidance for adjusted EBITDA to 7.5 billion reais from the previous forecast of 8.5 billion reais as adjusted EBITDA for the third quarter declined 4% year over year to 1.57 billion reais.

The company's iron ore production in the quarter climbed 14% year over year to a record 8.7 million tonnes, while iron ore sales decreased 1% year over year to 9.2 Mt.

In the steel segment, total production of flat rolled products declined 15% to 765,000 tonnes, and long rolled products climbed 6% to 54,000 tonnes on a yearly basis.

Steel sales in the three months fell 17% year over year to 1.1 Mt mainly due to the lower sales in the foreign market.

As of Oct. 23, US$1 was equivalent to 4.06 Brazilian reais.