Mechel’s Quarterly Profit Four Times Below Estimates

OAO Mechel (MTL), Russia’s largest producer of steelmaking coal, posted second-quarter profit that missed analyst estimates by more than four times.

Net income was $38.2 million compared with $219 million a year earlier, Bloomberg calculations show. That fell short of the $175 million median estimate of five analysts in a Bloomberg survey. Second-quarter net income was derived by subtracting first-quarter profit from first-half profit.

Sales jumped 90 percent $2.43 billion during the quarter from a year earlier, according to the calculations.

For the first half, Mechel (MTLR) swung to a profit of $120.8 million from a loss of $471 million a year earlier, it said in a statement on its website. Revenue rose 76 percent to $4.33 billion during the six months, the company said.

To contact the reporters on this story: Ilya Khrennikov in Moscow at

To contact the editor responsible for this story: Amanda Jordan at

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.