Posco Profit Tumbles

South Korea's Posco PKX, the world's third-largest steelmaker, said its third-quarter profit dipped 8.6% to 1.04 trillion won from 1.14 trillion won a year earlier, missing the average analyst estimate of 1.13 trillion won. Sales surged 24%. The profit decline was Posco's first in four quarters and led the company to trim its full-year outlook by 7% to 5.2 trillion won ($4.6 billion) for the 12 months ending Dec. 31, compared with its earlier forecast of 5.6 trillion won, according to Bloomberg News. The company is forecasting sales of 32.9 trillion won, down from a previous estimate of 33.5 trillion won. Posco gets about 70% of its sales from its home market. The company released the results after the close of Asian markets.