U.S. Steel Earnings: Profit Rises Year-Over-Year

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Falling revenue did not prevent S&P 500 (NYSE:SPY) component United States Steel Corporation (NYSE:X) from reporting a profit boost in the third quarter. United States Steel is an integrated steel producer of flat-rolled and tubular products.

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United States Steel Corporation Earnings Cheat Sheet

Results: Net income for United States Steel Corporation rose to $44 million (28 cents per share) vs. $22 million (15 cents per share) in the same quarter a year earlier. This is a twofold rise from the year-earlier quarter.

Revenue: Fell 8.4% to $4.65 billion from the year-earlier quarter.

Actual vs. Wall St. Expectations: United States Steel Corporation was about in line with expectations as the mean analyst estimate was breaking even. It fell short of the average revenue estimate of $4.95 billion.

Quoting Management: Commenting on U. S. Steel’s outlook for the fourth quarter, Surma said, “Our results are expected to reflect continued weakness in the European and emerging market economies, as well as economic uncertainty in North America. We expect total reportable segment and Other Businesses operating results to be around breakeven for the fourth quarter with decreased results in all reportable segments.”We expect a loss for our Flat-rolled segment due to slightly lower average realized prices, as well as lower shipments and higher operating costs.”

Key Stats:

The company has now topped analyst estimates for the last three quarters. It beat the mark by 19 cents in the second quarter and by 18 cents in the first quarter.

Revenue has fallen in the past two quarters. In the second quarter, revenue declined 2% to $5.02 billion from the year-earlier quarter.

Looking Forward: The outlook for the company’s results in the upcoming quarter is unfavorable. The average estimate for the fourth quarter is 5 cents per share, down from 17 cents ninety days ago. At $1.42 per share, the average estimate for the fiscal year has fallen from $1.55 ninety days ago.

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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)

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