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U.S. Steel (X) Posts Huge Q4 Earnings Beat, Revenues In-Line

Wednesday, Feb 01, 2017
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United States Steel Corp. X just released its fourth quarter fiscal 2016 financial results, posting earnings, before non-recurring items, of 27 cents per share and revenues of $2.65 billion. Currently, X is a Zacks Rank #1 (Strong Buy), and is down 0.40% to $32.72 per share in trading shortly after its earnings report was released.

Beat earnings estimates. The company posted earnings of 27 cents per share, surpassing Wall Street estimates of a penny per share. Investors should note this number excluldes 88 cents from non-recurring items.

Matched revenue estimates. The company saw revenue figures of $2.65 billion, matching Street estimates of $2.666 billion.

U.S. Steel noted that Q4 results for its Flat-Rolled segment declined compared to the prior year period due to a decrease in average realized prices, fewer shipments, as well as increased outage spending. Its European and Tubular segments also declined for the quarter.

Looking ahead, U.S. Steel expects 2017 net earnings of $535 million, or $3.08 per share, and EBITDA of approximately $1.3 billion. Results for its Flat-Rolled, European, and Tubular segments should be higher this year than in 2016, while U.S. Steel’s other businesses are expected to be comparable to 2016.

U. S. Steel President and Chief Executive Officer Mario Longhi said, "We entered 2016 facing very challenging market conditions, but remained focused on our Carnegie Way transformation efforts. Despite lower average realized prices and shipments in 2016, our results are better as we continued to improve our product mix and cost structure."

United States Steel Corporation Price, Consensus and EPS Surprise | United States Steel Corporation Quote

United States Steel manufactures and sells a variety of steel mill products, coke and taconite pellets. Primary steel operations are the Gary (Indiana) Works, the Fairfield (Alabama) Works near Birmingham, the Mon Valley Works (which includes the Edgar Thomson steelmaking and Irvin finishing operations) on the Monongahela River near Pittsburgh, and U. S. Steel Kosice in the Slovak Republic.

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Source:finance.yahoo.com

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