U.S. Steel (X) - Get Report shares tumbled 8.5% to $13.28 Friday as the giant steelmaker beat Wall Street's second-quarter earnings and revenue expectations but saw profit dwindle from a year earlier.
The Pittsburgh-based company reported earnings of $68 million, or 39 cents a share, down from $214 million, or $1.20 a share, a year ago.
Adjusted earnings came to $78 million, or 45 cents a share, compared with $262 million, or $1.46 a share, a year ago. Analysts were expecting the company to earn 40 cents a share.
Sales totaled $3.5 billion, down from $3.6 billion a year ago, but still enough to beat Wall Street's $3.4 billion forecast.
"Our execution in the second quarter was strong despite challenging market conditions," said David Burritt, president and CEO, in a statement. "We overcame logistics headwinds from severe weather and delivered for our customers, exceeding even our own expectations. We also completed several Asset Revitalization outages across the flat-rolled footprint on time and on budget, including upgrades to our Mon Valley steel shop. We expect these investments to enhance operating performance and reliability to provide high quality, low cost liquid steel for our future endless casting and rolling investment."
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