U.S. Steel (X) Stock Gains After Company Reports Quarterly Results
NEW YORK (TheStreet) -- Shares of U.S. Steel (X) - Get United States Steel Corporation Report were gaining 7% to $40.82 Wednesday after the steel maker reported its third-quarter results.
U.S. Steel reported a loss of $1.42 a share for the quarter. Adjusted for non-recurring costs and asset impairment costs, some related to the reorganization of its Canadian operations, the company had a profit of $2.16 a share, above the $1.17 a share analysts surveyed by Zacks Investment Research expected.
Revenue grew 11.1% year over year to $4.59 billion in the quarter, compared to analysts' estimates of $4.54 billion.
"Steel market conditions in the U.S. have remained stable and our operations have performed well, particularly our Flat-rolled segment, where we returned to more normal operating levels and income from operations increased by over $300 million from the second quarter," president and CEO Mario Longhi said in a statement.
TheStreet Recommends
TheStreet Ratings team rates UNITED STATES STEEL CORP as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate UNITED STATES STEEL CORP (X) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its solid stock price performance, increase in net income and good cash flow from operations. However, as a counter to these strengths, we also find weaknesses including disappointing return on equity, poor profit margins and generally higher debt management risk."
You can view the full analysis from the report here: X Ratings Report
