U.S. Steel (X) Tops Q2 EPS by 73c, Offers Outlook

U.S. Steel (NYSE: X) reported Q2 EPS of $1.07, $0.73 better than the analyst estimate of $0.34. Revenue for the quarter came in at $3.14 billion versus the consensus estimate of $2.96 billion.

2017 Outlook

Commenting on U. S. Steel's Outlook for 2017, Burritt said, "We are seeing a more bullish sentiment in the markets served by our Flat-Rolled and European segments right now, as prices have been increasing and overall demand has been stable. Our Tubular segment continues to benefit from operational and cost improvements we have made, as well as from stronger market conditions. Our investment in our facilities and our people continues to increase. These strategic investments, combined with our focus on achieving operational excellence, will deliver continuous improvements in safety, quality, delivery and costs that will position us to succeed through business cycles, and support future growth initiatives."

If market conditions remain at their current levels, we expect:

• 2017 net earnings of approximately $300 million, or $1.70 per share, and consolidated adjusted EBITDA of approximately $1.1 billion;
  • EBITDA by Segment;
    • Flat-Rolled EBITDA of approximately $750 million;
    • U. S. Steel Europe EBITDA of approximately $400 million;
    • Tubular EBITDA of approximately ($50) million; and
• Other Businesses to be comparable to 2016 and approximately $60 million of postretirement benefit expense

We believe market conditions, which include spot prices, raw material costs, customer demand, import volumes, supply chain inventories, rig counts and energy prices, will change, and as changes occur during the balance of 2017, we expect these changes to be reflected in our net earnings and adjusted EBITDA.

Please refer to the non-GAAP Financial Measures section of this document for the reconciliation of Outlook net earnings to consolidated Outlook adjusted EBITDA and Outlook segment earnings (loss) before interest and income taxes to segment Outlook EBITDA.

For earnings history and earnings-related data on U.S. Steel (X) click here.

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