U.S. Steel (X) Tops Q2 EPS by 15c, Revenues Beat

U.S. Steel (NYSE: X) reported Q2 EPS of ($2.67), $0.15 better than the analyst estimate of ($2.82). Revenue for the quarter came in at $2.09 billion versus the consensus estimate of $1.84 billion.

• Net loss of $589 million, or $3.36 per diluted share
• Adjusted net loss of $469 million, or $2.67 per diluted share
• Adjusted EBITDA loss of $264 million
• Liquidity of $2.652 billion, including cash of $2.300 billion

“Protecting lives and livelihoods remains our top priority,” said U. S. Steel President and Chief Executive Officer David B. Burritt. “We remain vigilant and continue to actively enforce our COVID-19 protocols, including working from home, where applicable, promoting physical distancing, limiting visitors to our sites, and continuing our enhanced cleaning activities. As a result of this intense focus, COVID-19 cases among our workforce remains significantly better than the general U.S. population.”

Burritt continued, “We are encouraged by the recovery in market conditions as automotive original equipment manufacturers (OEMs) are nearing normalized production levels and healthy order activity has continued into the third quarter. Construction demand is exceeding our expectations and is expected to remain robust, particularly for value-add construction products. To ensure we continue to serve our customers, we restarted two blast furnaces to quickly respond to increasing activity and plan to restart an additional furnace at Gary Works on August 1. In Europe, demand is beginning to recover, in-line with the re-opening of the European continent.”

Commenting on the quarter, Burritt said, “We exceeded our second quarter guidance as North American Flat-rolled segment shipments meaningfully accelerated in the second half of June, resulting in better than expected production efficiencies and cost benefits across our mines and steel plants. Still, second quarter performance was impacted by COVID-19 and the nonrecurring costs associated with a significant portion of our steelmaking operations being idled in the quarter. We are encouraged by the accelerating pace of incoming orders across our steelmaking and sheet finishing facilities. While a portion of operating inefficiencies will continue to impact third quarter performance, we are confident that the second quarter was the trough for the year.”

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

You May Also Be Interested In

• Chevron (CVX) earnings fall short while revenue tops estimates in Q1
• Apollo Global Management (APO) to Buy US Silica (SLCA) for $15.50/sh Cash
• T-Mobile posts mixed Q1 top and bottom line, expects more subscribers in 2024