U.S. Steel Reports 1Q Loss
U.S. Steel Loses $340 Million in First Quarter
United States Steel Corp. (X) on Tuesday reported a loss of $340 million in its first quarter.
The Pittsburgh-based company said it had a loss of $2.32 per share.
Losses, adjusted for severance costs, were $2.15 per share.
The results fell short of Wall Street expectations.
The average estimate of 10 analysts surveyed by Zacks Investment Research was for a loss of $1.29 per share.
The steel maker posted revenue of $2.34 billion in the period, also falling short of Street forecasts.
Three analysts surveyed by Zacks expected $2.53 billion.
U.S. Steel shares have more than doubled since the beginning of the year, while the Standard & Poor’s 500 index has climbed slightly more than 2 percent.
In the final minutes of trading on Tuesday, shares hit $18.49, a decrease of 30 percent in the last 12 months.