US Steel (X) Stock Soars on Earnings Beat
X stock is up close to 20% Wednesday afternoon
US Steel (X) stock is soaring following the company’s surprising profit in its quarterly earnings report.
The steel producer posted an unexpected second-quarter earnings of 17 cents a share excluding one-time items. The Pittsburgh-based company’s stock jumped the most since the financial crisis.
US Steel’s net loss was reduced to $18 million — or 12 cents a share — for the quarter. 14 analysts estimated an average loss of 31 cents per share, according to Bloomberg.
The company’s sales amounted to $4.4 billion, surpassing the $4.2 billion average estimate.
X stock is up about 19.9% Wednesday afternoon.
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Article printed from InvestorPlace Media, http://investorplace.com/2014/07/us-steel-x/.
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