United States Steel Corporation (X) Shares Soar on Guidance Update

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United States Steel Corporation (NYSE:X) posted its latest quarterly earnings results after hours Tuesday.

United States Steel Corporation (X)For its third quarter of fiscal 2017, the steel producer reported earnings of 92 cents per share, handily topping the Wall Street consensus estimate of 67 cents per share, according to Zacks Investment Research. On a GAAP basis, the company garnered profit of 83 cents per share.

Revenue for the period amounted to $3.25 billion, while analysts had projected United States Steel Corporation to rake in $3.04 billion for the period, according to four analysts polled by Zacks.

“We remain focused on our operations, revitalizing our assets, and developing our talent. We are seeing operating improvements in the assets in which we are investing,” said U.S. Steel President and CEO Dave Burritt.

For its full-year 2017 earnings, U.S. Steel predicts that it will bring in $1.70 per share, topping the consensus estimate of $1.62 per share, according to Zacks.

“This increases our confidence that we will achieve the 2020 improvement targets we have disclosed. We believe the attention to our assets and employees, with continued focus on improving safety, quality, delivery, and cost, will result in improved operating reliability and enable us to remain a strong business partner for our customers,” Burritt added.

X shares were weak during regular trading hours Tuesday, falling 4.2% ahead of earnings. However, the earnings call sent X stock soaring about 9.4% after the bell.


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