US Steel stock (NYSE:X) is sliding after hours as the company reported its latest quarterly earnings results late in the day Thursday, which were stronger than what analysts were calling for, but not good enough to prevent its shares from regressing.
The Pittsburgh-based steel producer said that for its third quarter of fiscal 2018, it brought in earnings of $1.79 per share, which is nearly twice as large as its year-ago earnings of 92 cents per share. The figure was also better than the Wall Street consensus estimate of $1.73 per share.
US Steel added that its revenue for the period came in at $3.729 billion, which was also higher than its sales from the year-ago quarter of $3.25 billion, while also topping analysts’ expectations of $3.71 billion.
“Our third quarter results were in line with our expectations, with a significant improvement in earnings from our flat-rolled segment and a return to profitability for our tubular segment,” said David Burritt, president and CEO of the company.
The company added that it sees its fourth quarter adjusted EBITDA to be roughly $575 million, which would help bring its full-year adjusted EBITDA to $1.8 billion.
X stock was up about 2.4% during regular trading hours Thursday in anticipation of the company’s latest quarterly earnings results. Its strong earnings showing was not enough to prevent its share from declining about 1.3% after the bell.
