United States Steel (NYSE:X) unveiled its latest quarterly earnings results late today, bringing in a profit that was stronger than what analysts called for, while the company’s revenue increased more than 10% when compared to the year-ago quarter, playing a role in lifting X stock more than 5% after the bell.
The Pittsburgh, Penn.-based steel producer said that for its first quarter of its fiscal 2019, it brought in a profit of $54 million, or 31 cents per share, which tripled its earnings of $18 million, or 10 cents per share, from the same period in its fiscal 2018. On an adjusted basis when excluding one-time items, the company brought in earnings of 47 cents per share.
Analysts were calling for United States Steel to amass an adjusted profit of 31 cents per share, according to data compiled by FactSet. The company added that its net sales increased to $3.5 billion from the $3.15 billion of the year-ago quarter, marking an 11% surge year-over-year.
The Wall Street consensus estimate predicted that the company would bring in revenue of $3.36 billion for the period. United States Steel is one of several steel companies in the country that have been benefiting from tariffs that were imposed last year, which have prevented steel users from buying their steel overseas, as this business was more affordable for buyers before the tariffs.
X stock is up about 5.6% after the bell Thursday. Shares had declined 5.8% during regular trading hours.