US Steel (NYSE:X) earnings for the steel company’s fourth quarter of 2019 have USX stock heading higher after-hours Thursday. This is due to its adjusted losses per share of -64 cents. That’s much better than Wall Street’s estimate of -$1.11. Revenue of $2.82 billion is also a boon by beating analysts’ estimates of $2.78 billion.
Here’s what else is worth mentioning from the most recent US Steel earnings report.
- Adjusted losses per share are worse off than the earnings per share of $1.82 from the same time last year.
- Revenue comes in 23.58% lower than the $3.69 billion reported in the fourth quarter of 2018.
- The US Steel earnings report also includes a net loss of $680 million.
- That’s a switch from the company’s net income of $592 million during the same period of the year prior.
David Burritt, President and CEO of US Steel, has this to say about the X stock earnings report.
“2019 was a year of notable strategic progress and we took swift action to reposition the business … we achieved $75 million of run-rate fixed cost reductions, we demonstrated flexibility by adjusting our 2020 capital spending to prioritize strategic investments, and we de-risked strategy execution by raising $1.1 billion of incremental capital.”
The US Steel earnings report includes some details about what it expects in 2020. That covers depreciation and amortization expense of roughly $150 million, as well as net interest costs of about $95 million.
X stock was up 7.98% after markets closed on Thursday.
As of this writing, William White did not hold a position in any of the aforementioned securities.