United States Steel News: Why Is X Stock Down Today?

United States Steel (NYSE:X) stock is slipping on Friday after the company provided an updated outlook for its first quarter of 2022.

Image of a United States Steel (X Stock) building with its logo on the side.

Source: Daniel J. Macy/Shutterstock.com

The big news affecting United States Steel stock today is its adjusted earnings per share guidance of $2.96 to $3.00. That’s not looking good for X stock when compared to Wall Street’s estimate of $3.64 per share.

Also included in the company’s guidance are its expectations for adjusted EBITDA during the first quarter of the year. The industrial company is expecting this to come in at $1.3 billion for the quarter.

United States Steel doesn’t provide a revenue outlook for its first quarter of 2022 in today’s update. Even so, we know that Wall Street is looking for the company to report revenue of $5.38 billion during the period.

David B. Burritt, president and CEO of United States Steel, said the following in the guidance update.

“At the beginning of the year, we communicated expected market softness for the first quarter, along with the normal seasonal impacts related to our mining operations. We are exiting the first quarter with spot business accelerating, steel prices rising, and the longest backlog at our Big River Steel operations since October.”

X stock isn’t seeing heavy trading today following the guidance update. As of this writing, only 12 million shares have changed hands. That’s below the company’s daily average trading volume of 19.7 million shares.

X stock is down 5.6% as of Friday afternoon but is still up 36% since the start of the year.

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Article printed from InvestorPlace Media, https://investorplace.com/2022/03/united-states-steel-news-why-is-x-stock-down-today/.

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