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Tuesday, October 28, 2008
U.S. Steel Has Most Profitable Quarter in History
Kathryn Elizabeth Tuggle
FOXBusiness
U.S. Steel (X) surpassed analyst expectations for third quarter earnings, posting a revenue jump of 68%. The company earned $919 million, or $7.79 per share for the third quarter, as opposed to $269 million and $2.67 per share year over year.
Sales for the Pittsburgh, PA-based steel company rose to $7.3 billion, almost twice the $4.3 billion figure from the year before. However, company executives warned that fourth-quarter earnings would fall as demand for oil weakens.
“We expect a decline in fourth quarter results mainly due to softening demand and prices for flat-rolled products in North America and Europe, and we expect to continue to operate at reduced production levels, corresponding with customer order rates." said U.S. Steel Chairman and CEO John P. Surma.
Third-quarter 2008 income from operations amounted to $1.327 billion, a jump up from $954 million in the second quarter of 2008 and $360 million from the third quarter of 2007.
U.S. Steel also bought back 1.13 million shares of common stock totaling $130 million during the third quarter.
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