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U.S. Steel -7% after big Q3 earnings miss, below-consensus guidance

Nov. 01, 2016 5:58 PM ETUnited States Steel Corporation (X) StockBy: Carl Surran, SA News Editor12 Comments
  • U.S. Steel (NYSE:X) -7.2% AH after missing Q3 earnings estimates by a wide margin and issuing downside guidance for FY 2016.
  • U.S. Steel forecasts a FY 2016 loss of $2.26/share vs. analyst consensus for a $0.99 loss, and lowers full-year adjusted EBITDA guidance to ~$475M from its July outlook for $850M.
  • The company says its Q3 results improved significantly from Q2 as each of its segments improved, resulting in its highest quarterly segment income since Q4 2014, but it faced some "operational challenges that limited our ability to realize the full benefits of an improved pricing environment."
  • U.S. Steel says "operational issues remain a headwind" as it recovers from unplanned outages in Q3 while also completing planned maintenance outages, and that it has identified assets that require more investment and increased maintenance spending.
  • Separately, the company and Bedrock Industries say they reached agreement on the sale of U.S. Steel Canada, in which it will receive $126M in secured and unsecured claims and a release of environmental and pension liabilities for the restructuring and sale.

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