Tue, Jul. 26, 6:54 PM
- U.S. Steel (NYSE:X) +4.1% AH after reporting a narrower than expected Q2 loss and saying it expects FY 2016 EPS of ~$0.34.
- The company expects ~$850M in adjusted EBITDA for the full year, compared with its April outlook of nearly $400M, saying "the significant improvements we have made to our earnings power through our Carnegie Way transformation will become more apparent as market prices recover from the very low levels at the end of 2015."
- U.S. Steel says pricing increases contributed to a strong Q2, and expects more price improvement in H2 of the year; its European segment posted its best results in nearly eight years, its flat-rolled segment returned to profitability, and an improving cost structure helped margins.
- Steel names AK Steel (NYSE:AKS), Nucor (NYSE:NUE), Steel Dynamics (NASDAQ:STLD) and Reliant Steel (NYSE:RS) have reported better than consensus earnings this quarter on the heels of surging steel prices.
Tue, Jul. 26, 4:53 PM
Tue, Jul. 26, 3:47 PM
- AK Steel (AKS +13.5%) surges after Q2 earnings easily beat analyst estimates, and adjusted EBITDA of $99.3M, or 6.7% of sales, more than doubled from last year's adjusted EBITDA of $47.6M, or 2.8% of sales.
- AKS says Q2 shipments fell 14% Y/Y to 1.55M tons from 1.81M tons a year ago, as its decision to reduce exposure to the commodity carbon steel spot market resulted in a 48% decline in shipments to the distributors and converters markets.
- However, shipments of higher value coated products, which are sold mostly to the automotive market, rose to 53% of total shipments in Q2, up from 45% a year ago.
- AKS says Q2 selling prices improved 2.8% Y/Y to $957/ton, vs. $931/ton a year earlier; total Q2 operating expenses fell 15%.
- The favorable results are boosting U.S. Steel (X +8.9%) ahead of the latter's Q2 earnings report after the close today, perhaps with an assist from Allegheny Tech's (ATI +19%) better than expected Q2 results.
Mon, Jul. 25, 5:35 PM
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Tue, Jan. 26, 6:46 PM
- U.S. Steel (NYSE:X) -8.6% AH after reporting a $99M unadjusted Q4 loss on a 37% Y/Y drop in revenue to $2.57B, citing tough market conditions and lower average prices.
- U.S. Steel says Q4 results for its flat-rolled, tubular and European segments all declined Q/Q, offering little hope the situation would change during 2016.
- The flat-rolled segment lost $116M in FY 2015, including $88M in Q4, as flat-rolled prices fell by $30/ton in quarter because of imports the company says are dumped or subsidized; U.S. sheet mills operated at 57% of capacity during the quarter and 60% for all of last year.
- The company says it still has strong liquidity and positive cash flow despite the harsh market conditions, and that its Carnegie Way cost-cutting initiative yielded $815M in savings last year.
- Nevertheless, "at current market conditions, we would expect lower results in each of our operating segments as compared to 2015," CEO Mario Longhi says, citing lower average realized prices and volumes.
Tue, Jan. 26, 4:38 PM
- U.S. Steel (NYSE:X): Q4 EPS of -$0.23 may not be comparable to consensus of -$0.83.
- Revenue of $2.57B (-36.9% Y/Y) beats by $50M.
Mon, Jan. 25, 5:35 PM
Nov. 3, 2015, 6:22 PM
- U.S. Steel (NYSE:X) -11.4% AH after posting a much wider than expected Q3 loss as revenue tumbled 38% Y/Y to $2.83B from $4.59B in the year-ago quarter.
- U.S. Steel says it now expects significantly lower shipments and average realized prices than it previously projected for the full year, citing “excessively high levels of imports" and adding that "commercial markets are not improving as we had anticipated for the second half of 2015.”
- The company also says it expects full-year EBITDA of ~$225M, after reducing guidance in April and in July reaffirming a range of $115M-$315M.
- Says Q3 results at its flat-rolled segment improved Q/Q, reflecting successful cost cutting efforts, even as average realized prices fell by another ~$20/ton.
- Also: Steel stocks mostly lower after U.S. sets preliminary import duties
Nov. 3, 2015, 4:34 PM
- U.S. Steel (NYSE:X): Q3 EPS of -$0.70 misses by $0.52.
- Revenue of $2.8B (-39.0% Y/Y) misses by $170M.
- Shares -2.9%.
Nov. 2, 2015, 5:35 PM
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Jul. 29, 2015, 12:49 PM
- U.S. Steel (X +7.4%) is surging higher, turning around from a 4% premarket drop, despite reporting a larger than expected Q2 loss and a 34% Y/Y sales decline.
- U.S. Steel maintains its 2015 adjusted EBITDA guidance of $700M-$900M, which is well above the current consensus of ~$608M, and expects commercial conditions to improve in H2 as supply chain inventories continue to rebalance, primarily in flat-rolled markets.
- While average Q2 selling prices in the flat rolled segment fell 9.5% from Q/Q, J.P. Morgan says the lower operating cost and better than expected margins imply that the company is reaping the benefits of The Carnegie Way.
- Shares could be getting a lift from news that the company plans to idle its Fairfield, Ala., blast furnace, as it looks to cut down on its raw material inventory; Ben Levisohn of Barron's also suggests a short squeeze, as short interest is down from recent peaks but still high, and the trade case filed against foreign steel importers.
Jul. 28, 2015, 10:49 PM
- U.S. Steel (NYSE:X): Q2 EPS of -$0.79 misses by $0.14.
- Revenue of $2.9B (-34.1% Y/Y) misses by $140M.
- Shares -4.1% AH.
Jul. 21, 2015, 11:53 AM
- Steel stocks are higher after Steel Dynamics (STLD +6.8%) issues solid Q2 earnings and says it expects improved financial results in H2 driven by reduced steel import volumes and sustained lower scrap costs.
- STLD says it generated $309M in cash flow from operations during Q2, a 32% Q/Q increase.
- Still, Citigroup’s Brian Yu thinks STLD's results hint at tough times for AK Steel (AKS +3%) and U.S. Steel (X +2.1%); with utilization rates at 87% in Q2 vs. the 72% industry average, STLD may have been more aggressive taking share in the quarter, which along with lower engineered bar shipments, could help explain the drop in realized mills pricing and margins.
- Longbow’s David MacGregor argues that "trade cases are the [steel] market’s only hope now."
United States Steel Corp. is an integrated steel producer of flat-rolled and tubular products with production operations in North America and Europe. It operates through the following segments: Flat-Rolled Products, U.S. Steel Europe and Tubular Products. The Flat-Rolled Products segment is... More
Sector: Industrial Goods
Industry: Metal Fabrication
Country: United States
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