U.S. Steel: 4Q Earnings Snapshot
PITTSBURGH (AP) _ United States Steel Corp. (X) on Thursday reported a fourth-quarter loss of $680 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the Pittsburgh-based company said it had a loss of $4. Losses, adjusted for pretax expenses and restructuring costs, were 64 cents per share.
The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for a loss of $1.14 per share.
The steel maker posted revenue of $2.82 billion in the period, also topping Street forecasts. Four analysts surveyed by Zacks expected $2.71 billion.
For the year, the company reported a loss of $642 million, or $3.75 per share, swinging to a loss in the period. Revenue was reported as $12.94 billion.
U.S. Steel shares have fallen 18% since the beginning of the year, while the Standard & Poor’s 500 index has climbed almost 2%. In the final minutes of trading on Thursday, shares hit $9.40, a decline of 58% in the last 12 months.