United States Steel Corporation (NYSE: X) is having an overwhelmingly strong start to the trading session in the pre-market hours this morning, and for good reason. The company reported its earnings for the third quarter, blowing away expectations and setting the stage for a strong Q4. Of course, our partners at Trade Ideas were the first to alert us to the gains. Below, we’ll talk about what we saw from earnings, how the stock reacted to the news, and what we’ll be watching for with regard to X shares ahead.
United States Steel (X) Reports Earnings
As mentioned above, United States Steel Corporation is having a strong start to the trading session in the pre-market this morning after reporting overwhelmingly strong earnings for the third quarter. Here’s what we saw from the earnings report:
- Earnings Per Share – In terms of earnings per share, X definitely did not disappoint. During the quarter, the company generated earnings in the amount of $0.92 per share. That figure proved to be well ahead of analyst expectations of just $0.67 per share. On a GAAP basis, the company generated a profit of $0.83 per share.
- Revenue – Revenue also proved to be a strong point for the X earnings report. During the quarter, analysts expected that United States Steel Corporation would produce revenue in the amount of $3.04 billion. However, the company actually reported revenue in the amount of $3.25 billion.
- Guidance – Finally, on a full-year basis, the company created even more excitement with regard to their expectations. During the 2017 year, X is expecting that it will generate earnings in the amount of $1.70 per share. However, analysts are only expecting for full-year earnings to come in at $1.62 per share.
In a statement, Dave Burritt, President and CEO at United States Steel had the following to offer:
“We remain focused on our operations, revitalizing our assets, and developing our talent. We are seeing operating improvements in the assets in which we are investing… This increases our confidence that we will achieve the 2020 improvement targets we have disclosed. We believe the attention to our assets and employees, with continued focus on improving safety, quality, delivery, and cost, will result in improved operating reliability and enable us to remain a strong business partner for our customers.”
What We Saw From The Stock As A Result
As we’ve come to expect any time a publicly traded company reports strong earnings, United States Steel is having an incredibly strong time in the market today as a result. Currently (9:08), X is trading at $27.69 per share after a gain of 9.36% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on United States Steel. In particular, we’ll be watching for any updates with regard to steel pricing, as well as the company’s ongoing growth. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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