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U.S. Steel (X) Issues Q2 View, Progresses on Nippon Transaction
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United States Steel Corporation (X - Free Report) announced its guidance for the second quarter of 2024, projecting adjusted earnings per share (EPS) to be between 76 cents and 80 cents. The adjusted EBITDA for the second quarter is expected to be approximately $425 million.
The company continues to operate safely while progressing toward the transaction with Nippon Steel Corporation. The adjusted EBITDA guidance for the second quarter aligns with the lower end of the company’s previous outlook for the second quarter, reflecting stable domestic flat-rolled steel demand despite a fluctuating spot steel pricing environment. In Europe, X restarted the temporarily idled blast furnace in response to rising customer demand. However, challenging market conditions are negatively impacting the performance of the Tubular segment.
The Big River Steel dual Galvalume/Galvanized coating line became operational in the second quarter. The company is on track for the planned start-up of Big River 2 in the latter half of 2024. Approximately $30 million in start-up and one-time construction costs for both projects are included in the second-quarter adjusted EBITDA guidance. The new Big River 2 mini mill will complement the existing Big River Steel campus and, together with the new non-grain oriented (NGO) finishing line, will enhance the company’s ability to supply the sustainable steels increasingly demanded by a diverse range of end markets.
This quarter, the company made significant progress toward finalizing the transaction with Nippon Steel Corporation, receiving strong shareholder support and all necessary non-U.S. regulatory approvals. It is working to secure the remaining U.S. regulatory approvals. X looks forward to completing this transaction, which will bring advanced technologies to U.S. Steel, bolster the domestic steel industry and enhance national, economic and job security.
The stock has rallied 57.5% in the past year compared with the industry’s 2.1% fall.
Image Source: Zacks Investment Research
In first-quarter 2024, U.S. Steel reported a profit of $171 million or 68 cents per share, down from $199 million or 78 cents in the year-ago quarter. Adjusted EPS, excluding one-time items, were 82 cents, up from 77 cents a year ago but below the Zacks Consensus Estimate of 83 cents.
Revenues declined approximately 7% year over year to $4,160 million, missing the Zacks Consensus Estimate of $4,220 million. The company’s total shipments in the quarter were 3,803,000 tons, down about 4% from the previous year’s levels.
United States Steel Corporation Price and Consensus
The Zacks Consensus Estimate for CRS’s current-year earnings is pegged at $4.31, indicating a year-over-year rise of 278%. CRS’ earnings beat the Zacks Consensus Estimate in three of the last four quarters while matching it once, the average earnings surprise being 15.1%. The company’s shares have soared 95.3% in the past year.
ATI’s earnings beat the Zacks Consensus Estimate in each of the last four quarters, the average earnings surprise being 8.34%, on average. The stock has jumped 39.7% in the past year.
The Zacks Consensus Estimate for Ecolab's current-year earnings is pegged at $6.59, indicating a rise of 26.5% from the year-ago levels. ECL beat the consensus estimate in each of the last four quarters, the average earnings surprise being 1.3. The stock has rallied nearly 33.6% in the past year.
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U.S. Steel (X) Issues Q2 View, Progresses on Nippon Transaction
United States Steel Corporation (X - Free Report) announced its guidance for the second quarter of 2024, projecting adjusted earnings per share (EPS) to be between 76 cents and 80 cents. The adjusted EBITDA for the second quarter is expected to be approximately $425 million.
The company continues to operate safely while progressing toward the transaction with Nippon Steel Corporation. The adjusted EBITDA guidance for the second quarter aligns with the lower end of the company’s previous outlook for the second quarter, reflecting stable domestic flat-rolled steel demand despite a fluctuating spot steel pricing environment. In Europe, X restarted the temporarily idled blast furnace in response to rising customer demand. However, challenging market conditions are negatively impacting the performance of the Tubular segment.
The Big River Steel dual Galvalume/Galvanized coating line became operational in the second quarter. The company is on track for the planned start-up of Big River 2 in the latter half of 2024. Approximately $30 million in start-up and one-time construction costs for both projects are included in the second-quarter adjusted EBITDA guidance. The new Big River 2 mini mill will complement the existing Big River Steel campus and, together with the new non-grain oriented (NGO) finishing line, will enhance the company’s ability to supply the sustainable steels increasingly demanded by a diverse range of end markets.
This quarter, the company made significant progress toward finalizing the transaction with Nippon Steel Corporation, receiving strong shareholder support and all necessary non-U.S. regulatory approvals. It is working to secure the remaining U.S. regulatory approvals. X looks forward to completing this transaction, which will bring advanced technologies to U.S. Steel, bolster the domestic steel industry and enhance national, economic and job security.
The stock has rallied 57.5% in the past year compared with the industry’s 2.1% fall.
Image Source: Zacks Investment Research
In first-quarter 2024, U.S. Steel reported a profit of $171 million or 68 cents per share, down from $199 million or 78 cents in the year-ago quarter. Adjusted EPS, excluding one-time items, were 82 cents, up from 77 cents a year ago but below the Zacks Consensus Estimate of 83 cents.
Revenues declined approximately 7% year over year to $4,160 million, missing the Zacks Consensus Estimate of $4,220 million. The company’s total shipments in the quarter were 3,803,000 tons, down about 4% from the previous year’s levels.
United States Steel Corporation Price and Consensus
United States Steel Corporation price-consensus-chart | United States Steel Corporation Quote
Zacks Rank & Key Picks
U.S. Steel currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the Basic Materials space are Carpenter Technology Corporation (CRS - Free Report) , ATI Inc. (ATI - Free Report) and Ecolab Inc. (ECL - Free Report) . While Carpenter Technology sports a Zacks Rank #1 (Strong Buy) at present, ATI and Ecolab carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for CRS’s current-year earnings is pegged at $4.31, indicating a year-over-year rise of 278%. CRS’ earnings beat the Zacks Consensus Estimate in three of the last four quarters while matching it once, the average earnings surprise being 15.1%. The company’s shares have soared 95.3% in the past year.
ATI’s earnings beat the Zacks Consensus Estimate in each of the last four quarters, the average earnings surprise being 8.34%, on average. The stock has jumped 39.7% in the past year.
The Zacks Consensus Estimate for Ecolab's current-year earnings is pegged at $6.59, indicating a rise of 26.5% from the year-ago levels. ECL beat the consensus estimate in each of the last four quarters, the average earnings surprise being 1.3. The stock has rallied nearly 33.6% in the past year.