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U.S. Steel sales come in above Wall Street expectations

30908 us steel sales come in above wall street expectations

U.S. Steel Corp. X, -0.11% shares rose nearly 2% in the extended session Thursday after the steel producer posted quarterly sales above Wall Street expectations. U.S. Steel said it earned $1.1 billion, or $3.75 a share, in the quarter, compared with $49 million, or 22 cents a share, in the year-ago period. Adjusted for one-time items, the company earned $3.64 a share. Sales rose to $5.6 billion, from $2.6 billion a year ago. Analysts polled by FactSet expected adjusted earnings of $4.37 a share on sales of $5.4 billion. The company said its board has authorized a new $500 million stock buyback program to start in the first quarter. That is in addition to a previously announced $300 million program, U.S. Steel said. Shares of the company ended the regular trading day down 0.1%

Source: Marketwatch

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