| United
States Steel Corporation (NYSE: X) reported
first quarter 2019 net earnings of $54 million, or $0.31 per diluted share.
Adjusted net earnings were $81 million, or $0.47 per diluted share. This
compares to first quarter 2018 net earnings of $18 million, or $0.10 per diluted
share. Adjusted net earnings for first quarter 2018 were $57 million, or
$0.32 per diluted share.
Table
1: Earnings Highlights
(Dollars in millions, except per share amounts)
|
|
Quarter Ended
March 31,
|
|
2019
|
2018
|
|
Net Sales
|
$3,499
|
$3,149
|
|
Segment
earnings (loss) before interest and income taxes
|
|
Flat-Rolled
|
95
|
$33
|
|
U. S. Steel
Europe
|
29
|
110
|
|
Tubular
|
10
|
27
|
|
Other
Businesses
|
8
|
11
|
|
Total segment
earnings before interest and income taxes
|
$142
|
$127
|
|
Other items
not allocated to segments
|
31
|
10
|
|
Earnings
before interest and income taxes
|
$111
|
$137
|
|
Net interest
and other financial costs
|
49
|
118
|
|
Income tax
provision (benefit)
|
8
|
1
|
|
Net earnings
|
$54
|
$18
|
|
Earnings per
diluted share
|
$0.31
|
$0.10
|
|
|
Quarter Ended
March 31,
|
|
2019
|
2018
|
|
Adjusted net
earnings (a)
|
$81
|
$57
|
|
Adjusted net
earnings per diluted share (a)
|
$0.47
|
$0.32
|
|
Adjusted
earnings before interest, income taxes, depreciation and amortization (EBITDA)
(a)
|
$285
|
$255
|
"Over the past few years, we have made
strategic investments across our footprint, with a focus on our most critical
flat-rolled steelmaking assets,” commented President and Chief Executive
Officer David B. Burritt. “Our progress continued in the first quarter
as we delivered strong financial results. Announcement of a
state-of-the-art endless casting and rolling line at Mon Valley Works further
strengthens our competitive position and will generate long-term value for our
stockholders, customers, employees and community.”
Table 2: PRELIMINARY SUPPLEMENTAL STATISTICS
(Unaudited)
|
|
Quarter Ended
March 31,
|
|
2019
|
2018
|
|
OPERATING
STATISTICS
|
|
Average
realized price: (a)
|
|
Flat-Rolled
($/net ton)
|
798
|
740
|
|
U. S. Steel
Europe ($/net ton)
|
670
|
707
|
|
U. S. Steel
Europe (euro/net ton)
|
590
|
575
|
|
Tubular
($/net ton)
|
1549
|
1387
|
|
Steel
Shipments (thousands of net tons): (a)
|
|
Flat-Rolled
|
2725
|
2534
|
|
U. S. Steel
Europe
|
1064
|
1127
|
|
Tubular
|
207
|
179
|
|
Total Steel
Shipments
|
3996
|
3840
|
|
Intersegment
Shipments (thousands of net tons):
|
|
Flat-Rolled
to Tubular
|
81
|
67
|
|
U. S. Steel
Europe to Flat-Rolled
|
-
|
-
|
|
Raw Steel
Production (thousands of net tons):
|
|
Flat-Rolled
|
3075
|
2784
|
|
U. S. Steel
Europe
|
1159
|
1292
|
|
Raw Steel
Capability Utilization: (b)
|
|
Flat-Rolled
|
73%
|
66%
|
|
U. S. Steel
Europe
|
94%
|
105%
|
|
CAPITAL
EXPENDITURES
|
|
Flat-Rolled
|
$247
|
$176
|
|
U. S. Steel
Europe
|
34
|
21
|
|
Tubular
|
19
|
11
|
|
Other
Businesses
|
2
|
0
|
|
Total
|
$302
|
$208
|
Source:
full article
(To contact the reporter on this story: tina.tong@steelhome.cn or 86-21-50585733) |
