U.S. Steel 1Q Revenue Drops on Lower Prices, Weaker Shipments
By Ben Glickman
U.S. Steel posted lower revenue in the first quarter after drops in prices for some of the company's segments weighed on results.
The Pittsburgh-based company reported a profit of $171 million, or 68 cents a share, in the quarter ended March 31, compared with a profit of $199 million, or 78 cents a share, a year earlier.
Stripping out certain one-time items, U.S. Steel had an adjusted profit of 82 cents a share.
Revenue fell to $4.16 billion from $4.47 billion a year ago.
Prices in U.S. Steel's flat-rolled and mini mill segments rose, while average realized prices in European operations and in tubular fell compared to a year ago. Total steel shipments declined.
Chief Executive David Burritt said the company benefited from a diverse order book and efficiently run operations. He noted results were dented by an unfavorable inventory impact in North American flat-rolled.
U.S. Steel said it was working toward closing the merger with Nippon Steel, and still expects the merger to close in the second half of 2024.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
May 02, 2024 17:14 ET (21:14 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
AI Is Booming, but Consumer Spending Is Slowing. Which Will Prevail in the Stock Market?
-
What’s Happening In the Markets This Week
-
Is the Era of Volatility-Suppressing Policies Possibly Over?
-
5 Undervalued Stocks That Crushed Earnings for Q1 2024
-
What Does Nvidia’s Stock Split Mean for Investors?
-
After Earnings, Is Home Depot Stock a Buy, a Sell, or Fairly Valued?
-
After Earnings, Is Baidu Stock a Buy, a Sell, or Fairly Valued?
-
Why Stocks Are Hitting Record Highs—and What Could Send Them Back to Earth
-
2 Wide-Moat Stocks to Consider
-
Live Nation: Breakup Sought by Department of Justice Probably Wouldn’t Affect Fair Value Much
-
After Earnings, Is Applied Materials Stock a Buy, Sell, or Fairly Valued?
-
The Best Energy Stocks to Buy
-
Snowflake Earnings: Mixed News, But Signs of Stability
-
Nvidia Earnings: AI Demand Smashes Expectations Again
-
After Earnings, Is Walmart Stock a Buy, a Sell, or Fairly Valued?
-
Target Earnings: Margins Hold Up, but Top Line Constrained by Weak Discretionary Spending