WASHINGTON (dpa-AFX) - United States Steel Corp. (X) announced it expects 2017 net earnings of approximately $260 million, or $1.50 per share, and adjusted EBITDA of approximately $1.1 billion. The company believes market conditions will change, and as changes occur during the balance of 2017, it expects these changes to be reflected in net earnings and adjusted EBITDA.
The company reported a first-quarter net loss of $180 million, or $1.03 per share, which included an unfavorable adjustment of $35 million, or $0.20 per share, associated with the loss on the shutdown of certain tubular assets. This is compared to a first quarter 2016 net loss of $340 million, or $2.32 per share, prior year.
First-quarter adjusted net loss per share was $0.83 compared to a loss of $2.15, previous year. On average, 15 analysts polled by Thomson Reuters expected the company to report profit per share of $0.32 for the quarter. Analysts' estimates typically exclude special items.
First-quarter net sales were $2.73 billion compared to $2.34 billion, prior year. Analysts expected revenue of $2.92 billion for the quarter.
U. S. Steel CEO Mario Longhi said, 'While our segment results improved by over $200 million compared with the first quarter of 2016, operating challenges at our Flat-Rolled facilities prevented us from benefiting fully from improved market conditions.'
United States Steel announced its Board declared a dividend of five cents per share on U. S. Steel Common Stock. The dividend is payable June 9, 2017, to stockholders of record at the close of business May 10, 2017.
Shares of United States Steel Corp. were down more than 18% after hours.
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