Chesterton Tribune

 

 

USS projects preliminary 3Q net loss of &84-94 million

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By KEVIN NEVERS

U.S. Steel Corporation (USS) is projecting a net loss in the third quarter of $84 to $94 million or 49 to 55 cents per diluted share.

USS released its preliminary unaudited 3Q projection today in advance of a final report to be issued after market close on Thursday, Oct. 31.

USS is also projecting, on the other hand, an adjusted net loss--which excludes the Dec. 24, 2018, fire at its Clairton coke-making facility and approximately $54 million of estimated re-structuring charges--of $35 to $45 million or 20 to 26 cents per diluted share.

That adjusted net loss would considerably out-perform a guidance released last month by USS which projected a 3Q adjusted net loss of 35 cents.

Adjusted net loss is a non-General Accepted Accounting Principle which USS considers a “relevant indicator of trends relating to our performance and (which) provides management and investors with additional information for comparison of our operating results to the operating results of other companies.”

“Stronger shipments and better than expected manufacturing performance in our flat-rolled segment, as well as a contingency gain from recovered claims arising out of the bankruptcy of a supplier, drove better than expected results,” USS said.

The company is also projecting total 3Q net sales in the range of $3.04 to $3.07 billion.

“This preliminary unaudited financial information is not a comprehensive statement of our financial results for the third quarter 2019 and remains subject to, among other things, the completion of our financial closing procedures, final adjustments, and completion of our internal review,” USS noted.

USS added that it released the information today “to support the company’s upcoming capital market activities.”

 

 

Posted 10/10/2019

 

 

 

 

 
 
 
 

 

 

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