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.”
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.
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