U.S. Steel Shares Gain 4% on Record Q2 Guidance, Accelerated Buyback By Investing.com

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U.S. Steel Shares Gain 4% on Record Q2 Guidance, Accelerated Buyback

Published Jun 16, 2022 12:40PM ET Updated Jun 16, 2022 05:12PM ET

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U.S. Steel Shares Gain 4% on Record Q2 Guidance, Accelerated Buyback

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By Davit Kirakosyan

United States Steel Corporation (NYSE:X) shares rose around 4% after-hours Thursday following the company’s Q2/22 guidance, with adjusted EBITDA expected to be approximately $1.6 billion, representing a new all-time best Q2 performance. Adjusted EPS is expected to range from $3.83 to $3.88, versus the consensus of $3.20.

According to David B. Burritt, U. S. Steel President and CEO, the company expects to continue delivering record performance in Q2, with each business segment meaningfully contributing to profitability.

"We expect to continue delivering record performance in the second quarter, with each business segment meaningfully contributing to profitability,” commented U. S. Steel President and Chief Executive Officer David B. Burritt. “Our broad end market exposure keeps our business resilient with demand across a diverse customer base, including the resurging energy market. Our focus on strategic end markets and the continued realization of significantly increased fixed price contracts is again expected to generate another quarter of record performance.”

The company added that with strategic projects being pre-funded, and the current cash position approaching $3 billion, they accelerated their stock buybacks in the second quarter.

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