U. S. Steel(US:X) ZACKS·2024-08-02 13:17Core Points - United States Steel Corporation reported a profit of $183 million or 72 cents per share for Q2 2024, a decrease from $477 million or $1.89 per share in the same quarter last year [1] - Adjusted earnings per share were 84 cents, down from $1.92 year over year, but exceeded the Zacks Consensus Estimate of 76 cents [1] - Revenues fell approximately 18% year over year to $4,118 million, surpassing the Zacks Consensus Estimate of $3,998.2 million [1] Segment Highlights - Flat-Rolled Segment: Profit of $183 million, down around 21% year over year; steel shipments decreased roughly 9% to 2,045,000 tons; average realized price per ton was $1,051, down around 3% [2] - Mini Mill Segment: Profit of $28 million, down around 79% year over year; shipments were 562,000 tons, down around 4%; average realized price per ton was $869, down around 14% [2] - U.S. Steel Europe: Reported a loss of $10 million compared to a profit of $72 million a year ago; shipments fell roughly 15% to 875,000 tons; average realized price per ton was $821, down around 15% [2] - Tubular Segment: Profit of $29 million, down roughly 82% year over year; shipments fell roughly 2% to 109,000 tons; average realized price per ton was $2,108, down nearly 40% [3] Financials - At the end of the quarter, cash and cash equivalents were $2,031 million, down around 9% from the previous quarter; long-term debt remained flat at $4,078 million [4] Outlook - The company expects adjusted EBITDA for Q3 to be in the range of $275-$325 million, influenced by recent pricing dynamics [5] - Anticipates modest softening in North American Flat-Rolled segment results due to reduced spot prices [5] - Expects lower results in the Tubular segment in Q3 due to reduced selling prices [5] Price Performance - The company's shares have increased by 67.6% over the past year, contrasting with a 12.6% decline in the industry [7]