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Tuesday, April 29, 2008 8:24:41 PM
Hi OM, how was your day. V and MA kept you exciting?
X er - not much reaction to the ER
Shares of United States Steel down on 1st-qtr report
Tuesday April 29, 6:33 pm ET
Shares of United States Steel fall on "mildly disappointing" 1st-qtr report
NEW YORK (AP) -- Shares of United States Steel Corp. fell Tuesday after a "mildly disappointing" first-quarter earnings report.
The Pittsburgh-based company said earnings fell 14 percent as higher sales failed to offset declines in its European and tubular businesses and pretax charges.
Revenue jumped 38 percent to a record-setting $5.2 billion from $3.76 billion in the first quarter of 2007, thanks partly to gains in the company's flat-rolled steel business. Flat-rolled steel is used automobiles and appliances.
The results beat Wall Street estimates.
Goldman Sachs analyst Aldo Mazzaferro found the figures "mildly disappointing, mostly due to the lower than expected income in Europe." The analyst said that European input costs more than offset higher prices on the continent.
He said that the company's Canadian operations shipped increasing quantities of steel and that, despite lower-than-expected pricing, profit per ton was slightly better than expected.
Mazzaferro maintained his "Buy" rating on the shares but said he is reviewing his $150 price target.
Shares fell $1.65, or 1.1 percent, to close at $151.35.
X er - not much reaction to the ER
Shares of United States Steel down on 1st-qtr report
Tuesday April 29, 6:33 pm ET
Shares of United States Steel fall on "mildly disappointing" 1st-qtr report
NEW YORK (AP) -- Shares of United States Steel Corp. fell Tuesday after a "mildly disappointing" first-quarter earnings report.
The Pittsburgh-based company said earnings fell 14 percent as higher sales failed to offset declines in its European and tubular businesses and pretax charges.
Revenue jumped 38 percent to a record-setting $5.2 billion from $3.76 billion in the first quarter of 2007, thanks partly to gains in the company's flat-rolled steel business. Flat-rolled steel is used automobiles and appliances.
The results beat Wall Street estimates.
Goldman Sachs analyst Aldo Mazzaferro found the figures "mildly disappointing, mostly due to the lower than expected income in Europe." The analyst said that European input costs more than offset higher prices on the continent.
He said that the company's Canadian operations shipped increasing quantities of steel and that, despite lower-than-expected pricing, profit per ton was slightly better than expected.
Mazzaferro maintained his "Buy" rating on the shares but said he is reviewing his $150 price target.
Shares fell $1.65, or 1.1 percent, to close at $151.35.
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