UPS Shares Trim Back, U.S. Steel Stock Up 1% After Earnings
United Parcel Service Inc. (NYSE:UPS) reported its results for the fourth quarter. Net income for United Parcel Service Inc. fell to $725 million (74 cents per share) vs. $1.02 billion ($1.02 per share) a year earlier. This is a decline of 29.3% from the year earlier quarter. Revenue rose 5.6% to $14.17 billion from the year earlier quarter. UPS reported adjusted net income of $1.28 per share. By that measure, the company beat the mean estimate of $1.26 per share. It fell short of the average revenue estimate of $14.45 billion.
“UPS delivered record fourth quarter results in volume, revenue and profitability,” said Scott Davis, UPS chairman and CEO. “In short, the quarter was a testament to the power of UPS’s global model and the company’s ability to operate efficiently in evolving markets.”
United States Steel Corporation (NYSE:X) reported its results for the fourth quarter. Loss narrowed to $226 million (loss of $1.57 per diluted share) from $249 million (loss of $1.74 per share) in the same quarter a year earlier. Revenue rose 12.1% to $4.82 billion from the year earlier quarter. X reported an adjusted net loss of $1.14 per share. By that measure, the company fell short of the mean analyst estimate of a loss of 82 cents per share. Analysts were expecting revenue of $4.73 billion.
Commenting on results, U. S. Steel Chairman and CEO John P. Surma said, “Our operating results for the fourth quarter included another solid performance by our Tubular segment reflecting the continued strength of oil-directed drilling. Our Flat-rolled segment incurred a loss from operations due to soft steel market conditions during most of the quarter, increased costs related to planned maintenance outages and accounting losses on transactions to sell excess iron ore pellets. U. S. Steel Europe results continue to reflect the difficult economic situation in the region.”
Competitors to Watch: AK Steel Holding Corp. (NYSE:AKS), Steel Dynamics, Inc. (NASDAQ:STLD), Nucor Corporation (NYSE:NUE), ArcelorMittal (NYSE:MT), Worthington Industries, Inc. (NYSE:WOR), POSCO (NYSE:PKX), Ternium S.A. (NYSE:TX), Mechel OAO (NYSE:MTL) and Companhia Siderurgica Nacional (NYSE:SID).
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