United States Steel Q3 Results Top Estimates

(RTTNews) - United States Steel Corp. (X) reported that its third quarter 2020 net loss widened to $234 million or $1.06 per share from $84 million or $0.49 per share in the prior year.

Adjusted net loss was $268 million or $1.21 per share, compared to adjusted net loss was $35 million or $0.21 per share in the previous year. Analysts polled by Thomson Reuters expected the company to report a loss of $1.45 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter dropped to $2.34 billion from $3.07 billion last year. Analysts expected revenue of $2.22 billion for the quarter.

The company expects to generate positive adjusted EBITDA in the fourth quarter with excitement about 'Best of Both' future.

United States Steel declared a dividend of $0.01 per share. The dividend is payable December 10, 2020 to stockholders of record at the close of business November 9, 2020.