U.S. Steel Corp. shares rallied in the extended session Tuesday after the steelmaker’s quarterly results and outlook topped Wall Street estimates. U.S. Steel shares surged 9% to $27.50 after hours. The company reported third-quarter net income of $147 million, or 83 cents a share, compared with $51 million, or 32 cents a share, in the year-ago period. Adjusted earnings were 92 cents a share. Revenue rose to $3.25 billion from $2.67 billion in the year-ago period. Analysts surveyed by FactSet had estimated earnings of 70 cents a share on revenue of $3.07 billion. For the year, U.S. Steel estimates adjusted earnings of $1.70 a share. Analysts expect earnings of $1.63 a share.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News