- United States Steel Corporation (NYSE: X) provides 2Q22 guidance; It expects adjusted EBITDA of ~$1.6 billion.
- The company expects adjusted net earnings per diluted share of $3.83 to $3.88, versus a consensus of $3.20.
- United Steels' balance sheet remains strong with an overfunded pension plan and no significant debt maturities until 2029. The company's current cash position is approaching $3 billion.
- Quarter to date, United States Steel repurchased ~$320 million of common stock. As of June 16, 2022, there is ~$210 million remaining under the $800 million stock buyback authorization.
- "We expect to continue delivering record performance in the second quarter, with each business segment meaningfully contributing to profitability," commented U. S. Steel President and Chief Executive Officer David B. Burritt.
- "Our focus on strategic end markets and the continued realization of significantly increased fixed-price contracts is again expected to generate another quarter of record performance," Burritt added.
- Price Action: X shares are trading higher by 5.21% at $20.61 during the post-market session on Thursday.
- Photo via Company
Read at Benzinga