United States Steel Corporation Reports Fourth Quarter and Full-Year 2018 ResultsMetalist
- Full-year 2018 net earnings of $1,115 million, or $6.25 per diluted share; full-year adjusted net earnings of $957 million, or $5.36 per diluted share
- Full-year 2018 adjusted EBITDA of $1.76 billion
- Returned over $110 million of capital to stockholders in 2018, including $75 million of share repurchases
PITTSBURGH, Jan. 30, 2019 — United States Steel Corporation (NYSE: X) reported full-year 2018 net earnings of $1,115 million, or $6.25 per diluted share. Adjusted net earnings were $957 million, or $5.36 per diluted share. This compares to a full-year 2017 net earnings of $387 million, or $2.19 per diluted share. Adjusted net earnings for 2017 was $341 million, or $1.94 per diluted share.
Fourth quarter 2018 net earnings were $592 million, or $3.34 per diluted share. Adjusted net earnings for the fourth quarter 2018 were $324 million, or $1.82 per diluted share. This compares to a fourth quarter 2017 net earnings of $159 million, or $0.90 per diluted share. Fourth quarter 2017 adjusted net earnings were $136 million, or $0.76 per diluted share.
“We are pleased with both the strong earnings we reported in 2018 and the important progress we made on our strategic objectives… We are encouraged by the effectiveness of the investments we are making and remain focused on improving our operating and commercial performance to drive long-term value creation for our stockholders.”
U. S. Steel President and Chief Executive Officer David B. Burritt.
The Company currently expects first quarter 2019 adjusted EBITDA to be approximately $225 million, which excludes the expected first quarter impacts of the December 24, 2018 fire at our Clairton coke making facility.
First quarter 2019 EBITDA for the Flat-rolled segment is expected to be higher than first quarter 2018, primarily due to higher average realized selling prices, partially offset by higher raw materials costs.
First quarter 2019 EBITDA for the U. S. Steel Europe segment is expected to be lower than first quarter 2018, primarily due to lower volumes, higher raw materials costs, and an unfavorable change in the U.S. dollar / Euro exchange rate.
First quarter 2019 EBITDA for the Tubular segment is expected to be higher than first quarter 2018, primarily due to higher average realized selling prices and increased volumes, partially offset by higher costs for steel substrate.
Source: United States Steel