US Steel Swings to 2Q Loss of $78 Million
Posted at: 07/29/2013 5:21 PM
| Updated at: 07/29/2013 5:26 PM
PITTSBURGH (AP) - US Steel is losing money but it's doing better than analysts expected.
The company said after the market closed Monday that it lost $78 million, or 54 cents per share, compared with net income of $101 million, or 62 cents per share, a year ago.
FactSet says analysts were expecting a loss of 80 cents per share.
The company expects third-quarter results from its segments and other businesses to be about the same as the second quarter. But analysts are expecting improvement in the third quarter, with adjusted loss narrowing to 20 cents per share.
The shares rose 4 cents in regular trading to close at $18.98. They were up to $19.77 in after-hours trading before dropping back to $18.90, down 8 cents.
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