United States Steel Corp. beat Wall Street's second-quarter earnings and revenue expectations, but reported substantial decline in profit from the year-ago period.
The steel producer reported adjusted earnings of 45 cents a share, which surpassed analysts’ expectation of 40 cents a share. However, the earnings-per-share figure marks a large decline from $1.46 a share of the same period last year.
Sales came in at $3.5 billion, lower than the year-ago quarter’s $3.6 billion, but still exceeding Wall Street's $3.4 billion forecast.