U.S. Steel Posts Q2 Loss as Adjusted Results Miss View (X)

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Steelmaker United States Steel Corporation ( X ) on Tuesday posted a surprise second quarter loss, as adjusted results missed analyst expectations, sending its shares lower in premarket trading.

The Pittsburgh-based company reported a second quarter net loss of $25 million, or 17 cents per share, compared with a loss of $392 million, or $2.92 per share, in the year-ago period. Excluding one-time items, its adjusted profit was 45 cents per share.

Sales more than doubled from last year, to $4.68 billion.

On average, Wall Street analysts expected a much higher adjusted profit of 63 cents per share, albeit on slightly lower revenue of $4.63 billion.

U.S. Steel shares plunged $1.94, or -4%, in premarket trading Tuesday.

The Bottom Line
We had removed shares of U.S. Steel ( X ) from our recommended list on Apr.19, 2010, when the stock was trading at $59.81. The company has a .41% dividend yield, based on last night's closing stock price of $48.89. The stock has technical support in the $40 price area. If the shares can firm up, we see overhead resistance around the $55 price level. We would remain on the sidelines for now.

United States Steel Corporation ( X ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.2 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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