U.S. Steel misses by $0.61, beats on revs; also authorizes a new $500 mln stock repurchase program (18.58 -0.03)
- Reports Q4 (Dec) earnings of $3.64 per share, excluding non-recurring items, $0.61 worse than the S&P Capital IQ Consensus of $4.25; revenues rose 119.4% year/year to $5.62 bln vs the $5.35 bln S&P Capital IQ Consensus.
- Q4 adjusted EBITDA jumped to $1.728 bln vs $87 mln a year ago.
- "We enter 2022 from a position of strength and are relentlessly focused on continuing our disciplined approach to creating stockholder value. Our balance sheet has been transformed, record cash significantly de-risks strategy execution, and our capital allocation priorities have enhanced direct stockholder returns. We are a fundamentally different company from a year ago and expect 2022 to be another strong year."
- Co also authorizes a new $500 mln stock repurchase program to commence in Q1. This is in addition to a previously announced $300 mln authorization.