U.S. Steel earnings are hot
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October 22, 1997: 9:27 a.m. ET
Steelmaker trounces analyst estimates by more than 50 cents per share
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NEW YORK (CNNfn) - The U.S. Steel Group arm of USX easily bested earnings estimates by more than 50 cents per share, the company said Wednesday.
U.S. Steel registered net income of $116 million, or $1.32 per share, on revenues of $1.7 billion. First Call's consensus of analysts' estimates was a much more pessimistic 75 cents per share.
The company (X) cited a mixture of strong market conditions and good operating and shipment performance as reasons for the outstanding results.
"Steel's results benefited from an improvement in the tubular product markets and our continued emphasis on value-added products," USX Chairman Thomas Usher said.
The producer's raw steel facilities operated at 90 percent of capacity during the quarter, it said, compared with 79 percent in the same period last year.
Separately, USX said it will sell its stock in Delhi Gas Pipeline Corp. to Koch Industries Inc. for $762 million.
-- by staff writer Randy Schultz
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U.S. Steel
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