Why United States Steel (X) Shares Are Trading Higher Afterhours Today - United States Steel (NYSE:X)

United States Steel Corporation X reported second-quarter net sales growth of 25.2% year-over-year to $6.29 billion, beating the consensus estimate of $5.76 billion.
Adjusted EPS improved to $3.86 from $3.67 in 2Q21, missing the consensus of $3.87.
Adjusted EBITDA increased 26% Y/Y to $1.62 billion, and margin expanded by 16 bps to 25.7%.
United States Steel’s Net cash provided by operating activities year-to-date totaled $1.68 billion, compared to $1.1 billion a year ago. Free cash flow was $1.05 billion.
Total operating expenses increased by 26.2% Y/Y to $5.04 billion.
The company held cash, and cash equivalents of $3.1 billion, as of June 30, 2022.
Total Steel Shipments for the quarter declined slightly by 0.74% Y/Y.
The company repurchased $400 million of its common stock during the quarter. The third quarter of 2022 to date, it has repurchased $127 million. The Board of Directors has authorized a new $500 million share repurchase program to commence in Q3.
Dividend: The company declared a dividend of $0.05 per share, payable on Thursday, September 8, 2022, to stockholders of record at the close of business on Monday, August 8, 2022.
“While some consumer-oriented markets like automotive and appliance are softer, line pipe and energy demand is accelerating. We have demonstrated a commitment to achieving and maintaining a strong balance sheet, a supportive debt maturity profile, and a balanced approach to capital allocation,” commented U. S. Steel President and Chief Executive Officer David B. Burritt.
Price Action: X shares are trading higher by 4.15% at $22.60 during the post-market session on Thursday.

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United States Steel Shares Soar As Q2 Results Tops Revenue Expectation, Authorizes $500M Stock Buyback