09:37 ET
X Reports Q2 Revs Slightly Above Consensus
U.S. Steel (X 47.03 -1.86) reported second quarter earnings of $0.45 per share this morning, excluding $0.62 in net foreign currency remeasurement losses on intercompany loans, may not be comparable to the Thomson Reuters consensus of $0.63.
Revenues rose 20.1% year-over-year to $4.68 billion versus the $4.63 billion consensus.
The company said, "We expect to report an overall operating profit in the third quarter (operating profit cons: $313 million) as the U.S. and European economies continue to work their way through a gradual and uneven recovery process. Operating results are expected to be below the second quarter largely due to a decrease in shipping and production volumes for our Flat-rolled segment; however, reported carbon flat-rolled inventory levels on a months-of-supply basis at North American service centers remain below historical averages and end user demand appears stable. Similar market conditions prevail for our European operations."
BP Reports Q2; Announces New CEO
BP (BP 38.65) reported second quarter results this morning. The company reported a loss of $5.42 per share, which may not be comparable to the Thomson Reuters consensus of $1.43.
The group income statement for Q2 reflects a pre-tax charge of $32.2 billion related to the Gulf of Mexico oil spill. This includes $2.9 billion which has been charged for costs incurred to 30 June 2010. All charges relating to the incident have been treated as non-operating items.
BP's Q2 replacement cost loss was $16,973 million, compared with a profit of $3,140 million a year ago. The co also confirmed that Tony Hayward will be retiring at the end of Oct, with Bob Dudley taking over the position.
Finally, the co announced that it plans to sell assets for up to $30 billion over the next 18 months, primarily in the upstream business, and selected on the basis that they are worth more to other companies than to BP. This portfolio high grading will leave the company with a smaller but higher quality Exploration & Production business.
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