United States Steel Corp. The Pittsburgh-based steel producer said Tuesday that its second-quarter profit more than doubled and it expects continued robust growth in the third quarter because of surging demand and higher prices.
U.S. Steel also raised its quarterly dividend 20 percent.
Substantial price increases across U.S. Steel's three business segments -- flat-rolled, European operations and tubular -- outpaced increases in the cost of raw materials, the company said. Shipments also reached record levels.
U.S. Steel's net income more than doubled to $668 million, or $5.65 per share, for the three months ended June 30, compared with $302 million, or $2.54 per share, during the same period last year.
Revenue climbed 60 percent to $6.74 billion from $4.23 billion in the second quarter of 2007.
The results easily beat Wall Street estimates. Analysts, on average, predicted earnings of $3.91 per share, according to a survey by Thomson First Call.
Northrop Grumman Corp. The maker of military aircraft, ships and electronics said Tuesday its second-quarter profit rose 8 percent as sales jumped 10 percent on strong performance in its shipbuilding and aerospace segments.
The Los Angeles-based company reported net income of $495 million, or $1.44 per share, in the quarter ending June 30. That compares with earnings of $460 million, or $1.31 per share, in the year-ago period.
