a special dividend, a 40-per-cent increase to its regular dividend and third-quarter results that beat expectations.
The steelmaker said revenue came in at $846-million for the quarter, down 38 per cent from a year ago. The expectation was for revenue of $793-million, according to S&P Capital IQ.Net income of $158-million or $2.33 per share compared to net income of $614-million or $7.42 a year ago. Adjusted net income of $163-million or $2.40 per share compared to $7.60 a year ago. The expectation was for adjusted EPS of $2.01.
The company also declared a special dividend of $3 per share and said its quarterly dividend will rise to 42 cents per share payable on Dec. 1. “Our balance sheet remains strong, with a significant cash balance that, even after recent buybacks, remains in excess of $1 billion, and our business is well positioned to continue to make the necessary investments to ensure our long-term viability.