The oil and steel giant USX Corp. reported on Tuesday a 63% increase in its third-quarter profit and boosted its quarterly dividend by 17%.
“Given our strong cash position and our confidence in the sustainability of our profit, we are pleased to increase the return to our shareholders,” Chairman David M. Roderick said.
USX, the Pittsburgh-based parent of Marathon Oil and the nation’s largest steel producer, reported that its quarterly profit rose to $228 million from $140 million a year earlier.
Third-quarter revenue rose 7.7% to $4.2 billion.
The latest quarter included a $71-million gain from the settlement of a federal tax issue and a pretax credit of $61 million from asset sales. The 1987 third quarter benefited from a $47-million credit on restructuring charges and a pretax credit of $22 million from asset sales.
The company boosted its dividend to 35 cents per share from 30 cents, payable Dec. 10 to stockholders of record at the end of business Nov. 4.
USX earned $598 million on revenue of $12.4 billion in the first nine months of the year. In the same 1987 period, USX earned $233 million on revenue of $10.6 billion.
Marathon reported quarterly operating income of $183 million on sales of $2.3 billion thanks to better margins on refined profits.
“Marathon is positioned to make a meaningful contribution to corporate results, even in a market characterized by low and volatile worldwide crude oil prices,” Roderick said.
The steel making USS division reported quarterly operating income of $95 million on sales of $1.4 billion in the second year of the steel industry’s recovery from a seven-year slump.