U.S. Steel profits off sharply

United States Steel Corp. on Monday posted a sharp decline in fourth-quarter profit on lower steel prices and volume.

Net income slid to $109 million, or 85 cents per share, from $451 million, or $3.46 per share, in the prior-year quarter.

The latest quarter includes one-time charges totaling $39 million, or 30 cents per share, relating to the repatriation of foreign earnings, environmental remediation related to a former steel production site that was sold years ago and special termination benefits for an early retirement program at U.S. Steel Kosice.

Analysts polled by Thomson Financial were looking for per-share earnings of $1.06.

Quarterly sales fell to $3.47 billion from $3.89 billion in the year-earlier period. Analysts forecast higher sales of $3.51 billion.

The price of flat-rolled steel fell to $597 per ton from $623 per ton, while shipments of flat-rolled products also declined to 3.3 million tons from 3.7 million tons in the prior-year quarter.

Fourth-quarter profit slid 2 percent at Mattel Inc., the world’s largest toy maker, as sales of its Barbie and Hot Wheels brands slumped, the company said Monday.

But Mattel shares soared almost 7 percent in trading as the company’s profit results well exceeded Wall Street expectations.

Worldwide gross sales for Barbie and Hot Wheels declined 11 percent each. Two brands did show increases. Sales of American Girl brands climbed 12 percent, while Fisher-Price products rose 1 percent.

Mattel’s overall net income declined to $279.2 million, or 69 cents per share, compared to $284.3 million, or 68 cents per share, in the year-ago period. The latest results included a tax benefit of 11 cents per share.

Tyson Foods Inc., the world’s largest meat processor, said Monday its first-quarter earnings dropped 19 percent to $39 million, and projected its annual earnings to be sharply lower than previously forecast. The company’s shares slumped to a new 52-week low.

Tyson earned 11 cents per share for the quarter ending Dec. 31, down from 14 cents per share from the year-ago quarter. Sales were flat at $6.5 billion. The company had gains equal to 3 cents per share, including $12 million from antitrust litigation, $8 million from the sale of an interest in Specialty Brands Inc. and $3 million from closing a prepared foods plant.

Analysts surveyed by Thomson Financial had forecast earnings of 16 cents per share.