AK Steel 4Q Loss Widens, Still Beats Estimates
WEST CHESTER, Ohio (AP) — AK Steel fourth-quarter loss widened, stung by pension and tax charges and declining prices. Its adjusted results topped Wall Street's view.
AK Steel produces flat-rolled carbon, stainless and electrical steel products for a range of industries, including automotive, construction and infrastructure, manufacturing and electricity.
The West Chester, Ohio-based company lost $230.4 million, or $1.89 per share, for the three months ended Dec. 31. That compares with a loss of $193.9 million, or $1.76 per share, a year earlier.
Stripping out a pension charge and income tax charge, AK Steel lost 30 cents per share.
Analysts polled by FactSet predicted a loss of 37 cents per share.
Revenue declined 6 percent to $1.42 billion from $1.51 billion, but met Wall Street's expectations.
Shipments dropped during the quarter, and the average selling price fell about 6 percent to $1,011 per ton.
For the year, AK Steel Holding Corp. lost $1.03 billion, or $9.06 per share. In the prior year it lost $155.6 million, or $1.41 per share. Annual revenue fell 8 percent to $5.93 billion from $6.47 billion.
Shares of AK Steel fell 6 cents to $4.05 in midday trading Tuesday. They have traded in a 52-week range of $3.42 to $10.