AK Steel (AKS) Tops Q4 EPS by 7c, Beats on Revenues

AK Steel (NYSE: AKS) reported Q4 EPS of ($0.06), $0.07 better than the analyst estimate of ($0.13). Revenue for the quarter came in at $1.5 billion versus the consensus estimate of $1.45 billion.

Full-Year and Fourth Quarter 2017 Highlights

• Full-year 2017 net income of $10.0 million, or $0.03 per diluted share; adjusted net income of $98.4 million, or $0.31 per diluted share
• Full-year 2017 adjusted EBITDA of $419.5 million, or 6.9% of net sales
• Fourth quarter 2017 net loss of $107.9 million, or $0.34 per diluted share; adjusted net loss of $19.5 million, or $0.06 per diluted share
• Fourth quarter 2017 adjusted EBITDA of $65.4 million, or 4.4% of net sales
• Non-cash asset impairment charge of $76 million for Ashland Works Hot End

AK Steel reported a net loss of $107.9 million, or $0.34 per diluted share of common stock, for the fourth quarter of 2017, compared to a net loss of $62.4 million, or $0.22 per diluted share, for the fourth quarter of 2016. Excluding net charges described below, the company reported an adjusted net loss (as defined in the “Non-GAAP Financial Measures” section below) of $19.5 million, or $0.06 per diluted share, for the fourth quarter of 2017, compared to adjusted net income of $75.2 million, or $0.25 per diluted share, for the fourth quarter a year ago. Included in the reported results for the most recent fourth quarter were non-cash charges totaling $88.4 million, or $0.28 per diluted share, for asset impairments and a reduction in the value of deferred tax assets related to the effect of recent U.S. tax legislation, as well as a credit for the benefits of a transportation agreement reached in the fourth quarter of 2017, as further discussed below. In the year-ago fourth quarter the company had charges of $137.6 million, or $0.47 per diluted share. Also included in the fourth quarter of 2017 was $46.7 million of planned maintenance outage expense. This compared to $22.1 million in the fourth quarter a year ago.

For earnings history and earnings-related data on AK Steel (AKS) click here.

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