TimkenSteel (TMST) Tops Q2 EPS by 46c, Revenues Miss

TimkenSteel (NYSE: TMST) reported Q2 EPS of ($0.34), $0.46 better than the analyst estimate of ($0.80). Revenue for the quarter came in at $154 million versus the consensus estimate of $276.7 million.

"Thanks to the exceptional efforts of the TimkenSteel team, I am encouraged that we were able to safely deliver positive EBITDA and cash flow for the quarter despite historic weak demand. We continue to prioritize the health and safety of our employees while focusing on the needs of our customers as we all navigate to a new normal," said Terry L. Dunlap, interim chief executive officer and president. "The organization continued to execute the profitability improvement and cash generation initiatives deployed earlier in the year while rapidly implementing a host of additional cost reduction actions as the impacts of COVID-19 became clear. We remain focused on taking actions to improve our profitability and generate positive free cash flow while effectively serving our customers. At the end of the second quarter, our cash balance remained at a high level, and we have ample liquidity to meet the current needs of our business."

OUTLOOK

The extent and duration of the COVID-19 pandemic remains uncertain, as does its impact on the overall economy and TimkenSteel's customers. For that reason, the company will not provide guidance on shipments and earnings for the third quarter.

The company expects its planned capital expenditure spending to be between $15 million and $20 million in 2020, a reduction from the previous outlook of a maximum of $25 million.

For earnings history and earnings-related data on TimkenSteel (TMST) click here.

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