Metallus Inc. (MTUS) Misses Q1 EPS by 13c; offers outlook

Metallus Inc. (NYSE: MTUS) reported Q1 EPS of $0.36, $0.13 worse than the analyst estimate of $0.49. Revenue for the quarter came in at $323.5 million versus the consensus estimate of $339.6 million.

2024 OUTLOOK

Given the elements outlined in the outlook below, the company expects second-quarter of 2024 adjusted EBITDA to be lower than the first quarter of 2024.

Commercial:

Second-quarter shipments are expected to be similar to the first quarter.
Lead times for bar products currently extend to June and tube product lead times extend to July.
Base price per ton is anticipated to remain solid in the second quarter while product mix is expected to be less favorable in comparison to the first quarter.
Surcharge revenue per ton is expected to decline in the second quarter given a lower average No. 1 busheling scrap index in the second quarter compared with the first quarter.

Operations:

The company expects the average melt utilization rate to be less than the first quarter, as the company continues to balance production with demand.

Other matters:

Planned capital expenditures are approximately $60 million in 2024, consistent with previous guidance.
An effective income tax rate of approximately 25 percent is expected for the full-year 2024.
Required pension contributions are approximately $6 million in the second quarter with an estimated additional $12 million of required pension contributions in the second half of 2024.

For earnings history and earnings-related data on Metallus Inc. (MTUS) click here.

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