Metallus Inc. (MTUS) Tops Q1 EPS by 2c; offers outlook

Metallus Inc. (NYSE: MTUS) reported Q1 EPS of $0.18, $0.02 better than the analyst estimate of $0.16. Revenue for the quarter came in at $308.3 million versus the consensus estimate of $302.3 million.

OUTLOOK

Given the elements outlined in the outlook below, the company expects second-quarter adjusted EBITDA to be modestly higher than the first quarter of 2026 and the second quarter of 2025.

Commercial:

Second-quarter shipments are expected to increase modestly on a sequential basis, in the low single digits on a percentage basis, supported by continued strength in the order book and normal seasonality.
Lead times for bar and tube products currently extend into late third quarter.
Based on lead times and product mix, second quarter price and mix are expected to be similar to the first quarter, with improvement anticipated in the second half of 2026.
The company recently implemented spot price increases on both bar and seamless mechanical tubing products not covered by an annual pricing agreement. These price increases take effect at various dates throughout the second half of 2026, dependent on product type.

Operations:

The company anticipates a sequential increase in its second quarter average melt utilization rate, supported by strength in the order book.
Manufacturing costs are expected to improve sequentially by approximately $2 million in the second quarter as a result of higher melt utilization, resulting in improved cost absorption, net of the run rate cost increase related to the ratified union contract.

Other matters:

Planned capital expenditures remain at approximately $70 million in 2026, inclusive of $35 million of capital expenditures partially funded by the U.S. government. In April, the company received $9.5 million of government funding. Additional government funding of approximately $2 million is expected to be received in 2026 to complete the government funding arrangements, contingent on the achievement of the final mutually agreed milestone.
Required pension contributions were approximately $5 million in April with an estimated additional $5 million of required pension contributions in the second half of 2026.

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

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