AK Steel (AKS) Tops Q4 EPS by 23c

AK Steel (NYSE: AKS) reported Q4 EPS of $0.30, $0.23 better than the analyst estimate of $0.07. Revenue for the quarter came in at $1.54 billion versus the consensus estimate of $1.5 billion.

We achieved solid operational improvements during the fourth quarter as a direct result of focusing on the things that we can control," said Roger K. Newport, AK Steel's Chief Executive Officer. Mr. Newport continued, "We intentionally reduced our exposure to the spot markets as part of our margin enhancement initiatives. These initiatives include investing resources where value is realized, reflecting our margin enhancement focus."

In conjunction with AK Steel's on-going strategic review of its business and operations, the company has reevaluated its investment in AFSG, the holding company of its discontinued insurance operations. During the fourth quarter of 2015, AK Steel received a cash distribution of $14.0 million from AFSG. In connection with this distribution, AK Steel's remaining investment in AFSG has been determined to be impaired and the company recognized a non-cash charge of $41.6 million, or $0.23 per diluted share, to write off its remaining investment in AFSG.

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

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