Ak Steel Holding Corp (AKS) 10-Q Quarterly Report October 2018



		EXHIBIT 99.1
		News Release

	Contacts:
	Media – Lisa H. Jester, Corporate Manager, Communications and Public Relations (513) 425-2510
	Investors – Douglas O. Mitterholzer, General Manager, Investor Relations (513) 425-5215

AK Steel Announces Third Quarter 2018 Financial Results

and Fourth Quarter Outlook

WEST CHESTER, OH, October 25, 2018 – AK Steel (NYSE: AKS) today reported its financial results for the third quarter of 2018.

Third Quarter 2018 Highlights


•	Net income of $67.2 million, or $0.21 per diluted share, versus $22.3 million, or $0.07 per diluted share, a year ago


•	Adjusted EBITDA of $160.8 million, or 9.3% of sales; highest third quarter since 2008


•	Sales of $1,735.6 million, a 16% increase from third quarter 2017

“Our results represented our best third quarter performance in 10 years and reflected strong market conditions and our focus on value-added products,” said Roger K. Newport, Chief Executive Officer of AK Steel. “We expect market conditions to remain positive, which should be reflected in selling prices and support continued strong performance in the fourth quarter and 2019 fiscal year.”

AK Steel reported net income of $67.2 million, or $0.21 per diluted share of common stock, for the third quarter of 2018. For the third quarter of 2017, net income was $22.3 million, or $0.07 per diluted share.

The company’s adjusted EBITDA (as defined in the “Non-GAAP Financial Measures” section below) was $160.8 million, or 9.3% of net sales, for the third quarter of 2018. Adjusted EBITDA increased 39% from $115.8 million, or 7.7% of net sales, in the third quarter a year ago. Higher steel selling prices and shipments during the recent third quarter, particularly to the distributors and converters market, more than offset higher costs for certain raw materials, transportation and supplies, including graphite electrodes, compared to the third quarter a year ago.

Net sales for the recent third quarter of $1.74 billion increased 16% compared to the third quarter of 2017 due to higher selling prices and higher shipments.

The company reported liquidity of $953.5 million at the end of the third quarter, consisting of cash and cash equivalents and $911.8 million of availability under the company’s revolving credit facility. The company reported outstanding borrowings under the credit facility of $365.0 million at September 30, 2018.

The following information was filed by Ak Steel Holding Corp (AKS) on Thursday, October 25, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

Please wait while we load the requested 10-Q report or click the link below:

https://last10k.com/sec-filings/report/918160/000091816018000158/form10-q2018q3.htm

View differences made from one quarter to another to evaluate Ak Steel Holding Corp's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ) — *Sample 10-K Year-over-Year (YoY) Comparison*

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were ~~removed~~ , added and changed by Ak Steel Holding Corp.

Continue

Assess how Ak Steel Holding Corp's management team is paid from their Annual Proxy

Ak Steel Holding Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:

Voting Procedures
Board Members
Executive Team
Salaries, Bonuses, Perks
Peers / Competitors

Continue

Rating
Learn More

Filter Sentiment:

All

Positive

Negative

Filter Category:

All

Financial

Revenue

M & A

Mgmt Change

Other

Filter Subcategory:

All

Earnings

Product

Expense

Geography

Income

Other

Inside Ak Steel Holding Corp's 10-Q Quarterly Report:

Financial - Earnings Highlight
Our strategy is to focus on markets for our steel solutions that deliver higher margins and reduce sales into commodity steel markets where we do not typically earn sufficient margins over the steel cycle.

Other - Other Highlight
Significant sources of cash included cash generated from normal business activities, a reduction in inventory, and an increase in accounts payable, offset by an increase in accounts receivable.
Financial - Earnings Highlight
Neither current nor potential investors in our securities should rely on adjusted EBITDA or adjusted EBITDA margin as a substitute for any GAAP financial measure, and we encourage current and potential investors to review the following reconciliations of adjusted EBITDA.
Revenue - Product Highlight
Third quarter 2018 adjusted EBITDA (as defined in the "Non-GAAP Financial Measures" section below) was $160.8, or 9.3% of net sales, compared to adjusted EBITDA of $115.8, or 7.7% of net sales, for the third quarter of 2017.
Financial - Expense Highlight
Depreciation expense for the acquired Precision Partners property, plant and equipment was offset by lower depreciation expense as a result of the fourth quarter 2017 impairment of the Ashland Works Hot End long-lived assets.
Other - Other
Overview Our third quarter 2018...Read more
M & A - Other
With our acquisition of Precision...Read more
Other - Other
Forward-looking statements are only predictions...Read more
Revenue - Product
Adjusted EBITDA Adjusted EBITDA (as...Read more
Revenue - Product
Average selling price per flat-rolled...Read more
Revenue - Geography
In May, both the American...Read more
Other - Other
We may use the Credit...Read more
Mgmt Change - Other
In April, AK Steel was...Read more
Other - Other
During the nine months ended...Read more
Financial - Expense
Cost of products sold was...Read more
Financial - Earnings
Adjusted EBITDA and adjusted EBITDA...Read more
Other - Other
These low-density steels are expected...Read more
Other - Other
At September 30, 2018, we...Read more
Financial - Expense
The higher cost ratio was...Read more
Revenue - Geography
The Mexican retaliatory tariffs went...Read more
Revenue - Product
Net sales for the third...Read more
Revenue - Geography
Factors that affect our estimates...Read more
Revenue - Product
Shipments of flat-rolled steel by...Read more
Financial - Income
During the first nine months...Read more
Other - Other
The increase was driven by...Read more
Financial - Earnings
Net Income Attributable to AK...Read more
Revenue - Product
Net sales for the nine...Read more
Other - Other
The average flat-rolled steel selling...Read more
Financial - Expense
For the nine months ended...Read more
Other - Other
Research, Innovation and Operations Continual...Read more
M & A - Other
Among other benefits, we believe...Read more
Financial - Income
The decreases in income were...Read more
Other - Other
Because of the variability of...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Ak Steel Holding Corp provided additional information to their SEC Filing as exhibits

Exhibit 12.1: Statement Regarding Calculation Of Ratios

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Exhibit 95.1: Exhibit 95.1

Ticker: AKS
CIK: 918160
Form Type: 10-Q Quarterly Report
Accession Number: 0000918160-18-000158
Submitted to the SEC: Fri Oct 26 2018 12:23:56 PM EST
Accepted by the SEC: Fri Oct 26 2018
Period: Sunday, September 30, 2018
Industry: Steel Works Blast Furnaces And Rolling Mills Coke Ovens

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/aks/0000918160-18-000158.htm

Ak Steel Holding Corp (AKS) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

SEC Filings

AKS Valuations

AKS Annual Reports

AKS Quarterly Reports

AKS Corporate News