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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 | ||
• | 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 |
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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.
Ak Steel Holding Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:
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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.
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.
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.
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.
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.
Overview Our third quarter 2018...Read more
With our acquisition of Precision...Read more
Forward-looking statements are only predictions...Read more
Adjusted EBITDA Adjusted EBITDA (as...Read more
Average selling price per flat-rolled...Read more
In May, both the American...Read more
We may use the Credit...Read more
In April, AK Steel was...Read more
During the nine months ended...Read more
Cost of products sold was...Read more
Adjusted EBITDA and adjusted EBITDA...Read more
These low-density steels are expected...Read more
At September 30, 2018, we...Read more
The higher cost ratio was...Read more
The Mexican retaliatory tariffs went...Read more
Net sales for the third...Read more
Factors that affect our estimates...Read more
Shipments of flat-rolled steel by...Read more
During the first nine months...Read more
The increase was driven by...Read more
Net Income Attributable to AK...Read more
Net sales for the nine...Read more
The average flat-rolled steel selling...Read more
For the nine months ended...Read more
Research, Innovation and Operations Continual...Read more
Among other benefits, we believe...Read more
The decreases in income were...Read more
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
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