tmstlogomastera03.jpg
NEWS RELEASE

TimkenSteel Announces Fourth-Quarter and
Full-Year 2016 Results

CANTON, Ohio: February 16, 2017 -TimkenSteel (NYSE: TMST, timkensteel.com), a leader in customized alloy steel products and services, today reported fourth-quarter net sales of $214.7 million and a net loss of $67.0 million or minus $1.52 per share.  This compares with net sales of $206.6 million and a net loss
 of $13.8 million or minus 31 cents per share in the same quarter last year, and net sales of $213.8 million and a net loss of $22.2 million or minus 50 cents per share in the third quarter of 2016. For the full year, net sales were $869.5 million and net loss was $105.5 million or minus $2.39 per share. This compares with net sales of $1,106.2 million and a net loss of $45.0 million or minus $1.01 per share for full-year 2015.
Fourth-quarter and full-year 2016 results include the impact of the adoption of the mark-to-market method of accounting for pension and other post-employment benefit (OPEB) plans. This method recognizes actuarial gains or losses in the year incurred rather than amortizing them over future years. The net impact of the mark-to-market adjustment in the fourth quarter and full year was a net loss of $53.1 million and $49.6 million respectively, primarily due to lower interest rates. Management believes excluding the impact of mark-to-market gains or losses from financial results better reflects operating performance, and the change has no impact on current-year cash flow or on benefits paid to plan participants. Excluding the impact of mark-to-market, fourth-quarter adjusted EBITDA(1) was income of $1.5 million compared with adjusted EBITDA(1) loss of $7.4 million for the same period a year ago, and income of $7.9 million sequentially.
For the full year, net sales were lower than 2015 by 21.4 percent. Adjusted EBITDA(1) for the full year was $24.0 million, compared with adjusted EBITDA(1) loss of $1.5 million in the previous year. The improvement was driven primarily by focused execution of cost reduction tactics and favorable timing impact from raw material spread. Cash generated from net operating activities was $74.4 million for the year.
“Throughout 2016, we structurally improved the operating performance of the company in the face of weak global commodity markets and high customer inventory levels. We used that down period to aggressively manage costs, generate cash, increase our share in key markets and broaden our portfolio of business,” said Tim Timken, chairman, CEO and president. “We expect 2017 to be a better year, starting off with projected sales in the first quarter that are higher than the typical

 
TimkenSteel Corporation
 
1835 Dueber Ave. S.W., GNE-14, Canton, OH 44706
 
 
 
Media Contact: Carla Wooley
 
Investor Contact: Tina Beskid
P 330.471.7760
 
P 330.471.5621
news@timkensteel.com
 
ir@timkensteel.com


The following information was filed by Timkensteel Corp (TMST) on Thursday, February 16, 2017 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one year to another to evaluate Timkensteel 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-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Timkensteel Corp.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account