CANTON, Ohio: January 25, 2018 -TimkenSteel (NYSE: TMST, timkensteel.com), a leader in customized alloy steel products and services, today reported fourth-quarter net sales of $341.4 million, compared with net sales of $214.7 million in the same quarter last year and $339.1 million in the third quarter of 2017. The company reported a net loss of $34.4 million or minus $0.77 per share for the fourth quarter of 2017, compared with a net loss of $67.0 million or minus $1.52 per share in the same quarter last year, and net loss of $5.9 million or minus $0.13 per share in the third quarter of 2017.
Adjusted EBITDA(1) for the fourth quarter was $7.7 million, compared with adjusted EBITDA(1) of $1.5 million in the same quarter last year, and adjusted EBITDA(1) of $18.8 million in the third quarter of 2017.
For the full year, net sales were $1.3 billion and net loss was $44.3 million or minus $1.00 per share. This compares with net sales of $869.5 million and a net loss of $105.5 million or minus $2.39 per share for full-year 2016. Adjusted EBITDA(1) for the year was $68.7 million, compared with adjusted EBITDA(1) of $24.0 million in the prior year. The improvement over the prior year was driven primarily by recovering energy and industrial end-market demand, new business and favorable raw material spread.
“Company performance improved significantly in 2017, including an annual sales increase of more than 50 percent and an adjusted EBITDA margin that nearly doubled. In the fourth quarter, we had record productivity despite fewer operating days due to maintenance and traditional customer seasonality. Our results also are beginning to reflect the impact of several price increases, with structural EBITDA improving over the third quarter,” said Tim Timken, chairman, CEO and president. “Last year, while quickly ramping
Please see discussion of non-GAAP financial measures in this news release.
1835 Dueber Ave. S.W., GNE-14, Canton, OH 44706
Media Contact: Carla Wooley, APR
Investor Contact: Tina Beskid
The following information was filed by Timkensteel Corp (TMST) on Thursday, January 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-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 this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were removed, and by Timkensteel Corp.
Ticker: TMST CIK: 1598428 Form Type:10-K Annual Report Accession Number: 0001598428-18-000027 Submitted to the SEC: Tue Feb 20 2018 5:27:36 PM EST Accepted by the SEC: Tue Feb 20 2018 Period: Sunday, December 31, 2017 Industry: Steel Works Blast Furnaces And Rolling Mills Coke Ovens