TimkenSteel Announces First-Quarter 2018 Results; Expects Continued Improvement in Second Quarter
CANTON, Ohio: April 26, 2018 -TimkenSteel (NYSE: TMST, timkensteel.com), a leader in customized alloy steel products and services, today reported first-quarter net sales of $380.8 million, compared with net sales of $309.4 million in the same quarter last year and $341.4 million in the fourth quarter of 2017. The company reported a net loss of $1.9 million or minus $0.04 per share for the first quarter of 2018, compared with a net loss of $5.3 million or minus $0.12 per share in the same quarter last year, and a net loss of $33.9 million or minus $0.76 per share in the fourth quarter of 2017.
EBITDA(1) for the first quarter was $21.3 million including $3.7 million of non-recurring costs, compared with EBITDA(1) of $17.5 million in the same quarter last year, and adjusted EBITDA(1) of $8.2 million in the fourth quarter of 2017.
“The year is off to a good start. We improved lead times, reduced past-due orders, won new business for differentiated products and realized improvements in our financial performance,” said Tim Timken, chairman, CEO and president. “This year is about executing a strategy to gain advantages beyond the market recovery and set us on a path to grow. We’re focused on improving the mix of products we sell, driving fair market pricing and gaining advantages from our unique set of assets. Our financial results in the first quarter are beginning to reflect the impact of this work."
FIRST-QUARTER 2018 FINANCIAL SUMMARY
First-quarter net sales increased $71.4 million or 23.1 percent year over year, and $39.4 million or 11.5 percent sequentially.
Ship tons were approximately 300,000, an increase of 7.1 percent over the first quarter of 2017 and an increase of 4.9 percent sequentially, due to strong end-market demand.
Prior-year and sequential gains were from increased volume, higher prices, and improved product mix.
Surcharge revenue of $90.7 million increased 55.6 percent from the prior-year quarter as a result of a 21 percent increase in the No. 1 Busheling Index and higher volumes. Compared with the fourth-quarter 2017, surcharge revenue increased 16.9 percent.
(1) 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, April 26, 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.
View differences made from one quarter to another to evaluate Timkensteel Corp's financial trajectory
Compare this 10-Q Quarterly 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-Q Quarterly Report Accession Number: 0001598428-18-000039 Submitted to the SEC: Thu Apr 26 2018 5:07:27 PM EST Accepted by the SEC: Thu Apr 26 2018 Period: Saturday, March 31, 2018 Industry: Steel Works Blast Furnaces And Rolling Mills Coke Ovens