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• | Delivers net income in-line with guidance; exceeds Adjusted EBITDA(1) expectations |
• | Third-quarter net sales increased 21 percent year over year with improved |
• | Ship tons were approximately 295,500, an increase of 2 percent over the third quarter of 2017, due to continued end-market strength. |
• | Net sales benefited from improved product mix, higher prices and surcharges, as well as increased volume. |
• | Surcharge revenue of $107.1 million represents a 37.5 percent increase from the prior-year quarter as a result of higher volumes and a rise in the No. 1 Busheling Index. |
TimkenSteel Corporation | ||||
1835 Dueber Ave. S.W., GNE-14, Canton, OH 44706 | ||||
Media Contact: Carla Wooley, APR | Investor Contact: Mitch Byrnes | |||
P 330.471.7760 | P 330.471.7000 | |||
news@timkensteel.com | ir@timkensteel.com |
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Timkensteel Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:
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The decrease was primarily due to $50.8 million of depreciation expense, partially offset by capital expenditures of approximately $16 million million during the nine months ended September 30, 2018.
Any additional financing beyond that incurred to refinance existing debt would increase our overall debt and could increase interest expense.
Intangible assets, net decreased $3.1 million as of September 30, 2018 compared to December 31, 2017, primarily due to amortization expense of $4.2 million and approximately $0.4 million of impairment charges due to the discontinued use of certain capitalized software, partially offset by capitalized software expenditures of approximately $1.5 million during the nine months ended September 30, 2018.
changes in operating costs, including the effect of changes in our manufacturing processes changes in costs associated with varying levels of operations and manufacturing capacity availability of raw materials and energy our ability to mitigate the impact of fluctuations in raw materials and energy costs and the effectiveness of our surcharge mechanism changes in the expected costs associated with product warranty claims changes resulting from inventory management, cost reduction initiatives and different levels of customer demands the effects of unplanned work stoppages and changes in the cost of labor and benefits
SG&A expense for the three months and nine months ended September 30, 2018 increased by $1.5 million and $5.9 million, respectively, compared to the same periods in 2017, due primarily to an increase in variable compensation, employee costs and executive severance costs.
The increase was due to...Read more
The increase was due to...Read more
Accounts receivable, net increased $22.3...Read more
As of September 30, 2018,...Read more
Increase in Cash and Cash...Read more
Additionally, inventory as of September...Read more
In addition, gross profit benefited...Read more
In addition, gross profit benefited...Read more
The base rate will be...Read more
Operating losses generated in the...Read more
manufacturing costs per ton due...Read more
the success of our operating...Read more
new product offerings, additional capacity...Read more
Net sales for the three...Read more
Net sales for the nine...Read more
For additional discussion regarding risk...Read more
For additional discussion regarding risk...Read more
The interest rate per annum...Read more
Gross profit for the three...Read more
Gross profit for the nine...Read more
Excluding surcharges, net sales increased...Read more
Excluding surcharges, net sales increased...Read more
In periods of rising inventories...Read more
The change of $16.7 million...Read more
We also utilize a raw...Read more
Regardless, we will continue to...Read more
In addition, we are the...Read more
In the ordinary course of...Read more
Interest expense for the nine...Read more
The Amended Credit Agreement provides...Read more
This includes: political risks associated...Read more
The following represents a summary...Read more
We are currently evaluating the...Read more
Our products and services are...Read more
For the three and nine...Read more
For the three and nine...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
Material Contracts, Statements, Certifications & more
Timkensteel Corp provided additional information to their SEC Filing as exhibits
Ticker: TMST
CIK: 1598428
Form Type: 10-Q Quarterly Report
Accession Number: 0001598428-18-000105
Submitted to the SEC: Thu Oct 25 2018 12:56:21 PM EST
Accepted by the SEC: Thu Oct 25 2018
Period: Sunday, September 30, 2018
Industry: Steel Works Blast Furnaces And Rolling Mills Coke Ovens