AK Steel beats by $0.08, misses on revs :
- Reports Q3 (Sep) earnings of $0.21 per share, $0.08 better than the Capital IQ Consensus of $0.13; revenues fell 15.0% year/year to $1.45 bln vs the $1.48 bln Capital IQ Consensus.
- The decrease in net sales was primarily a result of the co's decision to reduce sales of commodity products.
- Shipments of 1,425,900 tons for the third quarter of 2016 were 24% less than the 1,871,200 tons from the third quarter a year ago. As a result of a better product mix and a more favorable selling environment, selling price per ton increased 11% to $1,016 from $912 for the same quarter a year ago.
- The co ended the third quarter of 2016 with total liquidity of $1,079 mln, consisting of cash and cash equivalents and $1,034 mln of availability under the company's revolving credit facility.
- "We continue to see benefits from our decision to focus on higher-value products, optimize our footprint and reduce our exposure to commodity products," said Roger K. Newport, Chief Executive Officer of AK Steel. "De-emphasizing commodity products and introducing new products, such as our recently announced NEXMET line of next-generation advanced high strength steels, are examples of our ongoing work to differentiate ourselves in the market today and for the future, and to drive long-term shareholder value."
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