AK Steel beats by $0.03, reports revs in-line
- Reports Q1 (Mar) loss of $0.08 per share, $0.03 better than the Capital IQ Consensus of ($0.11); revenues fell 13.2% year/year to $1.52 bln vs the $1.51 bln Capital IQ Consensus.
- Shipments of 1,658,200 tons in the first quarter of 2016 were 5% lower than the first quarter of 2015, reflecting the company's strategic decision to reduce exposure to commodity products.
- The company's adjusted EBITDA increased 41% to $81.1 million in the first quarter of 2016 from the first quarter of 2015, principally due to a better product mix, operational improvements, a continuous focus on reducing costs, and lower raw material and energy costs.