AK Steel beats by $0.05, misses on revs; guides FY19 EPS below consensus, going forward, co will no longer provide quarterly guidance (2.70 -0.10)
- Reports Q4 (Dec) earnings of $0.16 per share, excluding non-recurring items, $0.05 better than the S&P Capital IQ Consensus of $0.11; revenues rose 12.1% year/year to $1.68 bln vs the $1.7 bln S&P Capital IQ Consensus
- Plans to close the largely-idled Ashland Works, where 230 people currently work, by the end of 2019 to increase utilization at its other U.S. operations; will offer employees open jobs at other facilities; expects more than $40 million in annual cost savings when complete
- Co issues downside guidance for FY19, sees EPS of $0.51-0.57 vs. $0.64 S&P Capital IQ Consensus
- Beginning with calendar year 2019, the co is providing annual guidance and is no longer providing quarterly guidance
- Co said, "The annual guidance better aligns with how the company manages its business, as more than 70% of its business is now based on fixed base price contracts.