AK Steel beats by $0.09, beats on revs, expects lower carbon steel pricing in Q4
- Reports Q3 (Sep) earnings of $0.04 per share, $0.09 better than the Capital IQ Consensus of ($0.05); revenues rose 7.3% year/year to $1.71 bln vs the $1.69 bln Capital IQ Consensus.
- The company reported adjusted EBITDA of $120.0 million, or $64 per ton, for the third quarter of 2015 compared to adjusted EBITDA of $100.5 million, or $69 per ton, for the year-ago third quarter.
- Outlook: "Consistent with its current practice, the company said that it intends to provide detailed guidance for its fourth quarter 2015 financial results in December. The company anticipates lower carbon steel pricing in the fourth quarter compared to the third quarter, due principally to the high level of low-priced foreign steel that has continued to be imported into the United States during the preliminary stages of the carbon steel trade cases, in addition to recent declines in carbon scrap prices. As a result of these low-priced imports and their impact on the current market environment, the company also expects lower carbon steel spot market shipments in the fourth quarter.