AK Steel misses by $0.04, reports revs in-line
Reports Q1 (Mar) loss of $0.28 per share, excluding non-recurring items, $0.04 worse than the Capital IQ Consensus Estimate of ($0.24); revenues rose 26.6% year/year to $1.75 bln vs the $1.74 bln consensus.
- "Shipments and selling prices in the carbon steel spot market were significantly impacted during the first quarter by the tidal wave of what we believe were unfairly traded foreign steel imports...Despite the negative effects of imports on AK Steel's results, the company experienced strong sales in automotive markets and generated positive adjusted EBITDA of $57.5 million."