AK Steel Holding Corp. (AKS) said Tuesday it slipped to a loss for the first quarter as lower steel shipments impacted its revenue. Both results for the quarter came in line with Street expectations. AK Steel shares are currently up 2.45 percent in afternoon trade on the New York Stock Exchange.
AK Steel, which makes flat-rolled carbon, stainless and electrical steels, said it shipped 1.32 million tons of steel during the quarter, down from 1.42 million tons last year.
Average selling price for the quarter was up 3 percent from last year at $1,138 per ton, reflecting a richer product mix, higher contract sales and better prices for some products.
West Chester, Ohio-based AK Steel reported a net loss of $11.8 million or $0.11 per share for the first quarter, compared to net income of $8.7 million or $0.08 per share last year.
On average, 14 analysts polled by Thomson Reuters expected a loss of $0.11 per share for the quarter. Analysts' estimates typically exclude special items.
Earlier in March, AK Steel was expecting a loss of $0.11 to $0.15 per share for the first quarter.
Net sales for the first quarter were $1.5 billion, compared to $1.58 billion last year. Analysts expected revenues of $1.5 billion.
AK Steel has declared a quarterly cash dividend of $0.05 per share of common stock, payable on June 8 to shareholders on record May 15.
AKS is trading on the NYSE at $7.68, up $0.34 or 4.63%, on a volume of about 9.0 million shares.
by RTT Staff Writer
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