AK Steel (AKS: Quote) posted second quarter net loss of $724.2 million or $6.55 per share versus a profit of $33.1 million or $0.30 per share a year ago.
Adjusted earnings per share were $0.10 versus adjusted loss per share of $0.11 in the same quarter last year. On average, 18 analysts polled by Thomson Reuters expected the company to report earnings of $0.06 per share. Analysts' estimates typically exclude special items.
Net sales declined to $1.54 billion from $1.79 billion last year. Analysts expected revenues of $1.55 billion.
In addition, the company announced that it has elected to suspend its dividend, which will save the company about $22 million annually. This action will help enhance the company's financial flexibility and further support capital needs for the business.
Click here to receive FREE breaking news email alerts for AK Steel Holding Corp. and others in your portfolio
by RTT Staff Writer
For comments and feedback: editorial@rttnews.com
Business News