AK Steel Holding Corp. (AKS) reported fourth quarter net income attributable to AK Steel of $39.8 million or $0.36 per share, compared to net loss attributable to AK Steel of $430.6 million or $3.87 per share last year.
On average, 13 analysts polled by Thomson Reuters expected the company to report earnings of $0.20 per share. Analysts' estimates typically exclude special items.
Net sales declined to $1.32 billion from $1.46 billion in the prior year quarter. Nine analysts estimated revenues of $1.25 billion.
AK Steel said it expects its first quarter 2010 shipments to approximate its fourth quarter 2009 levels, while average selling prices are expected to rise approximately 4% to 5% over the previous quarter levels. The company anticipates lower operating and maintenance costs compared to the fourth quarter of 2009. In addition, while the company recorded a significant LIFO credit in the fourth quarter of 2009, it expects to incur a LIFO charge in the first quarter of 2010, as well as higher costs for raw materials. As such, AK Steel expects to report an operating profit of approximately $35 per ton for the first quarter of 2010.
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