AK Steel Reverses To Profit In Q4; Results Top Estimates - Quick Facts

(RTTNews) - AK Steel Holding Corp. (AKS) announced fourth-quarter net income of $35.2 million, or $0.26 per share, compared with a loss of $230.4 million, or $1.89 per share, a year ago. Excluding the effect of an income tax adjustment, the firm reported adjusted net profit of $12.5 million, or $0.09 per share for the latest period. On average, 16 analysts polled by Thomson Reuters expected earnings per share of $0.02 for the quarter. Analysts' estimates typically exclude one-time items.

The West Chester, Ohio-based company posted quarterly net sales of $1.46 billion on shipments of 1,420,000 tons, versus $1.42 billion in net sales on shipments of 1,406,100 tons last year. Thirteen analysts estimated revenues of $1.44 billion for the quarter. The year-on-year growth in shipments was mainly due to stronger demand in automotive sales, partially offset by lower carbon shipments to the spot market.

Consistent with its current practice, AK Steel said it would provide detailed forecast for its first quarter results of 2014 in March.