TimkenSteel Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Provides Earnings Guidance for the First Quarter of 2018 and Capital Spending Guidance for the Year 2018
January 25, 2018 at 05:20 pm EST
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TimkenSteel Corporation reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the year, the company reported net sales of $1,329.2 million against $869.5 million a year ago. Loss before interest and taxes was $28.0 million against $130.6 million a year ago. Loss before income taxes was $42.8 million against $142.0 million a year ago. Net loss was $44.3 million or $1.00 per basic and diluted share against $105.5 million or $2.39 per basic and diluted share a year ago. Net cash provided by operating activities was $10.9 million against $74.4 million a year ago. Capital expenditures were $35.8 million against $42.7 million a year ago. Adjusted LBIT was $6.2 million against $50.9 million a year ago. Adjusted EBITDA was $68.7 million, compared with $24.0 million a year ago. Net debt as at December 31, 2017 was $140.8 million against $111.0 million a year ago.
For the quarter, the company reported net sales of $341.4 million against $214.7 million a year ago. Loss before interest and taxes was $34.1 million against $76.6 million a year ago. Loss before income taxes was $34.1 million against $80.0 million a year ago. Net loss was $34.4 million or $0.77 per basic and diluted share against $67.0 million or $1.52 per basic and diluted share a year ago. Net cash provided by operating activities was $22.6 million against $18.9 million a year ago. Capital expenditures were $23.9 million against $16.6 million a year ago. Adjusted LBIT was $10.8 million against $17.3 million a year ago. Adjusted EBITDA $7.7 million against $1.5 million a year ago.
For the first quarter of 2018, the company's shipments are expected to be between 3% and 6 higher than fourth-quarter 2017 due to first-quarter seasonality. Earnings are projected to be between a net loss of $3 million and net income of $7 million. EBITDA is projected to be between $20 million and $30 million.
For the year 2018, the company's capital spending is projected to be $40 million.
Metallus Inc., formerly TimkenSteel Corporation, manufactures alloy steel, as well as carbon and micro-alloy steel using electric arc furnace (EAF) technology. The Company's portfolio includes special bar quality (SBQ) bars, seamless mechanical tubing (tubes), manufactured components, such as precision steel components, and billets. The Company manages raw material recycling programs, which are used internally as a feeder system for its melt operations and allow it to sell scrap not used in its operations to third parties. The Company's products and solutions are used in a range of demanding applications in various market sectors, including automotive; oil and gas; industrial equipment; mining; construction; rail; defense; heavy truck; agriculture, and power generation. Its production of manufactured components takes place at two downstream manufacturing facilities: Tryon Peak (Columbus, North Carolina) and St. Clair (Eaton, Ohio).
TimkenSteel Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Provides Earnings Guidance for the First Quarter of 2018 and Capital Spending Guidance for the Year 2018