Zacks Industry Outlook Highlights: AK Steel Holding, Allegheny Technologies and Nucor - Press Releases
30 11월 2011 - 5:30PM
Zacks
For Immediate Release
Chicago, IL – November 30, 2011 – Today, Zacks Equity Research
discusses the Steel, including AK Steel Holding
(AKS), Allegheny Technologies Inc. (ATI) and
Nucor Corporation (NUE).
A synopsis of today’s Industry Outlook is presented below. The
full article can be read at
http://www.zacks.com/stock/news/65436/Steel+Industry+Stock+Outlook+-+November+2011
The commercial metals company AK Steel Holding
(AKS) posted its third-quarter 2011 results, delivering a net loss
of $3.5 million or $0.03 cents compared with a net loss of $59.2
million or $0.54 cents during the year-ago quarter. However,
results were below the Zacks Consensus Estimate of $0.00 cents per
share.
Net sales, as reported by the company, were $1,585.8 million on the
shipments of 1,368,800 tons versus $1,575.9 million and 1,465,800
tons in the prior-year quarter. Net sales also missed the Zacks
Estimate of $1,662 million. Average selling price for the third
quarter of 2011 was $1,158 per ton, up 8% year over year, but down
2% sequentially.
Value-added shipments for stainless/electrical increased to 229.3
tons compared with 226.9 tons in the prior-year quarter.
Value-added shipments for Coated, Cold-rolled and Tubular product
decreased to 577.2, 278.3 and 32.4 tons, respectively, compared
with 624.4, 322.5 and 33.2 tons, respectively, in the year-earlier
quarter.
Non-value-added shipments including Hot-rolled increased to 222.6
tons from 213.6 tons in the year-earlier quarter. Non-value-added
shipments including secondary products decreased to 29.0 tons from
45.2 tons in the prior-year quarter. AK Steel currently retains a
Zacks #3 Rank (short-term Hold rating). Our long-term
recommendation also remains Neutral.
Allegheny Technologies Inc. (ATI) also earned
$70.6 million or 63 cents per share (excluding acquisition related
expenses of $8.3 million, net of tax) in the third quarter of 2011
up from $1.0 million or 1 cent in the same quarter of 2010. Results
exceeded the Zacks Consensus Estimate of 61 cents.
Sales in the quarter increased 28% to $1.35 billion, driven by
higher shipments for most high-value products, higher raw material
surcharges and increases in average base selling prices for many
products. However, sales were lower than the Zacks Consensus
Estimate of $1.39 billion.
Segment operating profit surged 157% to $161.8 million, or 12.0% of
sales, from $63.0 million, or 6.0% of sales, in the third quarter
of 2010.
Allegheny expects to continue to benefit from its new alloys and
products, diversified global growth markets and differentiated
product mix over the next 3 to 5 years. Demand is expected to be
strong for its mill products and highly engineered forged and cast
components from the aerospace market.
Strong growth is also expected from the oil and gas/chemical
process industry for its titanium-based alloys, nickel-based alloys
and specialty alloys, and tungsten products. We currently have a
Neutral long-term recommendation on the stock, which is the same as
reflected in the Zacks #3 Rank (Hold) rating.
Nucor Corporation (NUE) reported net earnings of
$181.5 million, or 57 cents per diluted share (excluding special
items) in the third quarter of 2011, beating the Zacks Consensus
Estimate of 51 cents per share. This was a significant increase
from $23.5 million, or 7 cents per diluted share (excluding special
items) reported in the year-ago quarter. Nucor’s third-quarter
earnings exceeded those of last year's quarter, but they declined
from the second quarter of this year on lower steel prices and
significantly lower metal margins.
Consolidated sales surged 27% year over year to $5.25 billion,
beating the Zacks Consensus Estimate of $4.86 billion. The growth
was attributable to an increase of 24% in average price per ton and
a rise of 3% in shipments (to 5.8 million tons) to outside
customers. The company’s end-markets such as automotive, heavy
equipment, energy and general manufacturing demonstrated strength
compared to 2010 but showed very little improvement compared with
the first half of 2011.
Steel mill shipments grew 9% to 4.2 million tons during the
quarter. The average scrap and scrap substitute cost per ton
accelerated 27% to $449.
Although Nucor expects to see only slight improvement in demand in
its non-residential construction markets through the end of 2011,
it remains optimistic about its combined construction businesses
(steel mills and downstream facilities) and anticipates that it
will continue to operate profitably.
Nucor expects fourth-quarter earnings to be below its third-quarter
level. The company expects margin compression in the sheet market
in the fourth quarter of 2011. Furthermore, the company forecasts a
smaller compression in plate margins due to imports. The magnitude
of margin compression will be favorably impacted by expected lower
scrap costs through the quarter.
The company has a Zacks #3 Rank (Hold) on its stock.
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AK STEEL HLDG (AKS): Free Stock Analysis Report
ALLEGHENY TECH (ATI): Free Stock Analysis Report
NUCOR CORP (NUE): Free Stock Analysis Report
Zacks Investment Research
AK Steel (NYSE:AKS)
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AK Steel (NYSE:AKS)
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