AK Steel Turns to Red - Analyst Blog
26 4월 2012 - 2:01AM
Zacks
AK Steel Holding Corporation (AKS) has slipped
into a loss in first-quarter 2012 as it saw a decline in sales and
shipment volumes. The Ohio-based leading producer of flat-rolled
carbon, stainless, electrical steel and tubular products posted a
net loss $11.8 million (or 11 cents a share) compared with a profit
of $8.7 million (or 8 cents per share). The results came in sync
with the Zacks Consensus Estimate.
Revenue
Revenues dipped 4.6% year over year to $1,508.7 million, missing
the Zacks Consensus Estimate of $1,520 million. Shipments fell 6.8%
year over year to 1,325,900 tons. Average selling price, however,
rose 6% sequentially and 3% year over year to $1,138 per ton.
The increase in average selling price resulted from better
product mix, higher contract sales and increased prices for certain
products. The company noted that it witnessed a slow, but steady,
improvement in underlying market conditions during the quarter.
Shipments
Value-added shipments for stainless/electrical, coated, cold-rolled
decreased to 214.9 tons, 583.2 tons and 286 tons, respectively,
from 224.4 tons, 621.8 tons and 344.8 tons, respectively, a year
ago. Value-added shipments for Tubular product increased to 36.3
tons from 34.2 tons in the prior-year quarter.
Non value-added Hot-rolled shipments increased to 170.5 tons
from 161.1 tons a year ago. Non-value-added shipments for secondary
products fell to 35 tons from 36.8 tons in the prior-year
quarter.
Cost and Margins
Consolidated operating costs fell 3.7% year over year to
$1,504.6 million. Operating profit for the quarter was $4.1
million, a roughly 79% year-over -year decline.
Financial Position
AK Steel exited the quarter with cash and cash equivalents of
$42.3 million, down roughly 22% year over year. Long-term debt
climbed 46% year over year to $949.9 million.
Outlook
The company said that it expects to record a profit in the second
quarter. However, it has not divulged any specific guidance for the
quarter in its first quarter call. AK Steel plans to provide more
color on that in mid-June. The company, nevertheless, remains
optimistic that business conditions will improve in the second
quarter on the back of increased strength in the automotive market.
It also envisions higher shipment in the quarter vis-à-vis the
first quarter.
We currently have a long-term Neutral recommendation on AK
Steel. The company which competes with Nucor
Corporation (NUE), U.S. Steel Corp. (X)
and Steel Dynamics Inc. (STLD), holds a short-term
Zacks #3 Rank (Hold).
AK STEEL HLDG (AKS): Free Stock Analysis Report
NUCOR CORP (NUE): Free Stock Analysis Report
STEEL DYNAMICS (STLD): Free Stock Analysis Report
UTD STATES STL (X): Free Stock Analysis Report
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