WASHINGTON (dpa-AFX) - AK Steel Holding Corp. (AKS) said it expects to incur a net loss of between $0.33 and $0.38 per share for the second quarter of 2013. Analysts polled by Thomson Reuters expect the company to report a loss of $0.08 per share for the second-quarter. Analysts' estimates typically exclude special items.
Previously, the company disclosed that its second quarter results would include the effect of a planned seven-day maintenance outage at its Middletown blast furnace, which was the first major maintenance outage that has been required for that furnace since a reline in 2009. Total maintenance outage costs, including for the Middletown blast furnace, are expected to be about $21 million in the second quarter, compared to $1 million in the first quarter, representing an increase of approximately $20 million in costs from the prior quarter. The company does not have any other planned blast furnace maintenance outages for the remainder of 2013.
The company also said that it expects to record a non-cash income tax expense of approximately $11 million, or $0.08 per share of common stock, for the second quarter of 2013 using the discrete tax method. In the first quarter of 2013, the company recorded a tax benefit of $2.8 million, or $0.02 per share. As a result, the company expects its tax expense to be approximately $14 million, or $0.10 per share, higher in the second quarter of 2013 as compared to the first quarter of 2013.
The company noted that it expects shipments of approximately 1.34 million to 1.36 million tons in the second quarter of 2013 compared to shipments of 1.29 million tons in the first quarter of 2013, an increase of approximately 4% to 5%. For the second quarter of 2013, the company said it expects increased shipments to the automotive market and carbon spot market compared to the previous quarter.
The company expects its average selling price per-ton for the second quarter of 2013 to decrease by about 1%, to about $1,055 per ton, from its average selling price per ton of $1,062 for the first quarter of 2013. The expected decrease in average selling price is primarily due to lower spot market prices for carbon steel products compared to the previous quarter.
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