LONDON, UK / ACCESSWIRE / February 13, 2018 / Active-Investors.com has just released a free earnings report on AK Steel Holding Corp. (NYSE: AKS) ("AK Steel"). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=AKS. The Company reported its fourth quarter fiscal 2017 and full fiscal year 2017 operating and financial results on January 30, 2018. The steel producer's revenues grew 5% on a y-o-y basis. Register today and get access to over 1000 Free Research Reports by joining our site below:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, AK Steel Holding most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
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Earnings Highlights and Summary
For the fourth quarter of the fiscal year 2017, AK Steel's net sales increased 5% to $1.50 billion compared to $1.42 billion for Q4 2016, primarily driven by incremental sales from the acquisition of Precision Partners, which was completed on August 04, 2017. The Company's revenue numbers topped analysts' expectations of $1.44 billion.
For the full year FY17, AK Steel's net sales were $6.08 billion, reflecting an increase of 3% from $5.88 billion in FY16.
AK Steel recorded a LIFO charge of $5.1 million for Q4 2017 compared to a LIFO credit of $7.5 million for Q4 2016. The Company's reported quarter results also included unrealized derivative gains on iron ore of $19.7 million compared to $33.8 million in the year ago same quarter.
For Q4 2017, AK Steel reported a net loss of $107.9 million, or $0.34 loss per diluted share, compared to a net loss of $62.4 million, or $0.22 loss per diluted share, for Q4 2016. The Company's reported quarter results included non-cash charges totaling $88.4 million, or $0.28 per diluted share, for assets impairment and a reduction in the value of deferred tax assets related to the effect of the recent US tax legislation, as well as a credit for the benefits of a transportation agreement reached in Q4 2017. In Q4 2016, the Company had charges of $137.6 million, or $0.47 per diluted share. AK Steel's results also included charges of $46.7 million for planned maintenance outage expenses in Q4 2017 compared to $22.1 million in Q4 2016.
Excluding the afore-mentioned net charges, AK Steel reported an adjusted net loss of $19.5 million, or $0.06 loss per diluted share, for Q4 2017 compared to an adjusted net income of $75.2 million, or $0.25 per diluted share, for Q4 2016. The Company's revenue numbers were better than Wall Street's estimates for a loss of $0.14 per share.
Excluding the assets impairment charges and credit for the benefits of the transportation agreement, AK Steel's adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) was $65.4 million, or 4.4% of net sales, for Q4 2017 compared to $164.9 million, or 11.6% of net sales, for Q4 2016.
AK Steel recorded a net income of $10.0 million, or $0.03 per diluted share, in FY17 compared to a net loss of $7.8 million, or $0.03 loss per diluted share, for FY16. The Company reported an adjusted net income of $98.4 million, or $0.31 per diluted share, in FY17 compared to $129.8 million, or $0.56 per diluted share, in FY16.
Operating Results
During Q4 2017, AK Steel's flat-rolled steel shipments declined to 1,337,100 tons compared to 1,385,500 tons in Q4 2016. The decline was largely driven by lower automotive demand as automakers managed their inventories. The average selling price per flat-rolled steel ton increased 4% to $1,024 per ton on a y-o-y basis for the reported quarter, primarily due to higher spot market pricing and higher automotive selling prices.
AK Steel's flat-rolled steel shipments declined 6% to 5,596,200 tons in FY17 from 5,936,400 tons in FY16. The decline in flat-rolled shipments was primarily the result of a decline in shipments to the automotive market, which were lower by 10% on a y-o-y basis in FY17. AK Steel's average selling price per flat-rolled steel ton increased 7% to $1,022 per ton on a y-o-y basis for FY17, driven by higher contract and spot prices.
Cash Matters
AK Steel ended Q4 2017 with a total liquidity of $844.5 million, consisting of cash and cash equivalents and $807.3 million of availability under the Company's revolving credit facility. For the twelve months ended December 31, 2017, the Company's cash provided by operating activities totaled $198.8 million compared to $304.6 million in the year ago same period.
Stock Performance Snapshot
February 12, 2018 - At Monday's closing bell, AK Steel Holding's stock climbed 5.78%, ending the trading session at $4.76.
Volume traded for the day: 19.12 million shares, which was above the 3-month average volume of 18.11 million shares.
Stock performance in the previous three-month period - up 13.88%
After yesterday's close, AK Steel Holding's market cap was at $1.52 billion.
Price to Earnings (P/E) ratio was at 216.36.
The stock is part of the Basic Materials sector, categorized under the Steel & Iron industry. This sector was up 1.9% at the end of the session.
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