AK Steel Posts Narrower Than Expected Q1 Loss; Sales Down, Meets View

(RTTNews) - AK Steel Holding Corp. (AKS) reported Tuesday first-quarter net loss of $13.6 million or $0.08 per share, compared to a net loss of $306.3 million or $1.72 per share last year.

The prior year net loss included a charge of $256.3 million, or $1.44 per share, to write off the company's investment in Magnetation LLC.

On average, 17 analysts polled by Thomson Reuters expected loss of $0.11 per share for the quarter. Analysts' estimates typically exclude special items.

The company reported a 41 percent increase in adjusted EBITDA to $81.1 million, or 5.3 percent of net sales, from a3.3 percent of net sales last year.

Net sales for the first quarter of 2016 declined to $1.52 billion from $1.75 billion in 2015 as a result of reduced volumes and lower average selling prices. Analysts were looking for revenues of $1.52 billion.

Shipments of 1,658,200 tons in the first quarter of 2016 were 5 percent lower than last year, reflecting the company's strategic decision to reduce exposure to commodity products.