AK Steel Q1 Loss Widens - Quick Facts

(RTTNews) - AK Steel Holding Corp. (AKS) said that net loss attributable to the company for the first quarter of 2014 widened to $86.1 million, or $0.63 per share from $9.9 million, or $0.07 per share in the first quarter of 2013.

Net loss for the first quarter of 2014 included a non-cash income tax charge of $31.7 million or $0.23 per share, relating to a change in the company's deferred tax asset valuation allowance.

Adjusted net loss attributable to the company for the latest-quarter was $54.4 million or $0.40 per share. Analysts polled by Thomson Reuters expected the company to report a loss of $0.43 per share for the quarter. Analysts' estimates typically exclude special items.

The company reported an adjusted EBITDA loss of $2.8 million, or $2 per ton, for the first quarter of 2014 compared to adjusted EBITDA of $66.8 million, or $52 per ton, for the year-ago first quarter.

The first quarter 2014 results were negatively affected by both a planned and an unplanned blast furnace outage, higher energy costs as a result of the extreme weather conditions and a legal settlement.

Net sales for the quarter were $1.38 billion on shipments of 1.26 million tons, compared to net sales of $1.37 billion on shipments of 1.29 million tons for the year-ago first quarter. Wall Street expected revenues of $1.40 billion.

The company said its average selling price for the first quarter of 2014 was $1,096 per ton, a 3% increase from the first quarter of 2013. The increase in average selling price is principally due to a richer shipment mix of value-added products.

The company said it expects to provide detailed guidance for its second quarter results in June.