AK Steel Q1 Loss Widens - Quick Facts

(RTTNews) - West Chester, Ohio-based AK Steel (AKS) reported first-quarter net loss attributable to the company of $306.3 million, or $1.72 per share, wider than $86.1 million, or $0.63 per share in the comparable quarter last year.

The latest first quarter results includes a non-cash impairment charge of $256.3 million, or $1.44 per share, for the company's investment in Magnetation LLC. Excluding that one-time impairment charge, the company reported an adjusted net loss of $50.0 million, or $0.28 per share, for the first quarter of 2015, narrower than $86.1 million or $0.83 per share in the prior year period.

On average, 16 analysts polled by Thomson Reuters expected earnings of $0.25 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales were $1.75 billion on shipments of 1,750,500 tons, compared with net sales of $1.38 billion on shipments of 1,262,100 tons for the year-ago first quarter. The year-on-year increase in shipments was mainly due to the addition of shipments from Dearborn Works following the acquisition of that facility in September 2014 and continued strong shipments of carbon and stainless steels to the automotive markets. Analysts projected quarterly sales of $1.74 billion.