AK Steel Q2 Loss Shrinks - Quick Facts

(RTTNews) - AK Steel Holding Corp.'s (AKS) second-quarter net loss reduced significantly to $40.4 million, or $0.30 per share, from $724.2 million, or $6.55 per share loss, a year ago. The prior-year results included a non-cash income tax charge of $735.6 million, or $6.65 per share, due to a change in a deferred tax asset valuation allowance.

For the second quarter of 2013, net sales totaled $1.4 billion on shipments of around 1.32 million tons, down compared with $1.54 billion on shipments of 1.335 million tons for the year-ago quarter, chiefly due to lower shipments to the carbon spot market and electrical steel market, partially offset by increased shipments to the automotive market.

On average, 11 analysts polled by Thomson Reuters expected loss per share of $0.34, on revenues of $1.42 billion for the quarter. Analysts' estimates typically exclude one-time items.

The company said it would provide detailed forecast for its third quarter results in September.