AK Steel Holding Corporation (NYSE:AKS) has released its earnings report for the fourth quarter of 2016.
Earnings per share reported by AK Steel Holding Corporation for the fourth quarter of the year was 25 cents. This is down from the company’s earnings per share of 31 cents from the same time last year. However, it did come in above Wall Street’ earnings per share estimate of 6 cents for the quarter.
AK Steel Holding Corporation reported revenue of $1.42 billion for the fourth quarter of 2016. Revenue reported by AKS during the fourth quarter of 2015 was $1.66 billion. Analysts were expecting the company to report revenue of $1.41 billion for the fourth quarter of the year.
AK Steel Holding Corporation notes that part of the reason for its decreased revenue in the fourth quarter of 2016 was the decision to reduce sales. This includes reducing steel sales to the distributor and converters market, which were down 23% from the same period last year. It also saw shipments to automakers decline slightly compared to the same time last year.
For the fourth quarter of 2016, AK Steel Holding Corporation reported a net loss of $62.4 million. The steel company’s net loss for the fourth quarter of 2016 was $145.4 million.
“Our work to optimize our footprint, relentlessly focus on costs, and reduce exposure to commodity spot markets generated improved margins,” Roger Newport, CEO of AKS, said in a statement. “By successfully completing several capital market transactions, we were able to significantly strengthen our balance sheet. These actions position us well for the future.”
AKS stock was down 3% as of Noon Tuesday.