AK Steel (NYSE:AKS) reported its latest quarterly earnings results late in the day Monday, which sent shares plummeting as the company’s earnings was below what the company earned in the year-ago quarter.
The steelmaking company announced that for its second quarter of fiscal 2018, it brought in adjusted earnings of $56.6 million, or 18 cents per share. The figure was below the $77.2 million, or 24 cents per share that the company raked in during the second quarter of fiscal 2017.
AK Steel added that its revenue for the period was better than during the year-ago period as it amassed $1.75 billion in sales, a 12.2% gain compared to the $1.56 billion from a year ago. The company’s adjusted EBITDA for the period was$148.5 million, which comprised roughly $8.5 million of its quarterly sales.
“We were able to generate meaningful earnings and free cash flow during the second quarter, despite the impact of certain operational events,” said Roger K. Newport, Chief Executive Officer of AK Steel.
“We expect that the continued strong business environment will result in improved performance in the second half of 2018 compared to the first half and position us well for resetting a majority of our annual contracts later this year.”
AKS stock fell about 8.8% after the bell Monday as the company’s earnings were down year-over-year. The stock was up about 2.1% during regular trading hours in anticipation of the company’s quarterly results.