AK Steel (NYSE:AKS) reported its latest quarterly results after hours today, amassing adjusted earnings that soared by more than doubling when compared to the year-ago quarter, while the company’s revenue also posted gains, aiding AKS stock, which increased late on Monday.
The Ohio-based steelmaking business said that for its first quarter of 2019, it amassed a net loss of $4.5 million, or a penny per share, well below its profit of $28.7 million, or 9 cents per share, from the same period in its fiscal 2018. On an adjusted basis, the company’s profit soared by about 156% to 23 cents per share.
AK Steel added that its net sales for the period arrived at $1.7 billion, a 2% gain year-over-year. This surge was partially attributed to an increase in selling prices for most products, as well as increased shipments to the distributors and converters market.
However, this figure was partially offset by lower shipments to the automotive industry. AK Steel saw flat-rolled steel shipments slide 3% when compared to the year-ago quarter, while the selling price of a flat-rolled steel ton was up 6% year-over-year.
For its fiscal 2019, the business reduced its net income forecast to now be between $76 million to $96 million–this guidance was previously in the range of $160 million to $180 million. The company now sees earnings at 24 cents to 30 cents per share, below the previous outlook of 51 cents to 57 cents per share.
The adjusted EBITDA estimate was slashed as well.
AKS stock was up about 2.9% during regular trading hours, then surged 4.5% after the bell off the heels of a strong quarterly earnings performance.