AK Steel Holding Corporation (NYSE:AKS) stock was flying high on Tuesday following the release of its earnings report for the second quarter of 2017.
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AKS stock got a boost today after it reported earnings per share of 19 cents for the second quarter of the year. This is an increase over AK Steel Holding Corporation’s earnings per share of 8 cents from the same time last year. It also came in above Wall Street’s earnings per share estimate of 12 cents for the quarter.
Revenue of $1.56 billion in the second quarter of 2017 was also a boon to AKS stock. AK Steel Holding Corporation reported revenue of $1.49 billion during its second quarter of 2016. Analysts were expecting the company to report revenue of $1.55 billion in the second quarter of 2017.
Operating profit reported by AK Steel Holding Corporation in the second quarter of the year was $109.50 million. The steel producer reported operating profit of $62.2 million in the same period of the year prior.
Net income reported by AK Steel Holding Corporation for the second quarter of 2017 was $76.40 million. This is an increase over AKS’ net income of $33.90 million that was reported in the second quarter of the previous year.
AK Steel Holding Corporation also provided an update on its $360 million acquisition of Precision Partners Holding Company. It notes that it has been given approval for the deal by U.S. regulators and that it is waiting for approval from regulators in Canada. It is expecting the deal to close during the third quarter of 2017.
AKS stock was up 13% as of Tuesday morning, but is down 33% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.