AK Steel Holding Earnings: Here’s Why Investors Like What They See
AK Steel Holding Corporation (NYSE:AKS) had a loss yet beat Wall Street’s expectations, AND met the revenue expectation. Shares are up 3.35%.
AK Steel Holding Corporation Earnings Cheat Sheet
Results: Net loss increased 18.82% to $230.4 million (30 cents per diluted share) in the quarter versus a net loss of $193.9 million in the year-earlier quarter.
Revenue: Decreased 5.91% to $1.42 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: AK Steel Holding Corporation reported adjusted net loss of 30 cents per share. By that measure, the company beat the mean analyst estimate of -$0.37. It met the average revenue estimate of $1.42 billion.
Quoting Management: “Sluggish economic conditions impacted global demand and selling prices for steel products during the fourth quarter and the full-year of 2012,” said James L. Wainscott, Chairman, President and Chief Executive Officer of AK Steel. “That said, AK Steel remains well-positioned to take advantage of market opportunities with its high quality, valued-added steels as the economy continues to slowly recover. Taking everything into account, we expect a significantly better first quarter and full-year 2013.”
Revenue decreased 2.97% from $1.46 billion in the previous quarter. Net loss increased 278.33% from $60.9 million in the previous quarter.
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(Company fundamentals provided by Xignite Financials.)