S&P 500 (NYSE:SPY) component AK Steel Holding Corp (NYSE:AKS) reported net income above Wall Street’s expectations for the first quarter. AK Steel Holding Corporation is a holding company of AK Steel Corporation. The steelmaker’s main products include flat-rolled carbon, stainless and electrical steels, and aluminum-coated stainless steel. The company has seven plants in Indiana, Kentucky, Ohio and Pennsylvania.
AK Steel Earnings Cheat Sheet for the First Quarter
Results: Net income for AK Steel Holding Corp rose to $8.7 million (8 cents/share) vs. $1.9 million (2 cents/share) in the same quarter a year earlier. A more than fourfold rise from the year earlier quarter.
Revenue: Rose 12.5% to $1.58 billion YoY.
Actual vs. Wall St. Expectations: AKS beat the mean analyst estimate of a loss of one cent/share. Estimates ranged from a loss of 6 cents per share to a profit of 11 cents per share.
Quoting Management: “AK Steel and our employees again found a way to win by adhering to our core principles in the face of continued economic headwinds,” said James L. Wainscott, Chairman, President and CEO. “Despite slightly lower shipments than we estimated, and continued high raw material costs, we improved operating income by more than $174 million compared to the fourth quarter of 2010.”
Key Stats: AKS’ profit in the latest quarter follows losses in the previous two quarters. The company reported a net loss of $98.3 million in the fourth quarter of the last fiscal year and a loss of $59.2 million in the third quarter of the last fiscal year.
Competitors to Watch: Steel Dynamics, Inc. (NASDAQ:STLD), United States Steel Corp. (NYSE:X), Nucor Corporation (NYSE:NUE), Allegheny Tech. Inc. (NYSE:ATI), Ternium S.A. (ADR) (NYSE:TX), Commercial Metals Company (NYSE:CMC), Universal Stainless & Alloy Products (NASDAQ:USAP), Ampco-Pittsburgh Corp. (NYSE:AP), ArcelorMittal (ADR) (NYSE:MT), and Schnitzer Steel Industries, Inc. (NASDAQ:SCHN).
Today’s Performance: Shares of AKS are trading at $16.71 as of April 26, 2011 at 9:22 AM ET, up over 4% from the previous close.