AK Steel Beats 3Q Expectations

AK Steel Holding Corporation AKS today reported its financial results for the third quarter of 2014.

Revenues were $1.59 billion, above estimates of $1.49 billion.

The company reported adjusted net income of $16.4 million, or $0.12 per diluted share, above estimates of $0.09.

Adjusted EBITDA of $100.5 million, or $69 per ton, for the third quarter of 2014 compared to adjusted EBITDA of $53.5 million, or $43 per ton, for the year-ago third quarter and adjusted EBITDA of $65.5 million, or $47 per ton, for the second quarter of 2014.

The third quarter 2014 results below reflect one-time costs associated with the acquisition of Severstal Dearborn, LLC, which the company completed on September 16, 2014. Excluding acquisition-related expenses totaling $23.6 million, or $0.17 per diluted share.

Accouning for the acquisition of Severstal Dearborn, AK Steel reported a net loss of $7.2 million, or $0.05 per diluted share of common stock, for the third quarter of 2014, compared to a net loss of $31.7 million, or $0.23 per diluted share, for the third quarter of 2013 and a net loss of $17.1 million, or $0.13 per diluted share, for the second quarter of 2014.

"AK Steel's third quarter financial performance exceeded our expectations," said James L. Wainscott, Chairman, President and CEO of AK Steel. "Our continuing trend of posting adjusted net income provides us with a solid foundation for future growth in earnings and cash flow."

AK Steel Holding Corporation traded at $7.47 in the premarket, up 0.54 percent.