TimkenSteel reported Friday fourth-quarter net income of $17.0 million on net sales of $408.3 million. Earnings per share (EPS) of $0.37 are 15.6 percent higher than adjusted EPS of $0.32 for the fourth quarter of 2013.
For the full year, net sales grew 21.2 percent over 2013. Adjusted EBITA for the full year was $148.6 million, an improvement of 50.8 percent over 2013, driven by improved volume and mix. Adjusted EPS of $2.11 increased 52.9 percent over adjusted EPS of $1.38 for the full year of 2013. Increased shipments in the industrial and energy market sectors coupled with favorable mix and price more than offset the impact of raw material spread and LIFO expenses.
The company also took several actions to return capital to shareholders. During the fourth quarter, the company repurchased approximately 833,000 common shares at an aggregate cost of $30.6 million. The action, which accounted for 1.8 percent of the outstanding shares of the company's common stock as of the beginning of the fourth quarter, is part of a share repurchase program authorized by the TimkenSteel board of directors in 2014 for up to 3 million shares by Dec. 31, 2016. The board, today, also declared a quarterly cash dividend of $0.14 per share, payable on Feb. 27, 2015, to shareholders of record as of Feb. 13, 2015.
"In 2015, we'll continue to serve a broad range of industries, and while the price of oil will impact our energy business this year, we've proven our ability to execute on our unique business model in both up and down markets," said Ward J. "Tim" Timken, Jr., chairman, CEO and president.