TimkenSteel reported Friday second-quarter net sales of $278.2 million and a loss of $24.3 million or minus 54 cents per diluted share. This compares with an adjusted net income of $25.2 million or 55 cents per diluted share in the same quarter last year.
Second-quarter net sales decreased $164.0 million or 37.1 percent year over year and 28.4 percent sequentially. Ship tons were approximately 212,000, a decrease of 26.8 percent over the second quarter of 2014 and 21.8 percent sequentially.
"Our second-quarter operating results reflect the impact of continued weakness in energy and some industrial end markets, which has our plants operating at below 50 percent melt utilization," said Ward J. "Tim" Timken, Jr., chairman, CEO and president. "We preserved shareholder value in this difficult market and generated positive cash flow by carefully managing working capital and taking action to reduce costs. We operate with a continuous improvement mentality that is fueling an ongoing focus on cost reduction. At the same time, we're also pushing forward with a growth strategy that's centered on some of our most differentiated and highly profitable products and services, which positions us for a strong rebound."