TimkenSteel reports $13.9 million net loss in Q3

Friday, 30 October 2020 20:38:45 (GMT+3)   |   San Diego

TimkenSteel reported third-quarter 2020 net sales of $205.9 million and a net loss of $13.9 million. In the same quarter last year, net sales were $274.2 million with net loss of $17.0 million.

Net sales of $205.9 million increased 34 percent sequentially. The increase was driven primarily by higher automotive demand. On a year-over-year basis, net sales declined 25 percent largely driven by lower industrial and energy demand.

Ship tons of 154,300 increased 42 percent sequentially as a result of higher automotive shipments, partially offset by lower industrial, energy and OCTG billet shipments. When compared with the prior-year period, ship tons declined 26 percent due to lower industrial, energy and OCTG billet demand.

Manufacturing costs were higher sequentially as a result of planned annual maintenance shutdown costs during the third quarter.

Terry L. Dunlap, interim chief executive officer and president, commented, "During the third quarter, our sales and shipments improved sequentially as a result of the rebounding automotive market; however, we believe demand in other end markets will remain challenged in the near term."

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