TimkenSteel today reported 2019 second quarter net sales of $336.7 million and a net loss of $4.4 million. In the same quarter last year, net sales were $413.5 million with net income of $8.4 million.
"Despite demand weakness in certain end markets, we continue to focus on expanding market share in our key markets while maintaining price and improving product mix," said Tim Timken, chairman, CEO and president. "During the quarter we continued to execute our profitability improvement plan which included cost reductions and restructuring in our technical and commercial organizations to further drive innovation and focus on our key growth areas such as value-added components, energy products and government business."
Ship tons in Q2 were 248,100, a decrease of 20 percent from the second quarter of 2018. The decrease was due primarily to lower shipments in the industrial and oil country tubular goods (OCTG) end markets, the company said in a press release.
As for an outlook on Q3, the company said shipments are expected to be 10 percent below the second quarter of 2019, and a net loss is projected to be between $17 million and $27 million.