TimkenSteel reported second-quarter net sales of $413.5 million and net income of $8.4 million. In the same quarter last year, net sales were $339.3 million with net income of $1.3 million. First-quarter net sales were $380.8 million with a net loss of $1.9 million.
"Our second-quarter performance was the result of continued market strength, better pricing and improved operating efficiencies, partially offset by higher levels of inflation in select consumables," said Tim Timken, chairman, CEO and president. "Those operational efficiencies at a time of increased demand resulted in our highest shipment quarter in more than six years. Given the continued market strength, we are staying focused on working safely and improving delivery performance while maintaining quality and keeping an eye on long-term growth."
Ship tons were approximately 310,000, an increase of 5.1 percent over the second quarter of 2017 and an increase of 3.3 percent sequentially, due to strong end-market demand, the company said in a press release.
Melt utilization was 78 percent for the quarter driven by improved demand across all end markets, compared with 76 percent in second-quarter 2017 and 77 percent in first-quarter 2018.
As for a Q3 outlook, the company said shipments are expected to be similar to second-quarter 2018, while the company expects financial results to range between a net loss of $8 million and a net income of $2 million.