TimkenSteel today reported first-quarter net sales of $380.8 million, compared with net sales of $309.4 million in the same quarter last year and $341.4 million in the fourth quarter of 2017. The company reported a net loss of $1.9 million for the first quarter of 2018, compared with a net loss of $5.3 million in the same quarter last year, and a net loss of $33.9 million in the fourth quarter of 2017.
Ship tons were approximately 300,000 in Q1, an increase of 7.1 percent over the first quarter of 2017 and an increase of 4.9 percent sequentially, due to strong end-market demand, according to the company press release.
Melt utilization was 77 percent for the quarter driven by improved demand across all end markets, compared with 71 percent in first-quarter 2017 and 68 percent in fourth-quarter 2017.
As for an outlook on Q2 2018, the company said shipments are expected to be between 5 percent and 10 percent higher than first-quarter 2018 from improving end markets. Net income is projected to be between $8 million and $18 million.