TimkenSteel reports net loss for Q4, full-year 2018

Thursday, 21 February 2019 22:09:06 (GMT+3)   |   San Diego
       

TimkenSteel reported fourth-quarter 2018 net sales of $406 million and a net loss of $40 million. In the same quarter of 2017, net sales were $341 million with a net loss of $34 million.

For full-year 2018, net sales were $1.6 billion with a net loss of $32 million. In comparison, full-year 2017 net sales were $1.3 billion with a net loss of $44 million.

Fourth-quarter ship tons were 294,500, an increase of 3 percent over fourth-quarter 2017. In a press release, the company attributed the increase to strong operational execution and increased energy shipments, while the increase in net sales benefited from improved product mix, higher prices and increased volume.

As for an outlook on Q1 2019, the company said shipments are expected to be approximately 30,000 tons less than Q4 2018, primarily influenced by a reduction in OCTG billet demand. Overall, the company expects their product mix and prices to improve over fourth quarter 2018. Additionally, the raw material spread is expected to be a headwind due to a decline in the No. 1 Busheling Index compared with fourth-quarter 2018. For the first quarter, the company expects results ranging from a net loss of $4 million to a net profit of $6 million.  

For a full-year 2019 outlook, the company expects significant benefits from improved prices and product mix throughout the year.

 


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