TimkenSteel reported third-quarter net sales of $339.1 million, compared with net sales of $213.8 million in the same quarter last year and $339.3 million in the second quarter of 2017. The company reported a net loss of $5.9 million for the third quarter of 2017, compared with a net loss of $22.2 million in the same quarter last year, and net income of $1.3 million in the second quarter of 2017.
Ship tons in the third quarter were approximately 290,000, an increase of 63 percent over the third quarter of 2016 and a decrease of 1.6 percent sequentially. In a press release, the company attributed year-over-year gains to improving industrial and energy end markets, as well as increased market penetration.
Melt utilization was 74 percent for the quarter, compared with 44 percent in the third quarter of 2016 and 76 percent in the second quarter of 2017. Higher volumes, primarily from new business and increased end-market demand and improved operating cost leverage, the company said.
As for a Q4 outlook, the company said shipments are expected to be between 3 percent and 5 percent higher than third-quarter 2017 as markets continue to recover. Adjusted EBITDA is projected to be between breakeven and $10 million.