logo
  Join        Login             Stock Quote

AK Steel (AKS) Forecasts 4Q Loss Per Share Of 67 To 72 Cents

 November 13, 2012 07:25 AM
 


(By Balachander) AK Steel Holding Corp. (NYSE: AKS) forecast a loss per share between 67 cents and 72 cents for the fourth quarter.

The West Chester, Ohio-based maker of flat-rolled carbon steels now expects shipments of roughly 1.375 million to 1.400 million tons in the fourth quarter, versus 1.36 million tons in the prior quarter.

AK Steel expects that its average selling price will reduce by roughly 5 percent from its average selling price of $1,073 per ton for the third quarter.

The company cited the reduction in average selling price to a fall in average spot market prices for carbon steel products on a sequential basis and lower raw material surcharges due to decrease in raw material costs.

[Related -Stocks End Flat Amid Earnings, Data; Facebook (FB) Gains]

In addition, AK Steel said it has seen a rise in pricing for carbon flat rolled steel products.

The company cautioned, however that the majority of the benefits associated with these price increases will not be realized until the first quarter of 2013, principally because a significant portion of the carbon steel products it will ship in the fourth quarter was sold prior to the price increases and because of a lag between when a price increase occurs and the time it takes for purchased product to work its way through inventory to being shipped.

Meanwhile, AK Steel's net loss projection includes a non-cash income tax charge of around $35.0 million or 33 cents per share, as a result of an expected change in a tax valuation allowance on its deferred tax assets.

The stock, which has been trading in the 52-week range of $4.44 to $10.33, closed at $5.46 on Monday.

iOnTheMarket Premium
Advertisement

Advertisement


Post Comment -- Login is required to post message
Name:  
Alert for new comments:
Your email:
Your Website:
Title:
Comments:
 

rss feed

Latest Stories

article imageIntegrated Device Technology Inc. (IDTI) Q1 Earnings Preview: Another Beat and Pop?

Integrated Device Technology Inc. (NASDAQ:IDTI) will issue first quarter 2015 financial results on July 28, read on...

article imageHerbalife Ltd. (NYSE:HLF) Q2 Earnings Preview: The Potential To Shock?

Herbalife Ltd. (NYSE:HLF) will release its second quarter 2014 financial results after the close of trading read on...

article imageHealth Net, Inc. (HNT): Potential to Be Huge Winners Says Bank of America

As of this keystroke, Health Net, Inc. (NYSE: HNT) shares are up around 4% on the day. The managed health read on...

article imageHomeAway, Inc. (AWAY) Q2 Earnings Preview: Top and Bottom Line Bullish Surprise?

HomeAway, Inc. (NASDAQ:AWAY) will report its financial results for the second quarter ended June 30, 2014 read on...

Advertisement
Popular Articles

Advertisement
Daily Sector Scan
Partner Center



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.