AK Steel Holding Corp. (AKS) reported second-quarter net loss attributable to the company of $64.0 million or $0.36 per share, wider than loss of $17.1 million or $0.13 per share in the comparable quarter last year.
On average, 17 analysts polled by Thomson Reuters expected the company to report loss of $0.37 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales for the quarter were $1.69 billion on shipments of 1,811,700 tons, compared with net sales of $1.53 billion on shipments of 1,397,500 tons for the year-ago quarter. Analysts expected quarterly sales of $1.70 billion.
The year-on-year increase in shipments due principally to the addition of shipments from Dearborn Works, acquired in September of 2014, and continued strong shipments of carbon and stainless products to the automotive market.
AK Steel said it will provide detailed guidance for its third-quarter financial results in September. However, for a variety of reasons, the company expects to generate improved results for the third quarter and for the second-half of 2015 as compared to the second quarter and first-half of 2015.
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