TimkenSteel Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Provides Earnings Guidance for the First Quarter and Full Year of 2016
January 29, 2016 at 03:18 am IST
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TimkenSteel Corporation reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company reported net sales of $206.6 million compared to $408.3 million a year ago. Loss before Interest and taxes was $38.0 million compared to EBIT of $23.3 million a year ago. Loss before income tax was $39.4 million compared to income before income tax of $23.3 million a year ago. Net loss was $25.5 million compared to net income of $16.4 million a year ago. Basic and diluted net loss per share was $0.58 compared to basic and diluted net income per share of $0.36 a year ago. Net cash provided by operating activities was $43.3 million compared to $25.4 million a year ago. Capital expenditures were $25.3 million compared to $46.5 million a year ago. Net debt as of December 31, 2015 was $157.8 million. Free cash flow was $18.0 million compared to negative free cash flow of $21.1 million a year ago. Adjusted LBIT was $38.0 million compared to adjusted EBIT of $23.3 million a year ago. Adjusted net loss was $25.5 million compared to adjusted net income of $16.4 million a year ago. Adjusted diluted loss per share was $0.58 compared to adjusted diluted net income per share of $0.36 a year ago.
For the full year, the company reported net sales of $1,106.2 million compared to $1,674.2 million a year ago. Loss before Interest and taxes was $113.6 million compared to EBIT of $159.1 million a year ago. Loss before income tax was $117.0 million compared to income before income tax of $158.2 million a year ago. Net loss was $73.7 million compared to net income of $104.4 million a year ago. Basic and diluted net loss per share was $1.65 compared to basic and diluted net income per share of $2.27 a year ago. Net cash provided by operating activities was $107.1 million compared to $93.9 million a year ago. Capital expenditures were $78.2 million compared to $129.6 million a year ago. Free cash flow was $28.9 million compared to negative free cash flow of $35.7 million a year ago. Adjusted LBIT was $113.6 million compared to adjusted EBIT of $147.7 million a year ago. Adjusted net loss was $73.7 million compared to adjusted net income of $96.6 million a year ago. Adjusted diluted loss per share was $1.65 compared to adjusted diluted net income per share of $2.10 a year ago.
The company provided earnings guidance for the first quarter and full year of 2016. For the quarter, the company expects shipments approximately 5% higher than fourth-quarter 2015. EBITDA expects between a loss of $10 million and a loss of $20 million.
For the full year, the company expects capital spending to be $45 million.
Metallus Inc., formerly TimkenSteel Corporation, manufactures alloy steel, as well as carbon and micro-alloy steel using electric arc furnace (EAF) technology. The Company's portfolio includes special bar quality (SBQ) bars, seamless mechanical tubing (tubes), manufactured components, such as precision steel components, and billets. The Company manages raw material recycling programs, which are used internally as a feeder system for its melt operations and allow it to sell scrap not used in its operations to third parties. The Company's products and solutions are used in a range of demanding applications in various market sectors, including automotive; oil and gas; industrial equipment; mining; construction; rail; defense; heavy truck; agriculture, and power generation. Its production of manufactured components takes place at two downstream manufacturing facilities: Tryon Peak (Columbus, North Carolina) and St. Clair (Eaton, Ohio).
TimkenSteel Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Provides Earnings Guidance for the First Quarter and Full Year of 2016