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TimkenSteel announces Q1 2019 results

Steel News - Published on Tue, 07 May 2019

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TimkenSteel has reported first-quarter 2019 net sales of USD 371 million and net income of USD 4.2 million. In the same quarter last year, net sales were USD 381 million with a net loss of USD. Mr Tim Timken, chairman, CEO and president, said "As anticipated, our performance strengthened in the first quarter, with continued expansion in gross margin and increased net income compared with the same quarter last year. We achieved these results by executing a strategy to sell a richer mix of products, improve price and deliver on time. This commercial strategy combined with operational excellence in safety, quality and customer service remains our priority and will drive shareholder value."

First-quarter net sales decreased USD 10 million or 3% YoY.

Ship tons were 260,900, a decrease of 13% YoY from first-quarter 2018. The decrease was in line with prior guidance and primarily due to lower oil country tubular goods billet shipments.

Net sales benefited from improvements in product mix and price, driven by improved 2019 contract pricing, prior-year spot price increases and a continued focus on the sale of higher-margin products.

Surcharge revenue of USD 90 million represents a slight decrease from the prior-year quarter, primarily as a result of lower volumes.

First-quarter 2019 EBIT increased to USD 8.5 million compared with USD 2.8 million for the same period a year ago.

EBITDA for first-quarter 2019 was USD 26.3 million, an increase of USD 5 million over the same quarter last year.

Net income was USD 4.2 million, an increase of USD 6.1 million from first-quarter 2018.

Improvements in contract pricing and the benefit of prior-year spot pricing, combined with lower OCTG billet volume, resulted in a USD 22 million improvement in product mix and price.

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Posted By : Mohan Sharma on Tue, 07 May 2019
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