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Wednesday, April 25, 2007 12:14:47 AM
AKS $28~$32~31 Steel reports Q1 above consensus; guides for Q2 (29.78 )
Reports Q1 (Mar) earnings of $0.56 vs 45c per share, including a pre-tax, non-cash pension curtailment charge of $15.1 mln related to a new labor agreement for the company's Mansfield Works, along with higher raw material costs and associated higher LIFO charges, may not be comparable to the Reuters Estimates consensus of $0.45; revenues rose 19.8% year/year to $1.72 bln vs the $1.65 bln consensus. AK Steel said it expects shipments in the second quarter of 2007 to be approximately 1,650,000 tons, reflecting an increase over first-quarter levels of approximately 3%. The company anticipates that its second-quarter 2007 average per-ton selling prices will be 2% to 3% higher compared to the first quarter of 2007. The company will also incur a non-cash, pre-tax pension curtailment charge of $24.7 million in the second quarter related to the new labor agreement covering union employees at the company's Middletown Works. Overall, the higher sequential shipments, coupled with higher average selling prices, are likely to result again in record quarterly revenues, and an operating profit between $80 and $85 per ton.
Reports Q1 (Mar) earnings of $0.56 vs 45c per share, including a pre-tax, non-cash pension curtailment charge of $15.1 mln related to a new labor agreement for the company's Mansfield Works, along with higher raw material costs and associated higher LIFO charges, may not be comparable to the Reuters Estimates consensus of $0.45; revenues rose 19.8% year/year to $1.72 bln vs the $1.65 bln consensus. AK Steel said it expects shipments in the second quarter of 2007 to be approximately 1,650,000 tons, reflecting an increase over first-quarter levels of approximately 3%. The company anticipates that its second-quarter 2007 average per-ton selling prices will be 2% to 3% higher compared to the first quarter of 2007. The company will also incur a non-cash, pre-tax pension curtailment charge of $24.7 million in the second quarter related to the new labor agreement covering union employees at the company's Middletown Works. Overall, the higher sequential shipments, coupled with higher average selling prices, are likely to result again in record quarterly revenues, and an operating profit between $80 and $85 per ton.
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