AK Steel (AKS) Misses Earnings And Sales Estimates In Q4
Zacks Investment Research | Feb 20, 2020 09:42PM ET
AK Steel Holding Corporation (NYSE:AKS) reported net loss of $53.9 million or 17 cents per share in the fourth quarter of 2019 against net income of $33.5 million or 11 cents per share in the prior-year quarter.
Adjusted loss was 11 cents per share for the quarter, which was wider than the Zacks Consensus Estimate of a loss of 9 cents.
Net sales of $1,445.7 million in the quarter fell 13.8% year over year and missed the Zacks Consensus Estimate of $1,479.7 million.
Per the company, the results were impacted by lower shipments to the automotive market, a sharp decline in steel spot market selling prices, and higher costs for iron ore, coal and coke during the reported quarter. These were partly offset by reduced costs for scrap and energy.
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