AK Steel Announces Financial Results for Third Quarter 2017
Financial Results In Line with Guidance
WEST CHESTER, OH--(Marketwired - Oct 31, 2017) - AK Steel (NYSE: AKS) today reported its financial results for the third quarter of 2017.
3rd Quarter 2017 Highlights
Precision Partners acquisition completed
Successful refinancing of 2022 senior notes
$1.35 billion revolving credit facility extended until September 2022
Planned maintenance outages on schedule
Net loss of $5.8 million, inclusive of $13.1 million for acquisition and debt refinancing costs
AK Steel reported a net loss of $5.8 million, or $0.02 per diluted share of common stock, for the third quarter of 2017, compared to net income of $50.9 million, or $0.21 per diluted share, for the third quarter of 2016. The third quarter of 2017 included $4.7 million of costs related to the acquisition of Precision Partners and $8.4 million of costs related to refinancing long-term debt. In the third quarter of 2016, the company incurred $6.8 million of costs for debt refinancing.
The company's adjusted EBITDA (as defined in the "Non-GAAP Financial Measures" section below) was $69.2 million, or 4.6% of net sales, for the third quarter of 2017, which includes costs associated with the Precision Partners acquisition and debt refinancing. This compared to adjusted EBITDA of $156.6 million, or 10.8% of net sales, for the year ago third quarter.