AK Steel beats by $0.01, reports revs in-line; expects Q3 margin improvement
- Reports Q2 (Jun) earnings of $0.22 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus of $0.21; revenues rose 12.2% year/year to $1.75 bln vs the $1.75 bln Capital IQ Consensus.
- "We expect that the continued strong business environment will result in improved performance in the second half of 2018 compared to the first half and position us well for resetting a majority of our annual contracts later this year."
- The company anticipates that market conditions will remain strong in the third quarter. Accordingly, the company expects:
- An increase in flat-rolled shipments in the third quarter of approximately 5% compared to the second quarter of 2018.
- An average selling price per flat-rolled ton of $1,105.
- Margins to improve by about 50 basis points from the second quarter of 2018.
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