TimkenSteel: 2Q Earnings Snapshot
CANTON, Ohio (AP) _ TimkenSteel Corp. (TMST) on Thursday reported a second-quarter loss of $4.4 million, after reporting a profit in the same period a year earlier.
The Canton, Ohio-based company said it had a loss of 10 cents per share. Earnings, adjusted for non-recurring costs and restructuring costs, were 12 cents per share.
The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for a loss of 33 cents per share.
The maker of steel large bars and seamless mechanical tubing posted revenue of $336.7 million in the period, falling short of Street forecasts. Three analysts surveyed by Zacks expected $366.4 million.
TimkenSteel shares have fallen 26% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $6.46, a decrease of 53% in the last 12 months.