TimkenSteel: 4Q Earnings Snapshot
CANTON, Ohio (AP) _ TimkenSteel Corp. (TMST) on Wednesday reported a loss of $39.6 million in its fourth quarter.
On a per-share basis, the Canton, Ohio-based company said it had a loss of 89 cents. Losses, adjusted for non-recurring costs, came to 12 cents per share.
The results fell short of Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for a loss of 6 cents per share.
The maker of steel large bars and seamless mechanical tubing posted revenue of $406.4 million in the period, which topped Street forecasts. Three analysts surveyed by Zacks expected $393 million.
For the year, the company reported that its loss narrowed to $31.7 million, or 71 cents per share. Revenue was reported as $1.61 billion.
TimkenSteel shares have risen 41 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $12.35, a decline of 29 percent in the last 12 months.