TimkenSteel loses money on weak energy, industrial markets

Resource from: Akron Beacon Journal Likes:223

Jul 31,2015

Weak energy and industrial markets caused TimkenSteel to post a second quarter loss and significantly lower revenue compared to a year ago, the Canton-based speciality steel maker said Thursday. TimkenSteel lost $24.3 million, or 54 cents per share, on revenue of $278.2 million for the second quarter ending June 30. That compares to a profit of $28.6 million, or 62 cents per share, on revenue of $442.2 million a year ago. “Our second-quarter operating results reflect the impact of continued weakness in energy and some industrial end markets, which has our plants operating at below 50 percent melt utilization,” Ward J. “Tim” Timken, Jr., chairman, chief executive officer and president, said in a prepared statement. “We preserved shareholder value in this difficult market and generated positive cash flow by carefully managing working capital and taking action to reduce costs. The company said it expects to maintain its dividend and will repurchase shares, while reducing capital spending this year to $75 million to $85 million from previous guidance of $80 million to $90 million. TimkenSteel executives will discuss second quarter results in a conference call 9 a.m. this Friday. The public can listen in via live webcast at investors.timkensteel.com or by calling 877-201-0168.

(Akron Beacon Journal)

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