Boston, MA 01/30/2014 (wallstreetpr) – AK Steel Holdings Corporation (NYSE:AKS) has posted results for the fourth quarter beating analyst’s expectation by $0.21 to stand at $0.09 earnings per share. The earnings per share was not the only growth that the company reported, the company revenues also increased to stand at a high of $1.46 billion compared to consensus estimates of $1.40 billion. The company selling price for the fourth quarter also increased by 2% from $1011 per ton reported in the fourth quarter of F2012 to a new of $1031. This was a slight decrease compared to a selling price of $1071 for the third quarter the same financial year.
The increase in the selling price for the fourth quarter compared to that in 2012 was attributed to a more favorable mix of value added products and the increase in prices for carbon steel sold to the spot market. This was only partially offset by the low prices of electrical steel. Lower shipments of value added products to the spot market in the fourth quarter caused the decline in the selling price compared to the selling price in the third quarter. The average selling price for the entire F2013 stood at $1056 per ton a low of 3% to $1092 recorded in F2012.
AK Steel Holdings Corporation (NYSE:AKS) also recorded a non cash income tax benefit of $22.7 million which is $0.17 per diluted share as result of the allocation of income tax expense and comprehensive income. The net loss for the full 2013 financial year stood at $46.8 million compared to a net loss of $1027.3 million for F2012. Ak Steel pretax pension corridor charge stood at $157.3 million or $0.86 per diluted share. Total sales decreased by 6% to stand at $5.7 billion with shipments for the same year totaling 5,275,900 tons a decrease of 3% compared to 5,431,300 tons recorded in F2012.
