TimkenSteel Corporation Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 02, 2023 at 04:17 pm EDT
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TimkenSteel Corporation reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported sales was USD 354.2 million compared to USD 316.8 million a year ago. Net income was USD 24.8 million compared to net loss of USD 13.3 million a year ago. Basic earnings per share from continuing operations was USD 0.56 compared to basic loss per share from continuing operations of USD 0.29 a year ago. Diluted earnings per share from continuing operations was USD 0.51 compared to diluted loss per share from continuing operations of USD 0.29 a year ago.
For the nine months, sales was USD 1,034.3 million compared to USD 1,084.5 million a year ago. Net income was USD 68.1 million compared to USD 98.3 million a year ago. Basic earnings per share from continuing operations was USD 1.55 compared to USD 2.12 a year ago. Diluted earnings per share from continuing operations was USD 1.43 compared to USD 1.91 a year ago.
Metallus Inc., formerly TimkenSteel Corporation, manufactures alloy steel, as well as carbon and micro-alloy steel using electric arc furnace (EAF) technology. The Company's portfolio includes special bar quality (SBQ) bars, seamless mechanical tubing (tubes), manufactured components, such as precision steel components, and billets. The Company manages raw material recycling programs, which are used internally as a feeder system for its melt operations and allow it to sell scrap not used in its operations to third parties. The Company's products and solutions are used in a range of demanding applications in various market sectors, including automotive; oil and gas; industrial equipment; mining; construction; rail; defense; heavy truck; agriculture, and power generation. Its production of manufactured components takes place at two downstream manufacturing facilities: Tryon Peak (Columbus, North Carolina) and St. Clair (Eaton, Ohio).