11.03.22
TimkenSteel Announces Third-Quarter 2022 Results
Net sales of $316.8 million Net loss of $13.3 million with adjusted EBITDA(1) of $10.8 million Operating cash flow of $46.8 million with record ending cash and cash equivalents of $262.5 million TimkenSteel (NYSE: TMST), a leader in high-quality specialty steel, manufactured components, and supply chain solutions, today confirmed its previously reported third-quarter 2022 net sales of $316.8 million and reported a net loss of $13.3 million, or a loss of $0.29 per diluted share. On an adjusted basis (1) , the third-quarter 2022 net loss was $4.1 million, or a loss of $0.09 per diluted share, and adjusted EBITDA was $10.8 million. This compares with the company's sequential second-quarter 2022 net sales of $415.7 million and net income of $74.5 million, or $1.42 per diluted share. On an adjusted basis (1) , second-quarter 2022 net income was $67.4 million, or $1.29 per diluted share, and adjusted EBITDA was a record $84.2 million. In the same quarter last year, net sales were $343.7...
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11.02.22
TimkenSteel Elects Two New Independent Directors
TimkenSteel Corp. (NYSE: TMST) – The board of directors of TimkenSteel Corporation today elected Mary Ellen Baker, retired executive vice president and head of business services for Citizens Bank, and Nick Chirekos, retired managing director, North America head of mining for J.P. Morgan, as new independent directors. They join nine directors currently serving on the TimkenSteel board. "Both are exceptional leaders, and their proven expertise in technology, cybersecurity, business transformation, investment banking, capital markets and mergers and acquisitions aligns well with TimkenSteel's strategic priorities for growth and complements the board's shared knowledge and experience in several key areas of emphasis," said Ron Rice, chairman of TimkenSteel's board. "We are fortunate to have Mary Ellen and Nick further strengthen our board and look forward to their insights." Baker is a retired banking executive with deep experience in leading technology and operations teams as well as...
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10.12.22
TimkenSteel Announces Preliminary Third-Quarter 2022 Financial Results and Earnings Webcast Details
TimkenSteel Corp. (NYSE: TMST), a leader in high-quality specialty steel, manufactured components, and supply chain solutions, today announced preliminary third-quarter 2022 financial results. "The end of July incident at our melt shop, which resulted in approximately one month of melt shop downtime and a subsequent slower than expected ramp up, significantly impacted our profitability for the third quarter. As a result, we expect third quarter adjusted EBITDA (1) to be in the range of approximately $9 million to $12 million. The company anticipates a significant recovery on its business interruption insurance related to the incident. The insurance recovery process is ongoing and nothing has been recorded at this time," said Mike Williams, president and chief executive officer. "We are encouraged that demand remains strong across our end markets with a customer order backlog in excess of 300,000 ship tons, the majority of our production capacity allocated to customers in 2023, and...
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08.04.22
TimkenSteel Announces Second-Quarter 2022 Results
Net sales of $415.7 million reflects continued strength in customer demand, higher base prices and an increase in raw material surcharges Net income of $74.5 million with record adjusted EBITDA(1) of $84.2 million Strong operating cash flow of $50.7 million TimkenSteel (NYSE: TMST), a leader in high-quality specialty steel, manufactured components, and supply chain solutions, today reported second-quarter 2022 net sales of $415.7 million and net income of $74.5 million, or $1.42 per diluted share. On an adjusted basis (1) , second-quarter 2022 net income was $67.4 million, or $1.29 per diluted share, and adjusted EBITDA was a record $84.2 million. This compares with the company's sequential first-quarter 2022 net sales of $352.0 million and net income of $37.1 million, or $0.70 per diluted share. On an adjusted basis (1) , first-quarter 2022 net income was $48.6 million, or $0.92 per diluted share, and adjusted EBITDA was $65.3 million. In the same quarter last year, net sales were...
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07.21.22
TimkenSteel Announces Second-Quarter 2022 Earnings Webcast Details
TimkenSteel Corp. (NYSE: TMST), a leader in high-quality specialty steel, manufactured components, and supply chain solutions, will release its 2022 second-quarter financial results on Thursday, August 4, after the market closes on the New York Stock Exchange. The company will provide live Internet listening access to its conference call with the financial community scheduled for Friday, August 5, 2022, at 9:00 a.m. EDT. The live conference call will be broadcast at investors.timkensteel.com . A replay of the conference call will also be available at investors.timkensteel.com . ABOUT TIMKENSTEEL CORPORATION TimkenSteel (NYSE: TMST) manufactures high-performance carbon and alloy steel products from recycled scrap metal in Canton, OH, serving demanding applications in mobile, energy and a variety of industrial end markets. The company is a premier U.S. producer of alloy steel bars (up to 16 inches in diameter), seamless mechanical tubing and manufactured components. In the business of...
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07.13.22
TimkenSteel to Purchase Group Annuity Contract for Retiree Pension Benefits
TimkenSteel (NYSE: TMST), a leader in high-quality specialty steel, manufactured components, and supply chain solutions, on July 7, 2022, entered into an agreement to purchase a group annuity contract from The Prudential Insurance Company of America ("Prudential") to settle approximately $250 million of the company's approximate $800 million in U.S. pension obligations under the TimkenSteel Corporation Bargaining Unit Pension Plan (the "Pension Plan"). In connection with the agreement, Prudential will pay future benefits under the group annuity contract starting October 1, 2022, for a specified group of approximately 1,900 retirees and beneficiaries who are currently receiving payments from the Pension Plan. Prudential is a highly rated insurance company and was selected by the Pension Plan's fiduciary, with the advice of an independent expert. "Prudential was carefully selected as a highly rated and experienced retirement benefits provider," said Kristopher R. Westbrooks,...
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05.04.22
TimkenSteel Announces First-Quarter 2022 Results
Net sales of $352.0 million in the first quarter reflect strength in customer demand and higher base prices Net income of $37.1 million with adjusted EBITDA(1) of $65.3 million Operating cash flow of $13.3 million TimkenSteel (NYSE: TMST), a leader in high-quality specialty steel, manufactured components, and supply chain solutions, today reported first-quarter 2022 net sales of $352.0 million and net income of $37.1 million, or $0.70 per diluted share. On an adjusted basis (1) , first-quarter 2022 net income was $48.6 million, or $0.92 per diluted share, and adjusted EBITDA was $65.3 million. This compares with fourth-quarter 2021 net sales of $338.3 million and net income of $57.1 million, or $1.07 per diluted share. On an adjusted basis (1) , fourth-quarter 2021 net income was $42.3 million, or $0.80 per diluted share, and adjusted EBITDA was $62.1 million. In the same quarter last year, net sales were $273.6 million with net income of $9.8 million, or $0.20 per diluted share. On...
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