11.13.19
TimkenSteel Board of Directors Appoints Leila Vespoli as Independent Director
The board of directors of TimkenSteel Corporation (NYSE: TMST), appointed Leila Vespoli, retired executive vice president of corporate strategy, regulatory affairs and chief legal officer of FirstEnergy Corp., as a new independent director. "Leila is a proven strategic business leader who brings a diverse and important set of business skills, experience and knowledge to our board," said John P. Reilly, chairman of TimkenSteel. "In her most recent role, she led the planning process to develop FirstEnergy's long-term strategy, financial forecasts and led two mergers and played an integral role in guiding a $7 billion transformational restructuring process. Her financial expertise and experience in regulatory, investor and M&A activities are extremely beneficial to the company's business as well as the board's depth." Vespoli is a member of the board of directors of Dollar Bank and Dollar Mutual Bancorp, where she serves on the audit and enterprise risk committees. She previously...
More
11.06.19
TimkenSteel Announces Third-Quarter 2019 Results
TimkenSteel (NYSE: TMST), a leader in customized alloy steel products and services, today reported 2019 third-quarter net sales of $274.2 million and a net loss of $4.6 million or minus $0.10 per diluted share. In the same quarter last year, net sales were $409.9 million with net income of $1.4 million or $0.03 per diluted share. EBITDA (1) for the third quarter of 2019 was $14.4 million, a decrease of $12.1 million from adjusted EBITDA (1) over the same quarter last year. During the quarter, the company effectively managed its working capital and generated positive free cash flow (1) of $33 million. This enabled the company to pay down $35 million in debt, which represents the lowest borrowing level since 2017. "As expected, we continue to be challenged by our end markets. We are laser-focused on improving customer engagement and outcomes while driving financial and structural improvements through what we can control, including cost reduction, cash generation and enhanced liquidity,"...
More
10.24.19
TimkenSteel to Announce Third-Quarter 2019 Financial Results on November 6
TimkenSteel Corp. (NYSE: TMST, timkensteel.com ) will release its 2019 third-quarter financial results on Wednesday, November 6, after the market closes on the New York Stock Exchange. The company will host a conference call at 9 a.m. ET on Thursday, November 7 to discuss its financial performance with investors and securities analysts. The financial results and conference call materials will be available online at investors.timkensteel.com . TimkenSteel earnings call information: Conference call Thursday, November 7, 2019 9 a.m. ET Toll-free dial-in: 833-238-7951 International dial-in: 647-689-4199 Conference ID: 5006089 Conference call replay Replay dial-in available through November 14, 2019 800-585-8367 or 416-621-4642 Replay passcode: 5006089 About TimkenSteel Corporation TimkenSteel (NYSE: TMST, timkensteel.com ) creates tailored steel products and services for demanding applications, helping customers push the bounds of what's possible within their industries. The company...
More
10.09.19
TimkenSteel Announces CEO Transition
Tim Timken Steps Down as Chief Executive Officer; Terry L. Dunlap Appointed as Interim Chief Executive Officer and President TimkenSteel (NYSE: TMST), a leader in customized alloy steel products and services, today announced that Ward J. "Tim" Timken, Jr. has stepped down as Chief Executive Officer and President and as Chairman of the TimkenSteel Board of Directors. Effective immediately, the Board of Directors has appointed Terry L. Dunlap as the Company's interim Chief Executive Officer and President. John P. Reilly, the current Lead Director of the TimkenSteel Board of Directors, will immediately assume the role of Chairman of the Board. "In an effort to revitalize both the near-term performance and long-term potential of TimkenSteel, now is the time for new leadership at the Company. While stepping down as CEO is not an easy decision, it has been a true privilege for me to lead TimkenSteel on its journey as an independent public company," said Tim Timken. "As a member of the...
More
08.01.19
TimkenSteel Announces Second Quarter of 2019 Results
TimkenSteel (NYSE: TMST), a leader in customized alloy steel products and services, today reported 2019 second quarter net sales of $336.7 million and a net loss of $4.4 million or minus $0.10 per diluted share. In the same quarter last year, net sales were $413.5 million with net income of $8.4 million or $0.19 per diluted share. Adjusted EBITDA (1) for the second quarter of 2019 was $27.5 million, a decrease of $3.4 million over the same quarter last year. "Despite demand weakness in certain end markets, we continue to focus on expanding market share in our key markets while maintaining price and improving product mix," said Tim Timken, chairman, CEO and president. "During the quarter we continued to execute our profitability improvement plan which included cost reductions and restructuring in our technical and commercial organizations to further drive innovation and focus on our key growth areas such as value-added components, energy products and government business." SECOND...
More
07.17.19
TimkenSteel to Announce Second-Quarter 2019 Financial Results on August 1
TimkenSteel Corp. (NYSE: TMST, timkensteel.com ) will release its 2019 second-quarter financial results on Thursday, August 1, after the market closes on the New York Stock Exchange. The company will host a conference call at 10 a.m. ET on Friday, August 2 to discuss its financial performance with investors and securities analysts. The financial results and conference call materials will be available online at investors.timkensteel.com. TimkenSteel earnings call information: Conference call Friday, August 2, 2019 10 a.m. ET Toll-free dial-in: 833-238-7951 International dial-in: 647-689-4199 Conference ID: 3678588 Conference call replay Replay dial-in available through August 9, 2019 800-585-8367 or 416-621-4642 Replay passcode: 3678588 About TimkenSteel Corporation TimkenSteel (NYSE: TMST, timkensteel.com ) creates tailored steel products and services for demanding applications, helping customers push the bounds of what's possible within their industries. The company reaches around...
More
05.02.19
TimkenSteel Announces First-Quarter 2019 Results
- Delivers net income and EBITDA in line with guidance.
- Continues to improve product mix and price, driving gross margin expansion. TimkenSteel (NYSE: TMST, timkensteel.com ), a leader in customized alloy steel products and services, today reported first-quarter 2019 net sales of $371 million and net income of $4.2 million or $0.09 per diluted share. In the same quarter last year, net sales were $381 million with a net loss of $1.9 million or minus $0.04 per diluted share. EBITDA (1) for first-quarter 2019 was $26.3 million, an increase of $5 million over the same quarter last year. "As anticipated, our performance strengthened in the first quarter, with continued expansion in gross margin and increased net income compared with the same quarter last year. We achieved these results by executing a strategy to sell a richer mix of products, improve price and deliver on time," said Tim Timken, chairman, CEO and president. "This commercial strategy combined with operational...
More