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Mar 31, 2021
Metallus Q1 2021 Earnings Report
Reported first quarter net sales and net income.
Key Takeaways
TimkenSteel reported a strong start to the year with net sales of $273.6 million and net income of $9.8 million, or $0.20 per diluted share. Adjusted net income was $22.6 million, or $0.43 per diluted share, and adjusted EBITDA was $40.8 million. The company completed the transition of melt and casting activities to a single location at the Faircrest facility.
Net sales of $273.6M increased 30% sequentially
Net income of $9.8 million and adjusted EBITDA of $40.8 million, a significant improvement both sequentially and compared with the prior-year quarter
Record total liquidity of $357.5 million
Completed transition to single melt and casting shop at Faircrest facility
Revenue by Segment
Forward Guidance
Given steady improvement in the automotive and industrial end markets, the company expects second quarter ship tons to increase sequentially by high-single digits on a percentage basis. Additionally, the company expects adjusted EBITDA growth from the first quarter of 2021 with melt utilization of 80 percent or higher. Capital expenditures are expected to be approximately $20 million in 2021, consistent with previous guidance. Regarding the convertible debt due June 1, 2021, at maturity the company intends to repay the remaining outstanding principal balance plus accrued interest with available cash.
Positive Outlook
- Second quarter ship tons to increase sequentially by high-single digits on a percentage basis.
- Adjusted EBITDA growth from the first quarter of 2021
- Melt utilization of 80 percent or higher
- Capital expenditures are expected to be approximately $20 million in 2021, consistent with previous guidance.
- Company intends to repay the remaining outstanding principal balance plus accrued interest with available cash.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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