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Jun 30, 2020
Metallus Q2 2020 Earnings Report
Reported a net loss despite cost reduction actions amid weaker demand.
Key Takeaways
TimkenSteel reported a net sales decrease of 54% to $154.0 million and a net loss of $15.3 million for the second quarter of 2020, compared to the same quarter last year. However, the company achieved a positive adjusted EBITDA of $5.7 million through aggressive cost reduction actions.
Net sales decreased 54% year-over-year to $154.0 million due to the COVID-19 pandemic.
Ship tons declined 56% from the prior-year second quarter due to lower demand across all end markets.
SG&A expense decreased by $3.4 million compared to the prior-year second quarter due to restructuring and COVID-19-related cost reduction actions.
Operating cash flow was $16.1 million for the second quarter of 2020.
Forward Guidance
Due to the uncertainty surrounding the COVID-19 pandemic, TimkenSteel will not provide guidance on shipments and earnings for the third quarter. Capital expenditure spending is expected to be between $15 million and $20 million in 2020.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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