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Sep 30, 2025
Metallus Q3 2025 Earnings Report
Metallus reported third-quarter 2025 financial results, including net sales of $305.9 million and net income of $8.1 million.
Key Takeaways
Metallus delivered a solid third quarter in 2025, with net sales reaching $305.9 million and net income of $8.1 million, or $0.19 per diluted share. Adjusted net income was $12.0 million, or $0.28 per diluted share, and adjusted EBITDA was $29.0 million. The company saw increased sales primarily driven by favorable price/mix due to higher aerospace and defense shipments, and improved melt utilization to 72%.
Net sales for Q3 2025 were $305.9 million, marking the fourth consecutive sequential quarter of sales growth.
Net income for the quarter was $8.1 million, or $0.19 per diluted share, with adjusted net income at $12.0 million, or $0.28 per diluted share.
Adjusted EBITDA reached $29.0 million, representing the fourth consecutive sequential quarterly improvement in both total dollars and margin.
The company maintained strong liquidity with $436.9 million as of September 30, 2025, and generated $22.0 million in operating cash flow.
Revenue by Segment
Forward Guidance
Metallus anticipates lower fourth-quarter adjusted EBITDA compared to the third quarter due to normal year-end seasonality, planned annual shutdown maintenance, and potential labor agreement impacts, despite expected increases in base price per ton.
Positive Outlook
- Base price per ton is anticipated to increase slightly due to previously announced spot bar and tube increases of 5% taking effect through Q4.
- Lead times for bar products extend to January and tube product lead times extend to February, indicating continued demand.
- Awarded several new 2026 defense programs from strategic customers, supporting the target of $250 million annual run rate of aerospace and defense sales by mid-2026.
- Executed a long-term supply agreement for vacuum arc remelt (VAR) steel, ensuring a stable, high-quality material source for aerospace and defense growth.
- Planned capital expenditures for full year 2025 are approximately $120 million, with about $90 million funded by the U.S. government.
Challenges Ahead
- Fourth-quarter shipments are expected to be lower than the third quarter due to normal year-end seasonality.
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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