AK Steel Holding Corporation Announces Unaudited Consolidated Earnings and Operating Results for the Fourth Quarter and Full Year Ended December 31, 2014; Provides Capital Investments Guidance for the Year 2015
For the full year, the company reported net sales of $6,505.7 million against $5,570.4 million a year ago. Operating profit was $139.4 million against $135.8 million a year ago. Loss before income taxes was $26.4 million against income before income taxes of $7.0 million a year ago. Net loss attributable to the company was $96.9 million or $0.65 per diluted share against $46.8 million or $0.34 per diluted share a year ago. Excluding the effects of the pension corridor and OPEB settlement charges and acquisition-related expenses, the company reported an adjusted net loss of $59.7 million, or $0.40 per diluted share against $46.8 million or $0.34 per diluted share a year ago. The company reported adjusted EBITDA of $280.2 million, or $46 per ton, for 2014 compared to adjusted EBITDA of $255.0 million, or $48 per ton, for 2013. Net cash outflows from operating activities were $322.8 million against $110.2 million a year ago. EBITDA was $328.6 million against $333.3 million a year ago. For the year, capital investments totaled $80 million compared to $60 million in 2013.
For the fourth quarter, the company reported shipments of 2,010,200 tons, compared to shipments of 1,420,000 tons for the year-ago fourth quarter and shipments of 1,462,900 tons for the third quarter of 2014. The increase in shipments in the fourth quarter of 2014 compared to the year-ago quarter was principally due to the acquisition of Dearborn Works and continued strong demand from the automotive market. The increase in shipments in the fourth quarter of 2014 compared to the third quarter of 2014 was largely due to the acquisition of Dearborn Works and increased shipments to the carbon spot market.
For the year, the company's shipments for 2014 were 6,132,700 tons, an increase of 16% from 5,275,900 tons in 2013. Both net sales and shipments increases were principally due to the acquisition of Dearborn Works and increased demand from the automotive market.
In 2015, the company anticipates approximately $150 million in capital investments, with approximately 20% of these investments targeted to projects that will enhance the business and margins and the balance being mostly in maintenance CapEx.