AK Steel Holding Corporation (AKS) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $62.50 million, or $ 0.19 a share in the quarter, against a net loss of $13.60 million, or $0.08 a share in the last year period. Revenue during the quarter went up marginally by 0.96 percent to $1,533.40 million from $1,518.80 million in the previous year period.
Operating income for the quarter was $112.50 million, compared with $48 million in the previous year period.
Adjusted EBITDA for the quarter stood at $142.90 million.
“Our first quarter performance reflected the ongoing benefits of our margin enhancement activities, strong operational focus and an improved pricing environment,” said Roger K. Newport, chief executive officer of AK Steel. “We also made great progress in the quarter on new product development, as we continue to focus on introducing innovative products.”
Operating cash flow drops significantly
AK Steel Holding Corp has generated cash of $36.30 million from operating activities during the quarter, down 73.45 percent or $ 100.40 million, when compared with the last year period. The company has spent $31 million cash to meet investing activities during the quarter as against cash outgo of $28.90 million in the last year period.
Cash flow from financing activities was $7.20 million for the quarter as against cash outgo of $51.40 million in the last year period.
Cash and cash equivalents stood at $185.70 million as on Mar. 31, 2017, up 64.34 percent or $72.70 million from $113 million on Mar. 31, 2016.
Working capital increases
AK Steel Holding Corp has recorded an increase in the working capital over the last year. It stood at $885.80 million as at Mar. 31, 2017, up 18 percent or $135.10 million from $750.70 million on Mar. 31, 2016. Current ratio was at 1.85 as on Mar. 31, 2017, up from 1.76 on Mar. 31, 2016.
Debt comes down
AK Steel Holding Corp has recorded a decline in total debt over the last one year. It stood at $1,853 million as on Mar. 31, 2017, down 20.69 percent or $483.40 million from $2,336.40 million on Mar. 31, 2016. Short-term debt stood at $168.50 million as on Mar. 31, 2017. Total debt was 45.15 percent of total assets as on Mar. 31, 2017, compared with 58.60 percent on Mar. 31, 2016. Interest coverage ratio improved to 2.86 for the quarter from 1.12 for the same period last year.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
