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Stelco reports earnings of $125M in Q3, a sharp jump from last year

Volumes shipped by the Hamilton steelmaker surged more than 42% to 586 million tons.


HAMILTON — Stelco Holdings Inc. says it earned $125 million in the third quarter for a sharp rebound from the $30-million loss it reported in the same quarter last year.

The Hamilton-based steel producer says adjusted net income for the quarter ending Sept. 30 came to $135 million, or $1.52 per share, up from an $11 million or 15% per share loss for the same quarter last year.

Analysts had been anticipating earnings of $164 million or $1.54 per share, according to Thomson Reuters Eikon.

Revenue came in at $619 million, an 84% increase from the $336 million it pulled in for the same quarter last year as volumes shipped surged more than 42% to 586 million tons.

The company says it had $39 million in tariff costs in the quarter related to the US government’s imposition of steel and aluminum tariffs.

Stelco says higher prices helped offset tariff costs, as its average selling price was $980 per net ton, up from $793 per net ton for the same quarter last year.

 

News from © Canadian Press Enterprises Inc. 2016

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