CANTON, Ohio, Aug. 6, 2020 /PRNewswire/ -- TimkenSteel
(NYSE: TMST), a leader in customized alloy steel products and
services, today reported second-quarter 2020 net sales of
$154.0 million and a net loss of
$15.3 million. In the same quarter
last year, net sales were $336.7
million with net loss of $11.9
million. Adjusted EBITDA(1) for the second
quarter of 2020 was $5.7 million
compared with adjusted EBITDA(1) of $16.9 million in the same quarter last year. The
positive adjusted EBITDA in second-quarter 2020 was achieved
through aggressive cost reduction actions to help offset
significantly weaker demand.
"Thanks to the exceptional efforts of the TimkenSteel team, I am
encouraged that we were able to safely deliver positive EBITDA and
cash flow for the quarter despite historic weak demand. We continue
to prioritize the health and safety of our employees while focusing
on the needs of our customers as we all navigate to a new normal,"
said Terry L. Dunlap, interim chief
executive officer and president. "The organization continued to
execute the profitability improvement and cash generation
initiatives deployed earlier in the year while rapidly implementing
a host of additional cost reduction actions as the impacts of
COVID-19 became clear. We remain focused on taking actions to
improve our profitability and generate positive free cash flow
while effectively serving our customers. At the end of the second
quarter, our cash balance remained at a high level, and we have
ample liquidity to meet the current needs of our business."
SECOND QUARTER OF 2020 FINANCIAL SUMMARY
- Net sales of $154.0
million decreased 54 percent and 41 percent compared with
the prior-year and sequential quarters, respectively. The decline
in sales was primarily a result of the dramatic reduction in market
demand stemming from the COVID-19 pandemic. Additionally, the
decline in sales compared with the prior-year quarter was impacted
by a 29 percent decrease in our average raw material surcharge per
ton as a result of lower scrap and alloy prices.
- Ship tons of 108,700 declined 56 percent from the
prior-year second quarter as a result of lower demand across all
end markets, especially in automotive markets, which experienced
significant COVID-19-related production disruptions during the
quarter.
- Manufacturing costs were favorable compared with the
prior-year and sequential quarter primarily from significant cost
reduction actions, partially offset by the unfavorable impact of
weak demand on production levels and fixed cost leverage.
- SG&A expense of $16.8
million was $3.4 million lower
than the prior-year second quarter and $6.6
million lower sequentially primarily driven by reduced
employee costs as a result of the company's restructuring and
COVID-19-related cost reduction actions.
COVID-19 UPDATE
Throughout the COVID-19 crisis, TimkenSteel employees have
worked together to maintain a safe operating environment while
continuing to effectively service customers. Employees have
strictly followed guidelines set forth by the Centers for Disease
Control and Prevention, U.S. Department of Labor and Ohio
Department of Health, and the company's COVID-19 task force has
worked closely with local health departments where the company
operates.
To help offset the economic uncertainty and expected decline in
demand, the company implemented aggressive actions to reduce
operating expenses, conserve cash and maximize liquidity. In the
second quarter, the company's COVID-19-related actions saved
approximately $7 million in cash and
reduced administrative expenses by approximately $5 million.
(1) Please see
discussion of non-GAAP financial measures in this news
release.
CASH AND LIQUIDITY
Operating cash flow was $16.1
million for the second quarter of 2020, benefiting from cost
reduction actions and a number of systemic managed working capital
efficiency initiatives. Year-to-date, the company generated nearly
$80 million in cash from operating activities. This level of
cash generation, in a challenging demand environment, enabled the
company to maintain a higher-than-historical level of cash and cash
equivalents of $75.5 million as of
June 30, 2020 with no additional borrowings on its credit
facility during the second quarter. Total available liquidity
(available borrowing capacity plus cash and cash equivalents) was
$251.9 million at June 30, 2020.
OUTLOOK
The extent and duration of the COVID-19 pandemic remains
uncertain, as does its impact on the overall economy and
TimkenSteel's customers. For that reason, the company will not
provide guidance on shipments and earnings for the third
quarter.
The company expects its planned capital expenditure spending to
be between $15 million and
$20 million in 2020, a reduction from
the previous outlook of a maximum of $25
million.
TIMKENSTEEL EARNINGS CALL INFORMATION
The company will host a conference call at 9 a.m. ET on Friday, August 7, to discuss its
financial performance with investors and securities analysts. The
financial results will be available online at
investors.timkensteel.com.
Conference
call
|
Friday, August 7,
2020
9 a.m. ET Toll-free dial-in:
833-238-7951 International
dial-in: 647-689-4199
Conference ID: 2995267
|
Conference call
replay
|
Replay dial-in
available through August 14, 2020 800-585-8367 or 416-621-4642 Replay passcode: 2995267
|
About TimkenSteel Corporation
TimkenSteel (NYSE: TMST) manufactures high-performance carbon
and alloy steel products in Canton,
OH serving demanding applications in automotive, energy and
a variety of industrial end markets. The company is a premier U.S.
producer of alloy steel bars (up to 16 inches in diameter),
seamless mechanical tubing and precision components. In the
business of making high-quality steel primarily from
recycled materials for more than 100 years, TimkenSteel's proven
expertise contributes to the performance of our customers'
products. The company employs approximately 2,150 people and
had sales of $1.2 billion in
2019. For more information, please visit us
at www.timkensteel.com.
NON-GAAP FINANCIAL MEASURES
TimkenSteel reports its financial results in accordance with
accounting principles generally accepted in the United States ("GAAP") and corresponding
metrics as non-GAAP financial measures. This earnings release
includes references to the following non-GAAP financial measures:
adjusted earnings (loss) per share, adjusted net income (loss),
EBIT, adjusted EBIT, EBITDA, adjusted EBITDA, free cash flow and
base sales. These are important financial measures used in the
management of the business, including decisions concerning the
allocation of resources and assessment of performance. Management
believes that reporting these non-GAAP financial measures is useful
to investors as these measures are representative of the company's
performance and provide improved comparability of results.
See the attached schedules for definitions of the non-GAAP
financial measures referred to above and corresponding
reconciliations of these non-GAAP financial measures to the most
comparable GAAP financial measures. Non-GAAP financial measures
should be viewed as additions to, and not as alternatives for,
TimkenSteel's results prepared in accordance with GAAP. In
addition, the non-GAAP measures TimkenSteel uses may differ from
non-GAAP measures used by other companies, and other companies may
not define the non-GAAP measures TimkenSteel uses in the same
way.
FORWARD-LOOKING STATEMENTS
This news release includes "forward-looking" statements
within the meaning of the federal securities laws. You can
generally identify the company's forward-looking statements by
words such as "will," "anticipate," "believe," "could," "estimate,"
"expect," "forecast," "outlook," "intend," "may," "possible,"
"potential," "predict," "project," "seek," "target," "could,"
"may," "should" or "would" or other similar words, phrases or
expressions that convey the uncertainty of future events or
outcomes. The company cautions readers that actual results may
differ materially from those expressed or implied in
forward-looking statements made by or on behalf of the company due
to a variety of factors, such as: the potential impact of
the COVID-19 pandemic on the company's operations, financial
results, and liquidity; whether the company is able to
successfully implement actions designed to improve profitability on
anticipated terms and timetables and whether the company is able to
fully realize the expected benefits of such actions; deterioration
in world economic conditions, or in economic conditions in any of
the geographic regions in which the company conducts business,
including additional adverse effects from global economic slowdown,
terrorism or hostilities, including political risks associated with
the potential instability of governments and legal systems in
countries in which the company or its customers conduct business,
and changes in currency valuations; the effects of fluctuations in
customer demand on sales, product mix and prices in the industries
in which the company operates, including the ability of the company
to respond to rapid changes in customer demand, the effects of
customer bankruptcies or liquidations, the impact of changes in
industrial business cycles, and whether conditions of fair trade
exist in U.S. markets; competitive factors, including changes in
market penetration, increasing price competition by existing or new
foreign and domestic competitors, the introduction of new products
by existing and new competitors, and new technology that may impact
the way the company's products are sold or distributed; changes in
operating costs, including the effect of changes in the company's
manufacturing processes, changes in costs associated with varying
levels of operations and manufacturing capacity, availability of
raw materials and energy, the company's ability to mitigate the
impact of fluctuations in raw materials and energy costs and the
effectiveness of its surcharge mechanism, changes in the expected
costs associated with product warranty claims, changes resulting
from inventory management, cost reduction initiatives and different
levels of customer demands, the effects of unplanned work
stoppages, and changes in the cost of labor and benefits; the
success of the company's operating plans, announced programs,
initiatives and capital investments, and the company's ability to
maintain appropriate relations with unions that represent its
associates in certain locations in order to avoid disruptions of
business; unanticipated litigation, claims or assessments,
including claims or problems related to intellectual property,
product liability or warranty, and environmental issues and taxes,
among other matters; the availability of financing and interest
rates, which affect the company's cost of funds and/or ability to
raise capital, including the ability of the company to refinance or
repay at maturity the convertible notes due June 1, 2021; the company's pension
obligations and investment performance, and/or customer demand and
the ability of customers to obtain financing to purchase the
company's products or equipment that contain its products; the
amount of any dividend declared by the company's Board of Directors
on the company's common shares; and the overall impact of pension
and other postretirement benefit mark-to-market accounting.
Additional risks relating to the company's business, the industries
in which the company operates, or the company's common shares may
be described from time to time in the company's filings with the
SEC. All of these risk factors are difficult to predict, are
subject to material uncertainties that may affect actual results
and may be beyond the company's control. Readers are
cautioned that it is not possible to predict or identify all of the
risks, uncertainties and other factors that may affect future
results and that the above list should not be considered to be a
complete list. Except as required by the federal securities laws,
the company undertakes no obligation to publicly update or revise
any forward-looking statement, whether as a result of new
information, future events or otherwise.
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
|
|
Three Months
Ended
June
30,
|
|
|
Six Months
Ended
June
30,
|
|
(in millions,
except per share data) (Unaudited)
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
Net sales
|
|
$
|
154.0
|
|
|
$
|
336.7
|
|
|
$
|
413.6
|
|
|
$
|
707.7
|
|
Cost of products
sold
|
|
|
158.0
|
|
|
|
321.9
|
|
|
|
409.8
|
|
|
|
664.5
|
|
Gross
Profit
|
|
|
(4.0)
|
|
|
|
14.8
|
|
|
|
3.8
|
|
|
|
43.2
|
|
Selling, general
& administrative expenses (SG&A)
|
|
|
16.8
|
|
|
|
20.2
|
|
|
|
40.2
|
|
|
|
43.5
|
|
Restructuring
charges
|
|
|
0.3
|
|
|
|
3.6
|
|
|
|
0.9
|
|
|
|
3.6
|
|
Impairment charges
and loss (gain) on sale or disposal of assets
|
|
|
(0.9)
|
|
|
|
1.8
|
|
|
|
(3.2)
|
|
|
|
1.8
|
|
Other expense
(income), net
|
|
|
(8.1)
|
|
|
|
(0.2)
|
|
|
|
(5.4)
|
|
|
|
(2.9)
|
|
Earnings (Loss)
Before Interest and Taxes (EBIT) (1)
|
|
|
(12.1)
|
|
|
|
(10.6)
|
|
|
|
(28.7)
|
|
|
|
(2.8)
|
|
Interest
expense
|
|
|
3.0
|
|
|
|
4.2
|
|
|
|
6.2
|
|
|
|
8.4
|
|
Income (Loss)
Before Income Taxes
|
|
|
(15.1)
|
|
|
|
(14.8)
|
|
|
|
(34.9)
|
|
|
|
(11.2)
|
|
Provision (benefit)
for income taxes
|
|
|
0.2
|
|
|
|
(2.9)
|
|
|
|
0.3
|
|
|
|
(2.8)
|
|
Net Income
(Loss)
|
|
$
|
(15.3)
|
|
|
$
|
(11.9)
|
|
|
$
|
(35.2)
|
|
|
$
|
(8.4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss)
per Common Share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss)
per share
|
|
$
|
(0.34)
|
|
|
$
|
(0.27)
|
|
|
$
|
(0.78)
|
|
|
$
|
(0.19)
|
|
Diluted earnings
(loss) per share (2)
|
|
$
|
(0.34)
|
|
|
$
|
(0.27)
|
|
|
$
|
(0.78)
|
|
|
$
|
(0.19)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding - basic
|
|
|
45.0
|
|
|
|
44.8
|
|
|
|
44.9
|
|
|
|
44.7
|
|
Weighted average
shares outstanding - diluted
|
|
|
45.0
|
|
|
|
44.8
|
|
|
|
44.9
|
|
|
|
44.7
|
|
|
(1) EBIT is defined as net income
(loss) before interest expense and income taxes. EBIT is an
important financial measure used in the management of the business,
including decisions concerning the allocation of resources and
assessment of performance. Management believes that reporting EBIT
is useful to investors as this measure is representative of the
company's performance.
|
(2) Common share equivalents for
shares issuable for equity-based awards and common share
equivalents for shares issuable upon the conversion of outstanding
convertible notes, were excluded from the computation of diluted
earnings (loss) per share for the three and six months ended June
30, 2020 and 2019 because the effect of their inclusion would have
been anti-dilutive.
|
CONSOLIDATED
BALANCE SHEETS
|
(Dollars in
millions) (Unaudited)
|
|
June 30,
2020
|
|
|
December 31,
2019
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
75.5
|
|
|
$
|
27.1
|
|
Accounts receivable,
net of allowances
|
|
|
63.6
|
|
|
|
77.5
|
|
Inventories,
net
|
|
|
206.4
|
|
|
|
281.9
|
|
Deferred charges and
prepaid expenses
|
|
|
1.9
|
|
|
|
3.3
|
|
Assets held for
sale
|
|
|
2.1
|
|
|
|
4.1
|
|
Other current
assets
|
|
|
5.6
|
|
|
|
7.8
|
|
Total Current
Assets
|
|
|
355.1
|
|
|
|
401.7
|
|
|
|
|
|
|
|
|
|
|
Property, plant and
equipment, net
|
|
|
595.4
|
|
|
|
626.4
|
|
Operating lease
right-of-use assets
|
|
|
18.5
|
|
|
|
14.3
|
|
Pension
assets
|
|
|
20.4
|
|
|
|
25.2
|
|
Intangible assets,
net
|
|
|
11.2
|
|
|
|
14.3
|
|
Other non-current
assets
|
|
|
3.1
|
|
|
|
3.3
|
|
Total
Assets
|
|
$
|
1,003.7
|
|
|
$
|
1,085.2
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
48.1
|
|
|
$
|
69.3
|
|
Salaries, wages and
benefits
|
|
|
19.4
|
|
|
|
13.9
|
|
Accrued pension and
postretirement costs
|
|
|
3.0
|
|
|
|
3.0
|
|
Current operating
lease liabilities
|
|
|
7.0
|
|
|
|
6.2
|
|
Convertible notes,
net
|
|
|
81.0
|
|
|
|
—
|
|
Other current
liabilities
|
|
|
11.4
|
|
|
|
19.9
|
|
Total Current
Liabilities
|
|
|
169.9
|
|
|
|
112.3
|
|
|
|
|
|
|
|
|
|
|
Convertible notes,
net
|
|
|
—
|
|
|
|
78.6
|
|
Credit
agreement
|
|
|
60.0
|
|
|
|
90.0
|
|
Non-current operating
lease liabilities
|
|
|
11.5
|
|
|
|
8.2
|
|
Accrued pension and
postretirement costs
|
|
|
223.0
|
|
|
|
222.1
|
|
Deferred income
taxes
|
|
|
0.9
|
|
|
|
0.9
|
|
Other non-current
liabilities
|
|
|
11.4
|
|
|
|
10.0
|
|
Total
Liabilities
|
|
|
476.7
|
|
|
|
522.1
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
Additional paid-in
capital
|
|
|
840.7
|
|
|
|
844.8
|
|
Retained
deficit
|
|
|
(336.7)
|
|
|
|
(301.5)
|
|
Treasury
shares
|
|
|
(17.5)
|
|
|
|
(24.9)
|
|
Accumulated other
comprehensive income (loss)
|
|
|
40.5
|
|
|
|
44.7
|
|
Total Shareholders'
Equity
|
|
|
527.0
|
|
|
|
563.1
|
|
Total Liabilities and
Shareholders' Equity
|
|
$
|
1,003.7
|
|
|
$
|
1,085.2
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
(Dollars in
millions) (Unaudited)
|
|
Three Months
Ended
June
30,
|
|
|
Six Months
Ended
June
30,
|
|
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
CASH PROVIDED
(USED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
|
(15.3)
|
|
|
$
|
(11.9)
|
|
|
$
|
(35.2)
|
|
|
$
|
(8.4)
|
|
Adjustments to
reconcile net income (loss) to net cash provided (used) by
operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
16.8
|
|
|
|
17.9
|
|
|
35.4
|
|
|
|
35.7
|
|
Amortization of
deferred financing fees and debt discount
|
|
|
1.4
|
|
|
|
1.2
|
|
|
|
2.7
|
|
|
|
2.5
|
|
Impairment charges
and loss (gain) on sale or disposal of assets
|
|
|
(0.3)
|
|
|
|
1.8
|
|
|
|
(3.2)
|
|
|
|
1.8
|
|
Deferred income
taxes
|
|
|
0.1
|
|
|
|
—
|
|
|
|
0.3
|
|
|
|
(0.2)
|
|
Stock-based
compensation expense
|
|
|
1.6
|
|
|
|
1.6
|
|
|
|
3.6
|
|
|
|
3.8
|
|
Pension and
postretirement expense (benefit), net
|
|
|
(3.2)
|
|
|
|
1.5
|
|
|
|
4.9
|
|
|
|
3.3
|
|
Pension and
postretirement contributions and payments
|
|
|
(0.7)
|
|
|
|
(1.1)
|
|
|
|
(3.2)
|
|
|
|
(3.5)
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable,
net
|
|
|
31.3
|
|
|
|
4.9
|
|
|
|
13.9
|
|
|
|
17.0
|
|
Inventories,
net
|
|
|
34.1
|
|
|
|
30.1
|
|
|
|
75.5
|
|
|
|
3.3
|
|
Accounts
payable
|
|
|
(43.9)
|
|
|
|
(19.6)
|
|
|
|
(17.2)
|
|
|
|
(50.3)
|
|
Other accrued
expenses
|
|
|
(7.6)
|
|
|
|
(10.9)
|
|
|
|
(2.0)
|
|
|
|
(22.3)
|
|
Deferred charges and
prepaid expenses
|
|
|
1.7
|
|
|
|
0.8
|
|
|
|
1.4
|
|
|
|
0.9
|
|
Other, net
|
|
|
0.1
|
|
|
|
(0.3)
|
|
|
|
3.0
|
|
|
|
(1.2)
|
|
Net Cash Provided
(Used) by Operating Activities
|
|
|
16.1
|
|
|
|
16.0
|
|
|
|
79.9
|
|
|
|
(17.6)
|
|
Investing
Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
expenditures
|
|
|
(6.7)
|
|
|
|
(7.9)
|
|
|
|
(9.6)
|
|
|
|
(12.3)
|
|
Proceeds from
disposals of property, plant and equipment
|
|
|
0.6
|
|
|
|
—
|
|
|
|
8.4
|
|
|
|
—
|
|
Net Cash Provided
(Used) by Investing Activities
|
|
|
(6.1)
|
|
|
|
(7.9)
|
|
|
|
(1.2)
|
|
|
|
(12.3)
|
|
Financing
Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from
exercise of stock options
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.2
|
|
Shares surrendered
for employee taxes on stock compensation
|
|
|
(0.1)
|
|
|
|
—
|
|
|
|
(0.3)
|
|
|
|
(1.0)
|
|
Repayments on credit
agreements
|
|
|
—
|
|
|
|
(5.0)
|
|
|
|
(30.0)
|
|
|
|
(10.0)
|
|
Borrowings on credit
agreements
|
|
|
—
|
|
|
|
10.0
|
|
|
|
—
|
|
|
|
40.0
|
|
Net Cash Provided
(Used) by Financing Activities
|
|
|
(0.1)
|
|
|
|
5.0
|
|
|
|
(30.3)
|
|
|
|
29.2
|
|
Increase (Decrease)
in Cash and Cash Equivalents
|
|
|
9.9
|
|
|
|
13.1
|
|
|
|
48.4
|
|
|
|
(0.7)
|
|
Cash and cash
equivalents at beginning of period
|
|
|
65.6
|
|
|
|
7.8
|
|
|
|
27.1
|
|
|
|
21.6
|
|
Cash and Cash
Equivalents at End of Period
|
|
$
|
75.5
|
|
|
$
|
20.9
|
|
|
$
|
75.5
|
|
|
$
|
20.9
|
|
Reconciliation of
Free Cash Flow(1) to GAAP Net Cash Provided (Used)
by Operating Activities:
|
|
This reconciliation
is provided as additional relevant information about the company's
financial position. Free cash flow is an important financial
measure used in the management of the business. Management believes
that free cash flow is useful to investors because it is a
meaningful indicator of cash generated from operating activities
available for the execution of its business strategy.
|
|
|
|
Three Months
Ended
June
30,
|
|
|
Six Months
Ended
June
30,
|
|
(Dollars in
millions) (Unaudited)
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
Net Cash Provided
(Used) by Operating Activities
|
|
$
|
16.1
|
|
|
$
|
16.0
|
|
|
$
|
79.9
|
|
|
$
|
(17.6)
|
|
Less: Capital
expenditures
|
|
|
(6.7)
|
|
|
|
(7.9)
|
|
|
|
(9.6)
|
|
|
|
(12.3)
|
|
Free Cash
Flow
|
|
$
|
9.4
|
|
|
$
|
8.1
|
|
|
$
|
70.3
|
|
|
$
|
(29.9)
|
|
|
(1) Free Cash Flow is defined as net
cash provided (used) by operating activities less capital
expenditures.
|
Reconciliation of
adjusted net income (loss)(2) to GAAP net income
(loss) and adjusted diluted earnings (loss) per
share(1) to GAAP diluted earnings (loss) per share
for the three months ended June 30, 2020 and 2019
|
|
|
|
Adjusted net income
(loss), adjusted diluted earnings (loss) per share and other
adjusted items referred to below are financial measures not
required by, or presented in accordance with GAAP. These Non-GAAP
financial measures should be considered as a supplement to, and not
as a substitute for, the financial measures prepared in accordance
with GAAP, and a reconciliation of these financial measures to the
most comparable GAAP financial measures is presented. Management
believes this data provides investors with additional useful
information on the underlying operations and trends of the business
and enables period-to-period comparability of the company's
financial performance.
|
|
|
|
Three months ended
June 30, 2020
|
|
(Dollars in
millions) (Unaudited)
|
|
Net
income
(loss)
|
|
|
Cost
of
products
sold
|
|
|
Restructuring
charges
|
|
|
Impairment
charges and
loss (gain)
on sale
or
disposal
of
assets
|
|
|
SG&A
|
|
|
Other
expense
(income),
Net
|
|
|
Income
tax
(benefit)
expense
(2)
|
|
|
Diluted
earnings
(loss)
per
share(1)
|
|
As
reported
|
|
$
|
(15.3)
|
|
|
$
|
158.0
|
|
|
$
|
0.3
|
|
|
$
|
(0.9)
|
|
|
$
|
16.8
|
|
|
$
|
(8.1)
|
|
|
$
|
0.2
|
|
|
$
|
(0.34)
|
|
Adjustments:(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of
TMS assets
|
|
|
(1.0)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1.0
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.02)
|
|
Restructuring
charges
|
|
|
0.3
|
|
|
|
—
|
|
|
|
(0.3)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.01
|
|
TMS inventory
write-down
|
|
|
3.1
|
|
|
|
(3.1)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.07
|
|
Gain from
remeasurement of benefit plans
|
|
|
(1.9)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1.9
|
|
|
|
—
|
|
|
|
(0.04)
|
|
Business
transformation costs
|
|
|
0.5
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.5)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.01
|
|
As
adjusted
|
|
$
|
(14.3)
|
|
|
$
|
154.9
|
|
|
$
|
—
|
|
|
$
|
0.1
|
|
|
$
|
16.3
|
|
|
$
|
(6.2)
|
|
|
$
|
0.2
|
|
|
$
|
(0.31)
|
|
|
|
Three months ended
June 30, 2019
|
|
(Dollars in
millions) (Unaudited)
|
|
Net
income
(loss)
|
|
|
Restructuring
charges
|
|
|
Impairment
charges and
loss (gain)
on sale
or
disposal
of
assets
|
|
|
Other
expense
(income),
Net
|
|
|
Income
tax
(benefit)
expense
(2)
|
|
|
Diluted
earnings
(loss)
per
share(1)
|
|
As
reported
|
|
$
|
(11.9)
|
|
|
$
|
3.6
|
|
|
$
|
1.8
|
|
|
$
|
(0.2)
|
|
|
$
|
(2.9)
|
|
|
$
|
(0.27)
|
|
Adjustments:(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on
abandonment of long-lived assets
|
|
|
1.6
|
|
|
|
—
|
|
|
|
(1.6)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.04
|
|
Restructuring
charges
|
|
|
3.6
|
|
|
|
(3.6)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.08
|
|
Loss from
remeasurement of benefit plans
|
|
|
4.4
|
|
|
|
—
|
|
|
|
—
|
|
|
|
4.4
|
|
|
|
—
|
|
|
|
0.10
|
|
As
adjusted
|
|
$
|
(2.3)
|
|
|
$
|
—
|
|
|
$
|
0.2
|
|
|
$
|
4.2
|
|
|
$
|
(2.9)
|
|
|
$
|
(0.05)
|
|
|
(1) Common share equivalents for
shares issuable upon the conversion of outstanding convertible
notes and Common share equivalents for shares issuable for
equity-based awards for the three months ended June 30, 2020 and
2019, were excluded from the computation of adjusted diluted
earnings (loss) per share because the effect of their inclusion
would have been anti-dilutive.
|
(2) These adjustments have a $0 net
tax effect, since the company has Net Operating Loss
carryforwards.
|
(3) Adjusted net income (loss) is
defined as net income (loss) excluding, as applicable, adjustments
listed in the table above.
|
Reconciliation of
adjusted net income (loss)(2) to GAAP net income
(loss) and adjusted diluted earnings (loss) per
share(1) to GAAP diluted earnings (loss) per share
for the six months ended June 30, 2020 and 2019
|
|
|
|
Adjusted net income
(loss), adjusted diluted earnings (loss) per share and other
adjusted items referred to below are financial measures not
required by, or presented in accordance with GAAP. These Non-GAAP
financial measures should be considered as a supplement to, and not
as a substitute for, the financial measures prepared in accordance
with GAAP, and a reconciliation of these financial measures to the
most comparable GAAP financial measures is presented. Management
believes this data provides investors with additional useful
information on the underlying operations and trends of the business
and enables period-to-period comparability of the company's
financial performance.
|
|
|
|
Six months ended
June 30, 2020
|
|
(Dollars in
millions) (Unaudited)
|
|
Net
income
(loss)
|
|
|
Cost
of
products
sold
|
|
|
SG&A
|
|
|
Restructuring
charges
|
|
|
|
|
Impairment
charges and
loss (gain)
on sale
or
disposal
of
assets
|
|
|
Other
expense
(income),
Net
|
|
|
Income
tax
(benefit)
expense
(2)
|
|
|
Diluted
earnings
(loss)
per
share(1)
|
|
As
reported
|
|
$
|
(35.2)
|
|
|
$
|
409.8
|
|
|
$
|
40.2
|
|
|
$
|
0.9
|
|
|
|
|
$
|
(3.2)
|
|
|
$
|
(5.4)
|
|
|
$
|
0.3
|
|
|
$
|
(0.78)
|
|
Adjustments:(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on sale of
scrap processing facility
|
|
|
0.1
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
(0.1)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Gain on sale of
TMS assets
|
|
|
(4.2)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
4.2
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.09)
|
|
Restructuring
charges
|
|
|
0.9
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.9)
|
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.02
|
|
Accelerated
depreciation and amortization
|
|
|
1.6
|
|
|
|
(1.6)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.04
|
|
Loss from
remeasurement of benefit plans
|
|
|
7.6
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
(7.6)
|
|
|
|
—
|
|
|
|
0.17
|
|
Faircrest plant
asset disposal, net of recovery
|
|
|
(0.1)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
(0.2)
|
|
|
|
0.3
|
|
|
|
—
|
|
|
|
—
|
|
Business
transformation costs
|
|
|
0.5
|
|
|
|
—
|
|
|
|
(0.5)
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.01
|
|
TMS inventory
write-down
|
|
|
3.1
|
|
|
|
(3.1)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.07
|
|
As
adjusted
|
|
$
|
(25.7)
|
|
|
$
|
405.1
|
|
|
$
|
39.7
|
|
|
$
|
—
|
|
|
|
|
$
|
0.7
|
|
|
$
|
(12.7)
|
|
|
$
|
0.3
|
|
|
$
|
(0.56)
|
|
|
|
Six months ended
June 30, 2019
|
|
(Dollars in
millions) (Unaudited)
|
|
Net
income
(loss)
|
|
|
Cost
of
products
sold
|
|
|
|
|
Restructuring
charges
|
|
|
|
Loss (gain)
on sale
or
disposal
of
assets
|
|
|
Other
expense
(income),
Net
|
|
|
Income
tax
(benefit)
expense
(2)
|
|
|
Diluted
earnings
(loss)
per
share(1)
|
|
As
reported
|
|
$
|
(8.4)
|
|
|
$
|
664.5
|
|
|
|
|
|
|
$
|
3.6
|
|
|
|
|
$
|
1.8
|
|
|
$
|
(2.9)
|
|
|
$
|
(2.8)
|
|
|
$
|
(0.19)
|
|
Adjustments:(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on
abandonment of long-lived assets
|
|
|
1.6
|
|
|
|
—
|
|
|
|
|
|
|
|
—
|
|
|
|
|
|
(1.6)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.04
|
|
Restructuring
charges
|
|
|
3.6
|
|
|
|
—
|
|
|
|
|
|
|
|
(3.6)
|
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.08
|
|
Loss from
remeasurement of benefit plans
|
|
|
4.4
|
|
|
|
—
|
|
|
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
4.4
|
|
|
|
—
|
|
|
|
0.10
|
|
As
adjusted
|
|
$
|
1.2
|
|
|
$
|
664.5
|
|
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
0.2
|
|
|
$
|
1.5
|
|
|
$
|
(2.8)
|
|
|
$
|
0.03
|
|
|
(1) Common share equivalents for
shares issuable upon the conversion of outstanding convertible
notes and Common share equivalents for shares issuable for
equity-based awards for the six months ended June 30, 2020, were
excluded from the computation of adjusted diluted earnings (loss)
per share because the effect of their inclusion would have been
anti-dilutive.
|
(2) These adjustments have a $0 net
tax effect, since the company has Net Operating Loss
carryforwards.
|
(3) Adjusted net income (loss) is
defined as net income (loss) excluding, as applicable, adjustments
listed in the table above.
|
Reconciliation of
Earnings (Loss) Before Interest and Taxes (EBIT)(1),
Adjusted EBIT(3), Earnings (Loss) Before Interest,
Taxes, Depreciation and Amortization
(EBITDA)(2) and Adjusted
EBITDA(4) to GAAP Net Income (Loss):
|
|
This reconciliation
is provided as additional relevant information about the company's
performance. EBIT, Adjusted EBIT, EBITDA and Adjusted EBITDA are
important financial measures used in the management of the
business, including decisions concerning the allocation of
resources and assessment of performance. Management believes that
reporting EBIT, Adjusted EBIT, EBITDA and Adjusted EBITDA is useful
to investors as these measures are representative of the company's
performance. Management also believes that it is appropriate to
compare GAAP net income (loss) to EBIT, Adjusted EBIT, EBITDA and
Adjusted EBITDA.
|
|
|
|
Three Months Ended
June
30,
|
|
|
Six Months Ended
June
30,
|
|
|
Three Months Ended
March
31,
|
|
(Dollars in
millions) (Unaudited)
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
Net income
(loss)
|
|
$
|
(15.3)
|
|
|
$
|
(11.9)
|
|
|
$
|
(35.2)
|
|
|
$
|
(8.4)
|
|
|
$
|
(19.9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision (benefit)
for income taxes
|
|
|
0.2
|
|
|
|
(2.9)
|
|
|
|
0.3
|
|
|
|
(2.8)
|
|
|
|
0.1
|
|
Interest
expense
|
|
|
3.0
|
|
|
|
4.2
|
|
|
|
6.2
|
|
|
|
8.4
|
|
|
|
3.2
|
|
Earnings Before
Interest and Taxes (EBIT) (1)
|
|
$
|
(12.1)
|
|
|
$
|
(10.6)
|
|
|
$
|
(28.7)
|
|
|
$
|
(2.8)
|
|
|
$
|
(16.6)
|
|
EBIT Margin
(1)
|
|
|
(7.9)
|
%
|
|
|
(3.1)
|
%
|
|
|
(6.9)
|
%
|
|
|
(0.4)
|
%
|
|
|
(6.4)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
16.8
|
|
|
|
17.9
|
|
|
|
35.4
|
|
|
|
35.7
|
|
|
|
18.6
|
|
Earnings Before
Interest, Taxes, Depreciation and Amortization (EBITDA)
(2)
|
|
$
|
4.7
|
|
|
$
|
7.3
|
|
|
$
|
6.7
|
|
|
$
|
32.9
|
|
|
$
|
2.0
|
|
EBITDA Margin
(2)
|
|
|
3.1
|
%
|
|
|
2.2
|
%
|
|
|
1.6
|
%
|
|
|
4.6
|
%
|
|
|
0.8
|
%
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on abandonment
of long-lived assets
|
|
|
—
|
|
|
|
(1.6)
|
|
|
|
—
|
|
|
|
(1.6)
|
|
|
|
—
|
|
Loss on sale of scrap
processing facility
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.1)
|
|
|
|
—
|
|
|
|
(0.2)
|
|
Gain on sale of TMS
assets
|
|
|
1.0
|
|
|
|
—
|
|
|
|
4.2
|
|
|
|
—
|
|
|
|
3.2
|
|
Restructuring
charges
|
|
|
(0.3)
|
|
|
|
(3.6)
|
|
|
|
(0.9)
|
|
|
|
(3.6)
|
|
|
|
(0.6)
|
|
Accelerated
depreciation and amortization (EBIT only)
|
|
|
—
|
|
|
|
—
|
|
|
|
(1.6)
|
|
|
|
—
|
|
|
|
(1.6)
|
|
Gain (loss) from
remeasurement of benefit plans
|
|
|
1.9
|
|
|
|
(4.4)
|
|
|
|
(7.6)
|
|
|
|
(4.4)
|
|
|
|
(9.5)
|
|
Faircrest plant asset
disposal, net of recovery
|
|
|
—
|
|
|
|
—
|
|
|
|
0.1
|
|
|
|
—
|
|
|
|
0.1
|
|
Business
transformation costs
|
|
|
(0.5)
|
|
|
|
—
|
|
|
|
(0.5)
|
|
|
|
—
|
|
|
|
—
|
|
TMS inventory
write-down
|
|
|
(3.1)
|
|
|
|
—
|
|
|
|
(3.1)
|
|
|
|
—
|
|
|
|
—
|
|
Adjusted EBIT
(3)
|
|
$
|
(11.1)
|
|
|
$
|
(1.0)
|
|
|
$
|
(19.2)
|
|
|
$
|
6.8
|
|
|
$
|
(8.0)
|
|
Adjusted EBIT Margin
(3)
|
|
|
(7.2)
|
%
|
|
|
(0.3)
|
%
|
|
|
(4.6)
|
%
|
|
|
1.0
|
%
|
|
|
(3.1)
|
%
|
Adjusted EBITDA
(4)
|
|
$
|
5.7
|
|
|
$
|
16.9
|
|
|
$
|
14.6
|
|
|
$
|
42.5
|
|
|
$
|
9.0
|
|
Adjusted EBITDA
Margin (4)
|
|
|
3.7
|
%
|
|
|
5.0
|
%
|
|
|
3.5
|
%
|
|
|
6.0
|
%
|
|
|
3.8
|
%
|
|
(1) EBIT is defined as net income
(loss) before interest expense and income taxes. EBIT Margin is
EBIT as a percentage of net sales.
|
(2) EBITDA is defined as net income
(loss) before interest expense, income taxes, depreciation and
amortization. EBITDA Margin is EBITDA as a percentage of net
sales.
|
(3) Adjusted EBIT is defined as EBIT
excluding, as applicable, adjustments listed in the table above.
Adjusted EBIT Margin is Adjusted EBIT as a percentage of net
sales.
|
(4) Adjusted EBITDA is defined as
EBITDA excluding, as applicable, adjustments listed in the table
above. Adjusted EBITDA Margin is Adjusted EBITDA as a percentage of
net sales.
|
Calculation of
Total Liquidity(1):
|
|
This calculation is
provided as additional relevant information about the company's
financial position.
|
|
(Dollars in
millions) (Unaudited)
|
|
June
30,
2020
|
|
|
December
31,
2019
|
|
Cash and cash
equivalents
|
|
$
|
75.5
|
|
|
$
|
27.1
|
|
|
|
|
|
|
|
|
|
|
Credit
Agreement:
|
|
|
|
|
|
|
|
|
Maximum
availability
|
|
$
|
400.0
|
|
|
$
|
400.0
|
|
Suppressed
availability(2)
|
|
|
(159.9)
|
|
|
|
(103.0)
|
|
Availability
|
|
|
240.1
|
|
|
|
297.0
|
|
Credit facility
amount borrowed
|
|
|
(60.0)
|
|
|
|
(90.0)
|
|
Letter of credit
obligations
|
|
|
(3.7)
|
|
|
|
(3.8)
|
|
Availability not
borrowed
|
|
$
|
176.4
|
|
|
$
|
203.2
|
|
|
|
|
|
|
|
|
|
|
Total
liquidity
|
|
$
|
251.9
|
|
|
$
|
230.3
|
|
|
(1) Total Liquidity is defined as
available borrowing capacity plus cash and cash
equivalents.
|
(2) As of June 30, 2020, and December
31, 2019, TimkenSteel had less than $400 million in collateral
assets to borrow against.
|
ADJUSTED
EBITDA(1) WALKS
|
|
(Dollars in
millions) (Unaudited)
|
|
2019 2Q vs.
2020 2Q
|
|
|
2020 1Q vs.
2020 2Q
|
|
Beginning Adjusted
EBITDA(1)
|
|
$
|
17
|
|
|
$
|
9
|
|
Volume
|
|
|
(27)
|
|
|
|
(17)
|
|
Price/Mix
|
|
|
4
|
|
|
|
8
|
|
Raw Material
Spread
|
|
|
1
|
|
|
|
(4)
|
|
Manufacturing
|
|
|
7
|
|
|
|
3
|
|
Inventory
Reserve
|
|
|
(1)
|
|
|
|
(1)
|
|
SG&A
|
|
|
4
|
|
|
|
7
|
|
Other
|
|
|
1
|
|
|
|
1
|
|
Ending Adjusted
EBITDA(1)
|
|
$
|
6
|
|
|
$
|
6
|
|
|
(1) Please refer to the
Reconciliation of Earnings (Loss) Before Interest and Taxes (EBIT),
Adjusted EBIT, Earnings
(Loss) Before Interest, Taxes, Depreciation and Amortization
(EBITDA) and Adjusted EBITDA to GAAP Net Income (Loss).
|
Reconciliation of
Base Sales by end market sector to GAAP Net Sales by end-market
sector:
|
|
The tables below
present base sales by end-market sector, which represents a
financial measure that has not been determined in accordance with
U.S. GAAP. Base sales by end-market sector is defined as net sales
by end-market sector excluding raw material surcharges. Base Sales
by end-market sector is an important financial measure used in the
management of the business. Management believes presenting base
sales by end-market sector is useful to investors as it provides
additional insight into key drivers of base sales such as base
price and product mix.
|
|
Quarterly End
Market Sector Sales Data
|
(Dollars in
millions, tons in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, 2020
|
|
|
|
Mobile
|
|
|
Industrial
|
|
|
Energy
|
|
|
Other
|
|
|
Total
|
|
Tons
|
|
|
32.7
|
|
|
|
63.2
|
|
|
|
9.1
|
|
|
|
3.7
|
|
|
|
108.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales
|
|
$
|
36.1
|
|
|
$
|
98.0
|
|
|
$
|
14.6
|
|
|
$
|
5.3
|
|
|
$
|
154.0
|
|
Less:
Surcharges
|
|
|
6.7
|
|
|
|
14.6
|
|
|
|
2.2
|
|
|
|
0.8
|
|
|
|
24.3
|
|
Base Sales
|
|
$
|
29.4
|
|
|
$
|
83.4
|
|
|
$
|
12.4
|
|
|
$
|
4.5
|
|
|
$
|
129.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales /
Ton
|
|
$
|
1,104
|
|
|
$
|
1,551
|
|
|
$
|
1,604
|
|
|
$
|
1,432
|
|
|
$
|
1,417
|
|
Surcharges /
Ton
|
|
$
|
205
|
|
|
$
|
231
|
|
|
$
|
241
|
|
|
$
|
216
|
|
|
$
|
224
|
|
Base Sales /
Ton
|
|
$
|
899
|
|
|
$
|
1,320
|
|
|
$
|
1,363
|
|
|
$
|
1,216
|
|
|
$
|
1,193
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, 2019
|
|
|
|
Mobile
|
|
|
Industrial
|
|
|
Energy
|
|
|
Other
|
|
|
Total
|
|
Tons
|
|
|
110.3
|
|
|
|
86.4
|
|
|
|
31.0
|
|
|
|
20.4
|
|
|
|
248.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales
|
|
$
|
135.3
|
|
|
$
|
124.3
|
|
|
$
|
54.1
|
|
|
$
|
23.0
|
|
|
$
|
336.7
|
|
Less:
Surcharges
|
|
|
32.1
|
|
|
|
27.4
|
|
|
|
12.0
|
|
|
|
6.4
|
|
|
|
77.9
|
|
Base Sales
|
|
$
|
103.2
|
|
|
$
|
96.9
|
|
|
$
|
42.1
|
|
|
$
|
16.6
|
|
|
$
|
258.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales /
Ton
|
|
$
|
1,227
|
|
|
$
|
1,439
|
|
|
$
|
1,745
|
|
|
$
|
1,127
|
|
|
$
|
1,357
|
|
Surcharges /
Ton
|
|
$
|
291
|
|
|
$
|
317
|
|
|
$
|
387
|
|
|
$
|
313
|
|
|
$
|
314
|
|
Base Sales /
Ton
|
|
$
|
936
|
|
|
$
|
1,122
|
|
|
$
|
1,358
|
|
|
$
|
814
|
|
|
$
|
1,043
|
|
|
(Dollars in
millions, tons in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30, 2020
|
|
|
|
Mobile
|
|
|
Industrial
|
|
|
Energy
|
|
|
Other
|
|
|
Total
|
|
Tons
|
|
|
121.5
|
|
|
|
144.4
|
|
|
|
27.5
|
|
|
|
28.7
|
|
|
|
322.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales
|
|
$
|
133.8
|
|
|
$
|
211.3
|
|
|
$
|
39.8
|
|
|
$
|
28.7
|
|
|
$
|
413.6
|
|
Less:
Surcharges
|
|
|
23.3
|
|
|
|
33.4
|
|
|
|
6.4
|
|
|
|
7.1
|
|
|
|
70.2
|
|
Base Sales
|
|
$
|
110.5
|
|
|
$
|
177.9
|
|
|
$
|
33.4
|
|
|
$
|
21.6
|
|
|
$
|
343.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales /
Ton
|
|
$
|
1,101
|
|
|
$
|
1,463
|
|
|
$
|
1,447
|
|
|
$
|
1,000
|
|
|
$
|
1,284
|
|
Surcharges
/Ton
|
|
$
|
192
|
|
|
$
|
231
|
|
|
$
|
232
|
|
|
$
|
247
|
|
|
$
|
218
|
|
Base Sales /
Ton
|
|
$
|
909
|
|
|
$
|
1,232
|
|
|
$
|
1,215
|
|
|
$
|
753
|
|
|
$
|
1,066
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30, 2019
|
|
|
|
Mobile
|
|
|
Industrial
|
|
|
Energy
|
|
|
Other
|
|
|
Total
|
|
Tons
|
|
|
223.1
|
|
|
|
188.9
|
|
|
|
62.4
|
|
|
|
34.6
|
|
|
|
509.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales
|
|
$
|
279.5
|
|
|
$
|
271.3
|
|
|
$
|
114.9
|
|
|
$
|
42.0
|
|
|
$
|
707.7
|
|
Less:
Surcharges
|
|
|
69.6
|
|
|
|
62.5
|
|
|
|
24.5
|
|
|
|
11.0
|
|
|
|
167.6
|
|
Base Sales
|
|
$
|
209.9
|
|
|
$
|
208.8
|
|
|
$
|
90.4
|
|
|
$
|
31.0
|
|
|
$
|
540.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales /
Ton
|
|
$
|
1,253
|
|
|
$
|
1,436
|
|
|
$
|
1,841
|
|
|
$
|
1,214
|
|
|
$
|
1,390
|
|
Surcharges /
Ton
|
|
$
|
312
|
|
|
$
|
331
|
|
|
$
|
392
|
|
|
$
|
318
|
|
|
$
|
329
|
|
Base Sales /
Ton
|
|
$
|
941
|
|
|
$
|
1,105
|
|
|
$
|
1,449
|
|
|
$
|
896
|
|
|
$
|
1,061
|
|
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SOURCE TimkenSteel Corp.