WASHINGTON (dpa-AFX) - AK Steel Holding Corp (AKS) said Thursday it expects to report a net loss of $0.23 to $0.19 per share for the second quarter, citing hedging losses as well as the lingering effects of the harsh winter weather conditions.
Excluding the loss of $0.17 per share related to on derivatives, the company expects adjusted loss of $0.06 to $0.02 per share for the second quarter.
Analysts polled by Thomson Reuters expect the company to report earnings of $0.10 per share for the quarter. Analysts' estimates typically exclude special items.
West Chester, Ohio-based AK Steel said that although business conditions improved, its second-quarter results will be hurt by the impact of the harsh winter weather and hedging losses, which it expects to be largely offset in the second half of 2014 by lower costs for commodities or by gains in hedging positions.
AK Steel expects shipments of about 1.38 million tons in the second quarter, up about 9 percent from the sequential first quarter.
The company expects its average selling price for the second quarter to remain flat compared with the first quarter. While spot prices for carbon steel products and many of its specialty steel products have increased, the company's overall average selling price has not changed significantly due to a shift in product mix.
AK Steel stock closed Thursday at $7.44, down $0.16 or 2.11%, on a volume of 6.6 million shares. In after hours, the stock dropped $0.39 or 5.24% at $7.05.
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