Ohio Steelmaker Announced Q4 and Full-Year 2022 Results

SEATTLE (Scrap Monster): Canton, Ohio-headquartered TimkenSteel reported fourth quarter and full-year 2022 results.

The company reported Q4 net sales of $245.4 million and a net loss of $33.2 million or a loss of $0.75 per diluted share. The adjusted net loss stood at $4.6 million, or a loss of $0.10 per diluted share, while the adjusted EBITDA was $11.9 million.

This compares with sequential Q3 2022 net sales of $316.8 million and a net loss of $13.3 million, or a loss of $0.29 per diluted share. Also, the company had reported adjusted less loss of $4.1 million or $0.09 per diluted share, and adjusted EBITDA of $10.8 million during the sequential quarter.

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For the full year 2022, net income was $65.1 million, or $1.30 per diluted share, compared with net income of $171.0 million, or $3.18 per diluted share in 2021. The 2022 adjusted net income was $94.2 million, or $1.87 per diluted share, compared with $172.7 million, or $3.21 per diluted share a year. The adjusted EBITDA too were down significantly from $245.9 million to $172.2 million year-on-year.

The shipments totalled 128,300 tons in Q4 last year, down 19% sequentially. Also, full year shipments recorded notable decline by 15% from the prior year to total 692,100 tons in 2022, said the company press release.