UPDATE: AK Steel Down 5% - Q3 Loss Worse Than Expected, Co Warns On Q4

By MidnightTrader.com Staff,

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AK Steel ( AKS ) shares are down more than 5% but above a day low $5.10 following the company's pre-bell report that Q3 its net loss was $60.9 million, or $0.55 per diluted share of common stock, compared to a net loss of $3.5 million, or $0.03 per diluted share, for Q3 of 2011. AKS reportedly said it expects to incur a net loss for Q4 2012.

Excluding tax expenses and an inventory accounting credit, the adjusted loss was 25 cents per share, Reuters said. On that basis, it beat Wall Street estimates for a loss of 36 cents per share, according to Thomson Reuters I/B/E/S. Sales dropped to $1.46 billion from $1.58 billion.

The analyst consensus on Capital IQ was a loss of $0.37 per share on revenue

of $1.469 bln.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing Commodities
Referenced Stocks: AKS

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