TimkenSteel Corp. lost money for its fourth quarter and full year.
But fourth quarter earnings beat estimates by analysts who expected a larger loss.
The Canton steel maker on Thursday reported losing $25.5 million, or 58 cents per share, on revenue of $206.6 million for the fourth quarter ending Dec. 31. A year ago, TimkenSteel had a profit of $16.4 million, or 36 cents per share, on revenue of $408.3 million.
TimkenSteel’s earnings and revenue beat analyst estimates.
For the full year, TimkenSteel said revenue fell 34 percent to $1.1 billion from nearly $1.7 billion for fiscal 2014. The company lost $73.7 million, or $1.65 a share, compared to a profit of $104.4 million, or $2.27 a share in 2014.
“While we continue to feel the impact from weak global commodity markets and high customer inventory levels, our cost reduction efforts and pace of new business from innovation reduced the losses we anticipated in the quarter,” Ward “Tim” Timken, chairman, chief executive officer and president, said in a statement.