Metallus Announces First-Quarter 2025 Results

Financial Performance - The company reported first-quarter 2025 net sales of $280.5 million, a 17% increase from $240.5 million in the fourth quarter of 2024, but a 13% decrease from $321.6 million in the first quarter of 2024 [1][2][3][14] - Net income for the first quarter of 2025 was $1.3 million, or $0.03 per diluted share, compared to a net loss of $21.4 million in the fourth quarter of 2024 and a net income of $24.0 million in the first quarter of 2024 [1][2][3][22] - Adjusted EBITDA for the first quarter of 2025 was $17.7 million, compared to $8.3 million in the fourth quarter of 2024 and $43.4 million in the first quarter of 2024 [1][2][3][22] Operational Insights - The company experienced a 50% increase in order backlog compared to the same period last year, driven by a solid order book and market share gains [4] - Ship tons increased to 152,900 in the first quarter of 2025, a 17% sequential increase, primarily due to higher industrial, automotive, and energy shipments [14] - Manufacturing costs decreased by $12.5 million sequentially due to increased cost absorption from higher production volume [14] Cash Flow and Liquidity - As of March 31, 2025, the company had cash and cash equivalents of $180.3 million and total liquidity of $432.0 million [7][58] - Operating cash flow was an outflow of $38.9 million, primarily due to required pension contributions totaling $52.6 million [7][8] - Capital expenditures for the first quarter were $27.5 million, including $13.9 million for government-funded projects [7][9] Market and Strategic Outlook - The company anticipates second-quarter 2025 adjusted EBITDA to be higher than in the first quarter of 2025, supported by an increasing order book and improved operational performance [11][19] - Planned capital expenditures for the full year of 2025 are approximately $125 million, including about $90 million funded by the U.S. government [19] - The company is focused on strategic investments to drive profitable growth and maintain a share repurchase program [5]