Shares of steel producer
AK Steel Holding
were down a little this morning after the company announced that fourth-quarter profits beat Wall Street's lowered expectations.
Shares of AK were lately down 13 cents, or 1.4%, to $8.75 in
New York Stock Exchange
AK, which makes steel products for manufacturers and the construction industry, reported net income of $15.5 million, or 14 cents a share, higher than the net loss of $6.3 million, or 6 cents a share, the company reported in the same period one year ago. A consensus estimate by Wall Street analysts was dropped to 9 cents a share from 22 cents after the company warned in December that it would miss earnings estimates, according to research firm
First Call/Thomson Financial
However, the Middletown, Ohio-based company also said today that fourth-quarter revenues fell to $1.04 billion from $1.09 billion posted a year earlier and that in light of current steel market conditions, its quarterly dividend would be reduced to 6.25 cents a share from the current 12.5 cents. The new dividend is payable Feb. 28.