NEW YORK (TheStreet) -- AK Steel Holding Corp. (AKS) - Get Free Report stock is increasing 0.43% to $2.35 in afternoon trading on Tuesday, after the company reported earnings and revenue that surpassed estimates for the third quarter of 2015.
The steelmaker reported adjusted earnings of 4 cents per diluted share on $1.71 billion in revenue for the quarter ended September 30, driven by lower raw material costs and increased shipments to the auto industry.
Analysts had expected a loss of 8 cents per share on $1.7 billion in revenue for the latest quarter.
Steel product shipments totaled 1.87 million tons, with average sales price of $912 per ton, down 2% compared with the second quarter of 2015.
"Despite facing the continued onslaught of what we believe are unfairly traded carbon steel imports, we experienced our best quarterly financial performance in nearly six years," CEO James Wainscott said in a statement.
Wainscott will step down from his roles as president and CEO on January 1, but will remain with the company as chairman, AK Steel announced today.
Roger Newport was appointed CEO and will join the board, while Kirk Reich will serve as president and COO.
Newport "has the vision, strategic focus and the tenacity necessary to lead our company into the future," Wainscott noted.
Separately, TheStreet Ratings team rates AK STEEL HOLDING CORP as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
We rate AK STEEL HOLDING CORP (AKS) a SELL. This is driven by multiple weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its feeble growth in its earnings per share, deteriorating net income, poor profit margins and generally disappointing historical performance in the stock itself.
You can view the full analysis from the report here: AKS