$MTUS
Metallus Inc.

2020 Q3 Form 10-Q Financial Statement

#000156459020048924 Filed on October 29, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q3 2019 Q2
Revenue $205.9M $274.2M $336.7M
YoY Change -24.91% -33.11% -18.57%
Cost Of Revenue $208.3M $276.8M $321.9M
YoY Change -24.75% -28.16% -15.6%
Gross Profit -$2.400M -$2.600M $14.80M
YoY Change -7.69% -109.15% -61.56%
Gross Profit Margin -1.17% -0.95% 4.4%
Selling, General & Admin $17.90M $21.40M $20.20M
YoY Change -16.36% -10.83% -18.88%
% of Gross Profit 136.49%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $17.00M $16.30M $16.50M
YoY Change 4.29% -2.98% -2.94%
% of Gross Profit 111.49%
Operating Expenses $17.90M $21.40M $20.20M
YoY Change -16.36% -10.83% -18.88%
Operating Profit -$20.30M -$24.00M -$5.400M
YoY Change -15.42% -4100.0% -185.71%
Interest Expense -$3.100M $3.600M $4.200M
YoY Change -186.11% -18.18% 7.69%
% of Operating Profit
Other Income/Expense, Net $10.60M $5.200M $200.0K
YoY Change 103.85% -14.75% -96.77%
Pretax Income -$13.60M -$22.50M -$14.80M
YoY Change -39.56% -1078.26% -272.09%
Income Tax $300.0K -$5.500M -$2.900M
% Of Pretax Income
Net Earnings -$13.90M -$17.00M -$11.90M
YoY Change -18.24% -426.92% -180.41%
Net Earnings / Revenue -6.75% -6.2% -3.53%
Basic Earnings Per Share -$0.31 -$0.38 -$0.27
Diluted Earnings Per Share -$0.31 -$0.38 -$0.27
COMMON SHARES
Basic Shares Outstanding 45.00M 44.80M 44.80M
Diluted Shares Outstanding 45.00M 44.80M 44.80M

Balance Sheet

Concept 2020 Q3 2019 Q3 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $74.80M $18.40M $20.90M
YoY Change 306.52% -31.85% -46.41%
Cash & Equivalents $74.80M $18.40M $20.90M
Short-Term Investments
Other Short-Term Assets $6.900M $7.900M $7.600M
YoY Change -12.66% -4.82% -30.28%
Inventory $174.3M $279.4M $304.8M
Prepaid Expenses
Receivables $81.20M $107.4M $146.4M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $343.8M $418.0M $482.3M
YoY Change -17.75% -15.96% -7.3%
LONG-TERM ASSETS
Property, Plant & Equipment $582.4M $643.0M $649.7M
YoY Change -9.42% -4.06% -4.43%
Goodwill
YoY Change
Intangibles $10.10M $16.20M $17.40M
YoY Change -37.65% -3.57% -0.57%
Long-Term Investments
YoY Change
Other Assets $3.000M $2.700M $2.700M
YoY Change 11.11% -44.9% -46.0%
Total Long-Term Assets $639.9M $689.3M $697.3M
YoY Change -7.17% 1636.27% 1647.62%
TOTAL ASSETS
Total Short-Term Assets $343.8M $418.0M $482.3M
Total Long-Term Assets $639.9M $689.3M $697.3M
Total Assets $983.7M $1.107B $1.180B
YoY Change -11.16% -8.28% -4.87%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $73.80M $79.00M $110.3M
YoY Change -6.58% -43.08% -37.96%
Accrued Expenses $33.20M $26.10M $24.20M
YoY Change 27.2% -25.64% -40.83%
Deferred Revenue
YoY Change
Short-Term Debt $82.20M $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $202.9M $122.5M $155.0M
YoY Change 65.63% -37.69% -34.74%
LONG-TERM LIABILITIES
Long-Term Debt $20.00M $187.4M $221.3M
YoY Change -89.33% -14.04% -0.32%
Other Long-Term Liabilities $11.80M $10.40M $10.60M
YoY Change 13.46% -12.61% -10.17%
Total Long-Term Liabilities $11.80M $10.40M $10.60M
YoY Change 13.46% -97.62% -97.54%
TOTAL LIABILITIES
Total Short-Term Liabilities $202.9M $122.5M $155.0M
Total Long-Term Liabilities $11.80M $10.40M $10.60M
Total Liabilities $469.3M $507.6M $572.3M
YoY Change -7.55% -19.81% -14.45%
SHAREHOLDERS EQUITY
Retained Earnings -$350.6M -$274.0M -$269.4M
YoY Change 27.96% 19.34% 16.62%
Common Stock $842.3M $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $17.50M $25.10M $25.10M
YoY Change -30.28% -23.94% -23.94%
Treasury Stock Shares $700.0K 900.0K shares 900.0K shares
Shareholders Equity $514.4M $650.3M $673.7M
YoY Change
Total Liabilities & Shareholders Equity $983.7M $1.107B $1.180B
YoY Change -11.16% -8.28% -4.87%

Cashflow Statement

Concept 2020 Q3 2019 Q3 2019 Q2
OPERATING ACTIVITIES
Net Income -$13.90M -$17.00M -$11.90M
YoY Change -18.24% -426.92% -180.41%
Depreciation, Depletion And Amortization $17.00M $16.30M $16.50M
YoY Change 4.29% -2.98% -2.94%
Cash From Operating Activities $41.10M $41.90M $16.00M
YoY Change -1.91% 2364.71% -249.53%
INVESTING ACTIVITIES
Capital Expenditures -$3.400M -$9.400M -$7.900M
YoY Change -63.83% 8.05% 16.18%
Acquisitions
YoY Change
Other Investing Activities $1.600M $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$1.800M -$9.400M -$7.900M
YoY Change -80.85% 8.05% 36.21%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -40.00M -35.00M 5.000M
YoY Change 14.29% 600.0% -75.12%
NET CHANGE
Cash From Operating Activities 41.10M 41.90M 16.00M
Cash From Investing Activities -1.800M -9.400M -7.900M
Cash From Financing Activities -40.00M -35.00M 5.000M
Net Change In Cash -700.0K -2.500M 13.10M
YoY Change -72.0% -79.17% 263.89%
FREE CASH FLOW
Cash From Operating Activities $41.10M $41.90M $16.00M
Capital Expenditures -$3.400M -$9.400M -$7.900M
Free Cash Flow $44.50M $51.30M $23.90M
YoY Change -13.26% 393.27% -712.82%

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us-gaap Restructuring Charges
RestructuringCharges
10200000
us-gaap Restructuring And Related Cost Number Of Positions Eliminated
RestructuringAndRelatedCostNumberOfPositionsEliminated
50
CY2019Q4 us-gaap Restructuring Reserve
RestructuringReserve
6000000.0
us-gaap Restructuring Charges
RestructuringCharges
1600000
us-gaap Payments For Restructuring
PaymentsForRestructuring
7100000
CY2020Q3 us-gaap Restructuring Reserve
RestructuringReserve
500000
us-gaap Restructuring Charges
RestructuringCharges
3600000
us-gaap Payments For Restructuring
PaymentsForRestructuring
1500000
CY2019Q3 us-gaap Restructuring Reserve
RestructuringReserve
2100000
CY2020Q3 tmst Pension Costand Other Postretirement Benefits Cost Reversalof Cost Excluding Service Component
PensionCostandOtherPostretirementBenefitsCostReversalofCostExcludingServiceComponent
-6700000
CY2019Q3 tmst Pension Costand Other Postretirement Benefits Cost Reversalof Cost Excluding Service Component
PensionCostandOtherPostretirementBenefitsCostReversalofCostExcludingServiceComponent
-5100000
tmst Pension Costand Other Postretirement Benefits Cost Reversalof Cost Excluding Service Component
PensionCostandOtherPostretirementBenefitsCostReversalofCostExcludingServiceComponent
-19700000
tmst Pension Costand Other Postretirement Benefits Cost Reversalof Cost Excluding Service Component
PensionCostandOtherPostretirementBenefitsCostReversalofCostExcludingServiceComponent
-12400000
CY2020Q3 tmst Pension Costand Other Postretirement Benefits Cost Reversalof Cost Remeasurement
PensionCostandOtherPostretirementBenefitsCostReversalofCostRemeasurement
-4100000
tmst Pension Costand Other Postretirement Benefits Cost Reversalof Cost Remeasurement
PensionCostandOtherPostretirementBenefitsCostReversalofCostRemeasurement
3500000
tmst Pension Costand Other Postretirement Benefits Cost Reversalof Cost Remeasurement
PensionCostandOtherPostretirementBenefitsCostReversalofCostRemeasurement
4400000
CY2020Q3 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
100000
CY2019Q3 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-100000
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-300000
CY2020Q3 tmst Miscellaneous Nonoperating Income Expense
MiscellaneousNonoperatingIncomeExpense
-300000
CY2019Q3 tmst Miscellaneous Nonoperating Income Expense
MiscellaneousNonoperatingIncomeExpense
200000
tmst Miscellaneous Nonoperating Income Expense
MiscellaneousNonoperatingIncomeExpense
100000
tmst Miscellaneous Nonoperating Income Expense
MiscellaneousNonoperatingIncomeExpense
100000
CY2020Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
10600000
CY2019Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
5200000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
16000000.0
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
8100000
CY2020Q3 tmst Pension Costand Other Postretirement Benefits Cost Reversalof Cost Remeasurement
PensionCostandOtherPostretirementBenefitsCostReversalofCostRemeasurement
-4100000
tmst Pension Costand Other Postretirement Benefits Cost Reversalof Cost Remeasurement
PensionCostandOtherPostretirementBenefitsCostReversalofCostRemeasurement
3500000
CY2020Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
300000
CY2019Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-5500000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
600000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-8300000
CY2020Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.022
CY2019Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.244
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.012
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.246
CY2020Q3 tmst Dividends Declared
DividendsDeclared
5100000
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
-13900000
CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
-17000000.0
us-gaap Net Income Loss
NetIncomeLoss
-49100000
us-gaap Net Income Loss
NetIncomeLoss
-25400000
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
45000000.0
CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
44800000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
45000000.0
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
44800000
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
45000000.0
CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
44800000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
45000000.0
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
44800000
CY2020Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.31
CY2019Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.38
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.09
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.57
CY2020Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.31
CY2019Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.38
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.09
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.57
CY2020Q3 us-gaap Other Inventory Supplies
OtherInventorySupplies
40300000
CY2019Q4 us-gaap Other Inventory Supplies
OtherInventorySupplies
49800000
CY2020Q3 us-gaap Inventory Raw Materials
InventoryRawMaterials
14000000.0
CY2019Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
26000000.0
CY2020Q3 us-gaap Inventory Work In Process
InventoryWorkInProcess
77200000
CY2019Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
123700000
CY2020Q3 us-gaap Inventory Finished Goods
InventoryFinishedGoods
57500000
CY2019Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
93100000
CY2020Q3 us-gaap Inventory Gross
InventoryGross
189000000.0
CY2019Q4 us-gaap Inventory Gross
InventoryGross
292600000
CY2020Q3 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
14700000
CY2019Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
10700000
CY2020Q3 us-gaap Inventory Net
InventoryNet
174300000
CY2019Q4 us-gaap Inventory Net
InventoryNet
281900000
us-gaap Interest Paid
InterestPaid
4500000
us-gaap Interest Paid
InterestPaid
7600000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
511020
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
5.26
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.23
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1600000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5200000
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1400000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4400000
tmst Future Allocated Share Based Compensation Expense
FutureAllocatedShareBasedCompensationExpense
6700000
us-gaap Oci Before Reclassifications Before Tax Attributable To Parent
OciBeforeReclassificationsBeforeTaxAttributableToParent
-300000
us-gaap Reclassification From Aoci Current Period Before Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodBeforeTaxAttributableToParent
4300000
us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
OtherComprehensiveIncomeLossTaxPortionAttributableToParent1
-100000
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-4500000
us-gaap Oci Before Reclassifications Before Tax Attributable To Parent
OciBeforeReclassificationsBeforeTaxAttributableToParent
-1200000
us-gaap Reclassification From Aoci Current Period Before Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodBeforeTaxAttributableToParent
2000000.0
tmst Other Comprehensive Income Loss Deferrals Before Tax
OtherComprehensiveIncomeLossDeferralsBeforeTax
70200000
us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
OtherComprehensiveIncomeLossTaxPortionAttributableToParent1
8600000
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
58400000
CY2020Q3 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
900000
CY2019Q4 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
1500000
us-gaap Restructuring And Related Cost Number Of Positions Eliminated
RestructuringAndRelatedCostNumberOfPositionsEliminated
210
us-gaap Restructuring Charges
RestructuringCharges
10200000
us-gaap Restructuring And Related Cost Number Of Positions Eliminated
RestructuringAndRelatedCostNumberOfPositionsEliminated
50

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