Heavy metal thunder: AK Steel and CSX post solid results

While the profit plunges of Bank of America (NYSE: BAC) and Wachovia Corp. (NYSE: WB) and the loss posted by UAL Corp. (NASDAQ: UAUA) garnered a lot of attention in Tuesday's early earnings news, there were some solid earnings reports as well.

AK Steel Holding Corp. (NYSE: AKS) swung to a fourth-quarter profit that far exceeded Wall Street's expectations. The company earned $106.7 million, or 95 cents a share, in the three months ending December 31, compared with a loss of $49.3 million, or 45 cents a share, a year ago, when it took a one-time employee retiree health care benefit charge of $133.2 million. Revenue rose 7 percent to $1.69 billion from $1.58 billion in the fourth quarter of 2006, during a nearly 13-month lockout at its Middletown Works mill. Analysts surveyed by Thomson Financial had expected a profit of 59 cents per share on revenue of $1.68 billion. Shares fell in early trading Tuesday (along with the DJIA), but had recovered to $37.67 by mid-day Tuesday.

Railroad operator CSX Corp. (NYSE: CSX) reported that its profit rose more than 5 percent in the fourth quarter as productivity increases and expanding business offset higher fuel costs. Net earnings were $365 million, or 86 cents per share, for the three months ending December 28, compared to a profit of $347 million, or 75 cents per share in the previous year. Analysts polled by Thomson Financial had expected earnings of 64 cents per share for the quarter, and $2.50 for the year. CSX earned $1.23 billion, or $2.99 a share, for the year, against $1.31 billion, or $2.82 a share, a year ago. Revenue rose to $2.58 billion from $2.4 billion a year ago. Annual revenue rose to $10.03 billion from $9.57 billion in 2006. Shares were up around 6 percent to $43.75 by mid-day Tuesday.

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