TimkenSteel Corporation (NYSE:TMST) Q1 2018 Earnings Conference Call Transcript
Apr 27, 2018 • 09:00 am ET
Good morning. My name is Denise, and I'll will be your conference operator today. At this time, I would like to welcome everyone to the TimkenSteel First Quarter 2018 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks there will be a question-and-answer session. (Operator Instructions).
Tina Beskid, Vice President, Corporate Controller and IR, you may begin your conference.
Tina M. Beskid
Great. Thank you. Good morning, everyone, and thank you for joining us. I am here today with Tim Timken, Chairman, CEO and President; as well as Chris Holding, Executive Vice President and Chief Financial Officer to discuss our first quarter 2018 financial results.
During today's conference call, we may make forward-looking statements as defined by the SEC. These statements relate to our expectations regarding future financial results, plans and business operations among other matters. Our actual results may differ materially from those projected or implied due to a variety of factors, which we describe in greater detail in today's press release, supporting information provided in connection with today's call, and in our reports filed with the SEC, all of which are available on the www.timkensteel.com website. Where non-GAAP financial information is referenced, we have included reconciliations between such non-GAAP financial information and its GAAP equivalent in the press release and/or supporting information as appropriate.
Today's call is copyrighted by TimkenSteel Corporation, and we prohibit any use, recording or transmission of any portion of the call without our expressed advanced written consent.
With that, now I would like to turn the call over to Tim.
Well, good morning, and thank you for joining us. We're off to a strong start this year. Our employees went to extraordinary efforts in the first quarter and marked a turning point both in commercial and production operations. We remain focused on a few key priorities to have an even stronger second quarter.
First, let's talk operations. Our safety performance continued at top quartile levels on a record pace for preventing OSHA recordables. Our employees continue to keep safety as our highest priority working to identify and eliminate risks. We not only operated safely in the quarter, but also showed improving productivity. Working throughout the quarter, we put behind us some of the inefficiencies that came from the steep ramp in which hundreds of new people joined the Company and even more transferred to new positions within the plan. By the end of the quarter, we achieved record bar shipments and we began the second quarter of 2018 with past due orders down 20% from the beginning of the year.
You may also have read in our annual report about the progress we've made in our environmental performance over the last year. We reduced both our carbon footprint and waste to landfill by 8% and reduced electricity consumption in steelmaking by 10% per kilowatt hour per ship ton. Just as we think innovatively about product development, we also bring that mindset to our steelmaking processes. We've continuously improved