Metallus Inc. (NYSE:MTUS) reported third-quarter 2026 financial results on November 2, 2026, disclosing net sales of $337.2 million, net income of $23.8 million, and a new U.S. Defense Logistics Agency contract with an initial $125 million purchase order.

Key Highlights

  • Net sales of $337.2 million in Q3 2026, up 10 percent from $305.9 million in the prior-year third quarter.
  • Net income of $23.8 million ($0.55 per diluted share), compared with $8.1 million ($0.19 per diluted share) in Q3 2025 and $8.9 million ($0.21 per diluted share) in Q2 2026.
  • Adjusted EBITDA of $34.5 million, up 19 percent sequentially from $29.0 million in Q2 2026 and up from $29.0 million in Q3 2025.
  • DLA contract awarded with an initial $125 million purchase order and a contract value of up to $995 million over five years.
  • Cash and cash equivalents of $98.6 million and total liquidity of $388.7 million as of September 30, 2026.
  • 0.2 million common shares repurchased at an aggregate cost of $3.6 million during the quarter, with $78.2 million remaining under the authorized repurchase program.
  • CEO transition announced: Kristopher Westbrooks, president and chief operating officer, will succeed Mike Williams as chief executive officer upon Mr. Williams' retirement at the end of 2026.

Metallus Q3 2026 Operating and Financial Details

According to the filing, Metallus reported Q3 2026 net sales of $337.2 million, a 1 percent sequential decrease from $341.0 million in Q2 2026. The company attributed the sequential decline primarily to lower shipments in automotive and energy end markets, partially offset by higher average base sales prices and improved product mix from increased aerospace and defense shipments. Ship tons decreased 8,400 tons sequentially, or 5 percent, to 165,800 tons. Melt utilization was 76 percent in Q3 2026, excluding an approximate three percentage point impact of electricity curtailments, compared with 74 percent in both Q2 2026 and Q3 2025.

On an adjusted basis, the filing reported Q3 2026 net income of $14.9 million, or $0.35 per diluted share, and adjusted EBITDA of $34.5 million. Operating cash flow for the quarter totaled $6.8 million. Capital expenditures totaled $13.1 million, including $4.9 million for projects the filing described as "primarily funded by the U.S. government." The company disclosed that planned capital expenditures remain at approximately $70 million for full-year 2026, inclusive of $35 million of capital expenditures partially funded by the U.S. government.

For the fourth quarter, the company disclosed it expects adjusted EBITDA to be lower than Q3 2026, citing planned annual shutdown maintenance expected to unfavorably impact adjusted EBITDA by approximately $10 to $15 million versus Q3. Fourth-quarter shipments are expected to decrease sequentially by a high-single-digit percentage, primarily due to normal year-end seasonality. The company disclosed it expects full-year 2026 adjusted EBITDA of between $100 million and $105 million. Price increases of $60 per ton on bar and quench and temper seamless mechanical tubing were announced effective early October for customers not covered by annual pricing agreements.

What Was Disclosed

Metallus disclosed Q3 2026 earnings results including net sales, net income, adjusted EBITDA, cash position, share repurchase activity, a new DLA contract award, a CEO succession plan, and a Q4 2026 and full-year 2026 adjusted EBITDA outlook.