Weak demand crushes Castle’s net
Apr 30, 2009 | 11:36 AM
| Corinna Petry
Citing a rapid and dramatic downturn in demand from end users, metals distributor and processor A.M. Castle & Co. recorded net income of $480,000 in the first quarter ended March 31, down 96.5 percent from $13.8 million a year ago, on revenue that fell 35.9 percent to $252.2 million.
"The softness experienced in the first quarter was broad-based, with virtually all end markets and products reflecting significantly weaker demand conditions compared to last year," Castle president and chief executive officer Michael Goldberg said during the company's earnings conference call.....
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