Wolverine Tube slashes 3d-quarter loss by 70% (UPDATE)
Nov 24, 2009 | 04:26 AM
| Tatyana Shumsky
Copper tube and pipe maker Wolverine Tube Inc. remains in the red, but it slashed its third-quarter loss by nearly 70 percent to $7.2 million from $23.9 million in the same period last year.
The Hunstville, Ala.-based company said net sales in the third quarter slid 45.4 percent to $117.9 million from $216 million a year earlier as copper tubing shipments dropped 25.4 percent to 30.2 million pounds from 40.5 million pounds and copper prices fell 23 percent in the same comparison.
"You can't expect individual companies to outperform a market that's off about 25 percent. The results reinforce that it's a very difficult operating environment for anyone in this market segment," said Jon Barnes, principal consultant at CRU Analysis in London.....
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