Metal Management quarterly earnings dip to $17.8M

Nov 06, 2007 | 05:49 AM | Michael Marley

Metal Management Inc. said Tuesday that revenue rose to $715.2 million in its second fiscal quarter ended Sept. 30, a 22.3-percent gain from the year-ago period, but earnings slipped to $17.8 million from $29.1 million.

Competition for the purchase of unprocessed ferrous scrap and high ocean freight rates took a toll on earnings though ferrous market conditions were steady in the quarter, Daniel W. Dienst, the company's chairman and chief executive officer, said in a statement. The Chicago-based scrap processor also incurred merger expenses, severance and other charges totaling $3 million after taxes during the period. The merger expenses were incurred in connection....

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