MMI’s quarterly earnings fall 38.9% to $17.8M [UPDATE]

Nov 06, 2007 | 12:40 PM | Michael Marley

Stiffer competition for ferrous scrap and higher shipping costs cut into Metal Management Inc.'s profit margins during its fiscal second quarter.

Net income slid 38.9 percent to under $17.8 million during the three months ended Sept. 30 from $29.1 million in the same period last year despite a 22.3-percent increase in sales to nearly $715.2 million.

Competition for unprocessed ferrous scrap and higher ocean freight rates took a toll on earnings, although ferrous market conditions were steady in the quarter, Daniel W. Dienst, chairman and chief executive officer, said in a statement.....

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