Offshore demand bolsters Metal Management’s earnings

Nov 02, 2006 | 10:52 AM | Michael Marley

Stronger nonferrous prices and rising overseas demand for ferrous scrap helped Metal Management Inc. post sharply higher revenue and earnings during its fiscal second quarter.

Quarterly net income climbed to $29.1 million, up 71.8 percent from $16.9 million in the like period last year, on sales that rose 54.6 percent to $584.7 million from $378.3 million, the Chicago-based scrap processor and exporter said.

Net income for the six months ended Sept. 30 totaled nearly $74 million, more than triple the year-earlier $22.4 million, on sales that rose 42.2 percent to almost $1.1 billion from $759.9 million.....

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