Metal Management profit falls despite sales rise
Aug 02, 2005 | 10:34 AM
| Michael Marley
The steep slide in ferrous scrap prices this year drove Metal Management Inc.'s net income down 56.5 percent to $5.4 million in its fiscal first quarter compared with the same period last year, despite a 3.9-percent increase in sales to $381.6 million.
METAL MANAGEMENT INC.(in thousands except per share) 200520041st qtr. ended June 30Net sales$381,634$367,176Net income$5,446$12,525Per share0.220.52The Chicago-based scrap processor said it shipped about 1.1 million tons of ferrous scrap and 120 million pounds of nonferrous metals in the three months ended June 30.....
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