MMI upbeat despite decrease in profitability
Nov 02, 2005 | 02:02 PM
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Weaker ferrous scrap prices took a toll on Metal Management Inc.'s bottom line in the three months ended Sept. 30.
The Chicago-based scrap processor's net income tumbled 50.3 percent to $16.9 million in its fiscal second quarter on revenue that slid 11 percent to $378.3 million compared with the same period last year, when ferrous scrap prices were as much as $150 a long ton higher.
For the first half of MMI's fiscal year, net income fell 52 percent to $22.4 million on a 4.1-percent decline in sales to $759.9 million compared with a year earlier.
The results reflected the extreme volatility in ferrous scrap prices and made year-on-year comparisons difficult, said Daniel W. Dienst, chairman, president and chief executive officer.....
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