Metalico hit by dip in ferrous scrap prices

Nov 04, 2005 | 05:20 AM | Paul Schaffer

Third-quarter operating earnings by Metalico Inc.'s scrap metal segment weakened as ferrous scrap selling prices fell 24 percent from year-earlier levels, although nonferrous selling prices rose 12 percent.

METALICO INC.(in thousands except per share) 200520043rd qtr. ended Sept. 30Net sales$41,546$27,362Net income$1,825$1,924Per share0.070.089 months ended Sept. 30Net sales$122,742$75,988Net income$4,634$4,828Per share0.190.21Scrap metal revenue climbed 9 percent to $22 million in the three months ended Sept. 30, but operating earnings were down 25 percent to $2.6 million. The upstate New York yards' physical volumes were up 23 percent for ferrous and 15 percent for nonferrous, the Cranford,....

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