Commonwealth's profits dip to $2.1M, shipments up 30%

Nov 08, 2004 | 11:14 AM |

Commonwealth Industries Inc. returned to profitability in the third quarter, with income from continuing operations off 7.3 percent to $2.6 million from $2.8 million in the year-earlier quarter.

The aluminum sheet producer, due to become part of Aleris International Inc. when it merges with Imco Recycling Inc., posted a steeper 27.5-percent decline in net income to $2.1 million.

Excluding restructuring and merger charges of $5.2 million and a gain of $3.7 million from aluminum hedges, the company said its income from continuing operations would have been 25 cents per share.....

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