Metalico sees scrap prices on rise
Nov 01, 2010 | 12:26 PM
Metalico Inc. expects prices to strengthen through the first half of next year as demand shows signs of outpacing supply due to a reawakening in manufacturing activity, the company said as it posted lower third-quarter earnings despite a rise in sales.
"The flows into the yard have not recovered to the levels before the downturn," Carlos E. Agüero, president and chief executive officer, said.
The Cranford, N.J.-based recycler posted net income of $4.5 million for the three months ended Sept. 30, down 11.1 percent from $5.1 million in the same period last year, on sales that rose 49.7 percent to nearly $137 million from $91.5 million. Last year's earnings included $2.4 million from a one-time gain.....
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