Castle expects modest growth in 2011
Nov 05, 2010 | 01:06 PM
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A.M. Castle & Co., which broke even during the third quarter, expects the fourth quarter to look much the same except for slightly lower revenue due to fewer shipping days, followed by a solid start to 2011.
The strongest segments Castle serves—oil and gas, automotive and heavy equipment—are all indicating that growth will continue to build gradually but steadily next year. Even aerospace, which has been a drag for two years, is seeing the potential for an upturn, president and chief executive officer Michael Goldberg said Friday during a quarterly earnings conference call.
"Our customers are cautiously optimistic and expect a better 2011 compared with 2010," he said. "We expect our business to grow modestly next year. Customers are not hedging for the future."....
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