Metalico logs $1.2M loss in 1st qtr.

May 09, 2013 | 05:12 PM | Lisa Gordon

Tags  ferrous scrap prices, ferrous scrap, scrap, metals recycler, Metalico, Carlos Agüero, Lisa Gordon

PITTSBURGH — Metalico Inc. posted a net loss in the first quarter, due in part to overcapacity that has plagued the entire scrap metal industry, the company said.

Cranford, N.J.-based Metalico’s $1.2-million net loss was in contrast to net income of $2.2 million in the year-ago quarter on sales that fell 16.1 percent to $137.7 million.

However, the company’s top executive said he was encouraged that Metalico had cut its quarterly net loss in half from the preceding quarter.....

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