Metalico posts $2.7M loss

Aug 09, 2013 | 01:13 PM | Lisa Gordon

Tags  ferrous scrap, nonferrous scrap, Metalico, Carlos E. Agüero, Lisa Gordon

PITTSBURGH — Metalico Inc. posted a net loss in the second quarter due to an overhang of shredded scrap and tepid demand in the export arena, which the company said it expects will linger into the fourth quarter.

The Cranford, N.J.-based scrap processor posted a net loss of $2.7 million for the three months ended June 30 in contrast to net income of $2.9 million in the same period last year, on sales that fell 12.4 percent to $129.9 million.....

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