Metalico deeper in red; foresees rebound
Nov 12, 2013 | 12:59 PM
| Lisa Gordon
PITTSBURGH Metalico Inc. fell deeper into the red in the third quarter due primarily to a non-cash impairment charge in its scrap metal recycling segment, but expects scrap demand to rebound in the coming months.
The Cranford, N.J.-based scrap metal recycler and processor posted a net loss of $27.65 million for the three months ended Sept. 30 compared with a $10.68-million loss in the same period last year despite a 2.3-percent increase in revenue to $135.78 million. Excluding the impairment charge, which was due primarily to acquisition-related write-offs, the companys adjusted net income was....
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