High costs push Castle deeper into red

Jul 29, 2014 | 05:07 PM | Nat Rudarakanchana

Tags  Scott Dolan, A.M. Castle & Co., distributor, Edward Marshall, Sidoti & Co., earnings report, Nat Rudarakanchana

NEW YORK — Metals and plastics distributor A.M. Castle & Co. experienced a disappointing second quarter, the company’s top executive said, as steep operating costs ate up more than half of $249.5 million in quarterly sales amid broader restructuring.

"We are clearly disappointed in our results," A.M. Castle president and chief executive officer Scott Dolan said during a July 29 conference call on the company’s earnings results. "We can do better and we will do better."

The Oak Brook, Ill.-based company posted a net loss of $72.3 million for the three months ended June 30, driven by a one-time noncash impairment charge of $56.2 million, compared with a $3.8-million loss in the same period last year. Sales slid 8.7 percent in the same comparison.....





Latest Pricing Trends

Poll

Are you stocking more inventory today than 18 months ago?

Yes
No


View previous results