High costs push Castle deeper into red
Jul 29, 2014 | 05:07 PM
| Nat Rudarakanchana
NEW YORK Metals and plastics distributor A.M. Castle & Co. experienced a disappointing second quarter, the companys 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 companys 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.....
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