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.....

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