CHICAGO Metals USA
Holdings Corp.s net income jumped 31.5 percent in the
first quarter on a pickup in demand.
"Demand improved across most
sectors we serve, in particular automotive, aerospace, and oil
and gasfield services," chairman, president and chief executive
officer Lourenco Goncalves said.
Net income totaled $16.3 million
in the three months ended March 31, up from $12.4 million a
year earlier, on sales that grew 21.5 percent to $525.3 million
from $432.3 million.
First-quarter metal shipments
totaled 403,000 tons, up 9.5 percent from 368,000 tons a year
earlier, but toll processing slid 11.1 percent to 40,000 tons
from 45,000 tons.
Goncalves said that compared
with the fourth quarter of 2011, shipments rose 23 percent,
revenue increased 15 percent and net income grew 16
Fort Lauderdale, Fla.-based Metals USA had $257.5 million
drawn under its asset-based loan facility at the end of March
and excess availability of $182.1 million. Net debt increased
by $26.6 million during the quarter to $483.1 million,
primarily due to the mid-March acquisition of Gregor
Technologies LLC and increased accounts receivable resulting
from higher sales.