NEW YORK Global Brass & Copper Holdings Inc.s (GBCs) 2013 fourth-quarter and full-year net income fell around 17 percent from a year earlier due in part to lower metal prices.
However, the Schaumburg, Ill.-based company is upbeat on its outlook for 2014.
Despite pockets of uncertainty in the global markets, we are confident in the long-term fundamentals of the business and our ability to drive sustainable, profitable growth in 2014, GBC president and chief executive officer John Wasz said in a statement released with the companys earnings results.
The company also attributed unfavorable year-over-year comparisons to one-time gains in 2012.
GBC said shipments totaled 121.1 million pounds in the three months ended Dec. 31, up 3.4 percent from the same period a year earlier, primarily due to continued demand in building and housing, munitions, automotive and coinage, offset by weaker demand in the electronics/electrical components end market.
Operational problems at the companys East Alton, Ill., cupping facility and unfavorable weather have been challenges so far in the first quarter, Wasz said during the companys earnings conference call. However, the company recently recommissioned an idle press in the cupping facility and also has made some leadership changes in the operation.
GBC expects adjusted sales to be in a range of $573 million to $584 million in 2014, while shipments are estimated at 537 million to 548 million pounds.