Service Centers
A.M. Castle Reports Third Quarter Loss
Written by Sandy Williams
October 28, 2014
A.M. Castle & Co. reported net sales of $245.5 million for third quarter for a net loss of $7.3 million.
Metals segment sales totaled $210.7 million, down 1.6 percent from the previous quarter and 4.2 percent lower year over year. Pricing dropped 2.5 percent and sales volumes declined 1.4 percent compared to Q3 2013.
“While we did not achieve the top-line growth that we had anticipated during the third quarter, we are encouraged that sales remained relatively constant for the first three quarters of 2014, and we saw sequential improvement in daily revenue and sales volumes during the third quarter,” said Scott Dolan, CEO of A. M. Castle. “Earlier in the third quarter, sales volumes were negatively impacted by branch consolidation execution issues in our plate and oil and gas businesses. Those issues have been remediated.”
“We expect to realize the full benefits of our inventory investment and deployment strategy in 2015,” added Dolan.
A. M. Castle & Co. is a global distributor of specialty metal and plastic products and supply chain services, principally serving the producer durable equipment, oil and gas, commercial aircraft, heavy equipment, industrial goods, construction equipment, retail, marine and automotive sectors of the global economy.
Sandy Williams
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