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A. M. Castle & Co., Franklin Park, IL, a global distributor of specialty metal and plastic products, reported second
quarter sales of $195.1 million, down 50.9% from second quarter 2008. The company posted a loss of $5.5 million for the quarter,
compared to profit of $11.3 million the prior year.
Year-to-date, sales were $447.3 million, down 43.4% from the
first half of 2009. Loss for the period was $5.0 million, down from profit of $25.1 million.
"We continue
to look for indications of economic recovery. We have seen a few positive signs in some of the macroeconomic trends. We recognize
that we still have a long road ahead of us," said Michael Goldberg, CEO and president. "At this point, our customers
overall expect destocking to abate in the second half of 2009 compared to the ...
A. M. Castle & Co., Franklin Park, IL, a global distributor of specialty metal and plastic products, reported second
quarter sales of $195.1 million, down 50.9% from second quarter 2008. The company posted a loss of $5.5 million for the quarter,
compared to profit of $11.3 million the prior year.
Year-to-date, sales were $447.3 million, down 43.4% from the
first half of 2009. Loss for the period was $5.0 million, down from profit of $25.1 million.
"We continue
to look for indications of economic recovery. We have seen a few positive signs in some of the macroeconomic trends. We recognize
that we still have a long road ahead of us," said Michael Goldberg, CEO and president. "At this point, our customers
overall expect destocking to abate in the second half of 2009 compared to the first half of the year."
Metals
segment sales were $174.1 million in the second quarter of 2009, a decline of 52.4% from the prior year same period. Demand
softness was broad-based, impacting virtually all end-markets and products reflecting significantly weaker demand conditions
compared to last year.
In the Plastics segment, second quarter sales of $21.0 million were down 33.8% due to lower
sales volume. However, sales in the Plastics segment remained relatively consistent with the first quarter of 2009 as second
quarter end-market demand remained stable across most key industries.
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