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AM Castle announced Q1 result

Steel News - Published on Fri, 17 May 2019

Image Source: SteelGuru
AM Castle & Co a global distributor of specialty metal and supply chain solutions, today reported its first quarter 2019 financial results.

First Quarter 2019 Financial Highlights:
1. Generated net sales of USD 149.5 million, a 2.5% YoY increase compared to USD 145.9 million in the first quarter of 2018.
2. Reported an operating loss of $0.3 million, compared to an operating loss of $3.3 million in the first quarter of 2018.

3. Reported a net loss of $8.0 million, which included S9.4 million of interest expense, of which USD 6.4 million was non-cash related to long-term debt held primarily by major shareholders, and USD 1.3 million was non-cash related to the Company’s pension plan, compared to a net loss of USD 5.1 million for the first quarter of 2018, which included USD 7.1 million of interest expense, of which USD 4.5 million was non-cash related to long term-debt held primarily by major shareholders, and SI .2 million was non-cash related to the Company’s pension plan.

4. Reported EBITDA of $3.4 million and adjusted EBITDA of USD 3.9 million in the first quarter of 2019, which included no significant foreign currency gains or losses, compared to EBITDA of USD 3.8 million and adjusted EBITDA of USD 3.5 million, including transactional and intercompany loan foreign currency gains of USD 2.8 million and a transactional foreign currency gain of USD 1.8 million, respectively, in the first quarter of 2018.

5. Improved gross material margin to 25.8% compared to 23.5% in the previous quarter and 24.7% in the first quarter a year ago.

Chairman and CEO Steve Schcinkman commented that "After a challenging fourth quarter of 2018, we saw our operating performance improve significantly in the first quarter of 2019. We continue to benefit from a strong pricing environment, which drove both QoQ and YoY revenue growth. From a volume standpoint, we arc committed to selectively pursuing sales that arc accretive to the business."

Source :

Posted By : Sanju Moirangthem on Fri, 17 May 2019
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