Castle's Sales Increase in First Quarter
By
Metal Center News Staff on
May 13, 2019
A.M. Castle & Co., Oak Brook, Ill., reported net sales of $149.5 million in its first quarter, a 2.5 percent increase compared to the same month in 2018.
The company reported a net loss of $8 million, including $9.4 million in interest expense. The net loss in the same quarter of 2018 was $5.1 million.
"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 our quarter-over-quarter and year-over-year revenue growth,” said .Chairman and CEO Steve Scheinkman.
"We are pleased to have returned to positive EBITDAin the first quarter and to have made year-over-year improvement in profitability. We believe these results are based on the execution of our strategy to pursue highly accretive business most aggressively and carefully scrutinize lower-margin, higher-cost opportunities before accepting the same. With continued focus on that strategy, coupled with largely stable outlooks in many of our end markets, we expect to see continued EBITDA improvement throughout 2019,” said President Marec Edgar.
The company recently consolidated its supply chain and strategic sourcing functions under Mark Zundel, executive vice president, Global Supply and Aerospace. His primary focus
in this new role is to improve working capital efficiency through a reorganized global supply chain.