GBC Reports Improved Sales in First Quarter
By Metal Center News Staff
on May 4, 2018
Global Brass and Copper, Schaumburg, Ill., reported first-quarter earnings of $15.8 million, a slight decline from the $17.5 million posted during the same quarter in 2017. Net income was up nearly three-fold compared with the prior quarter.
Net sales for the first quarter of 2018 increased 12.5 percent to $471.8 million from $419.5 million in the first quarter of 2017. The percentage increase was 14.7 percent compared with the previous quarter.
“We are pleased with our first-quarter results and the progress we have made on our strategic initiatives. A.J. Oster continues to improve operationally and the integration with Alumet is achieving targeted results,” said GBC President and CEO John Wasz.
Volumes in the first quarter increased 7.4 percent to 143.8 million pounds compared with first-quarter 2017. The increase includes 14.2 million pounds of incremental volume from the company’s Alumet acquisition. Service center division A.J. Oster grew base volumes in automotive, electronics/electrical components and stamping markets, while Oster and Chase Brass experienced declines in the building and housing markets.
Looking ahead, GBC continues to anticipate full-year shipment volumes to range from 570-610 million pounds. Adjusted EBITDA is anticipated to range between $127 million and $137 million.