A M Castle & Co reports net loss of $1.8 million for 2011
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Oak Brook, Illinois-based specialty metals distributor A M Castle & Company announced on Thursday its Q4 and full-year results, with net sales for Q4 increasing by 19.8 percent to $282.2 million and net sales for the year also increasing to $1.1 billion--compared to $943.7 million during 2010. While net sales had increased, A M Castle reported a net loss of $12 million during Q4 and $1.8 million for the full-year.
In A M Castle's metal segment, net sales increased by 20.4 percent to $252.9 million. Mike Goldberg, President and CEO of A M Castle & Co had this to say about the increase: "The seasonal pattern in our business typically results in lower fourth quarter tons sold compared to the third quarter. However, this year's seasonal decline in the fourth quarter was modestly less compared to prior years, as demand for our products continues to show improvement." For the full-year, net sales in the metal segment increased by 20.6 percent to $1.01 billion, which can be attributed to increased demand in oil and gas, mining and heavy equipment and general industrial markets.
During December 2011, A M Castle acquired Houston, Texas-based specialty tube and bar distributor Tube Supply, which has helped its metal segments in sales through offering more products.