Chaparral Steel reports first quarter earnings
Chaparral Steel, the second largest supplier of structural steel products in North America, reported its net sales rose 16 percent in the first quarter due in part to improvements in non-residential activity in the US. Net sales rose 16 percent to $338.4 million in the first quarter ended compared to $290.8 million in the first quarter of 2004. Net income fell to $17.8 million, or $0.77 per diluted share, in the first quarter of 2005 from $28.1 million, or $1.23 per diluted share, for the same period in 2004. Tommy A. Valenta, president and CEO said, We are starting to see some signs of improvement in non-residential activity in the United States. This improvement contributed to record shipments for the quarter. Our results remain consistent despite volatility in raw material and energy prices. Current market and industry conditions should support the continuation of solid financial results. Chaparral makes a wide variety of products including structural beams, specialty bar and piling products at its locations in Midlothian, Texas and Dinwiddie County, Virginia.