Fort Lauderdale, Florida-based service center Metals USA reported late Monday that net sales in Q3 2012 were $483.7 million, compared to net sales of $492.3 million in Q3 2011. Meanwhile, Q3 shipments increased 11 percent year-on-year to 381,000 tons and net income fell by $3 million to $13.7 million in Q3 2012.
Lourenco Goncalves, the company's Chairman, President and CEO, stated, "Despite a third quarter characterized by a weak global business environment and no meaningful improvement in the domestic economy, Metals USA performed well and yet again delivered strong results. Our achievement of a 12 percent increase in year-over-year shipments, that partially offset price weakness and related margin compression, was further evidence of our growth momentum."
Metals USA's net sales for the first nine months of 2012 were $1,546.1 million, up 8.1 percent from net sales of $1,430.2 million for the first nine months of 2011. Shipments for the first nine months of 2012 totaled 1,197,000 tons, 12 percent higher than the 1,069,000 tons shipped during the first nine months of 2011. Net income for the first nine months of 2012 was $49 million, compared to net income of $50.6 million for the first nine months of 2011.