Synalloy Corporation announced Wednesday that the first quarter of 2015 produced net sales of $51,648,000, an increase of $1,852,000 or 4 percent when compared to net sales from continuing operations for the first quarter of 2014 of $49,796,000. For the first quarter of 2015 the company recorded net income of $3,638,000, or $0.42 per share compared to net income from continuing operations of $2,249,000, or $0.26 per share for the same quarter in the prior year.
In the metals segment, aales for the first quarter of 2015 totaled $35,461,000, an increase of $2,100,000 or 6 percent from $33,361,000 for sales from continuing operations for the same quarter last year. The increase for the first quarter was entirely due to including Specialty's sales in the Metals Segment in 2015. Storage tank sales decreased 20 percent for the first quarter of 2015 when compared to the same period of the prior year. Pipe sales decreased 10 percent for the first quarter of 2015 when compared to sales from continuing operations for the prior year.
The company offered its Q2 outlook in the statement: “Lower oil prices affect our storage tank and a portion of our carbon pipe distribution facilities. Should oil prices remain at or fall below their current levels, sales for storage tanks and carbon pipe will be negatively affected in the second quarter of 2015. Palmer and Specialty introduced new product lines which may help to mitigate any declining sales in existing product lines.”