US-based Keystone Consolidated Industries reports declined profitability in Q3

Thursday, 04 November 2010 00:53:02 (GMT+3)   |  
       

Dallas, Texas-based steel fabricated wire products, industrial wire and wire rod manufacturer Keystone Consolidated Industries, Inc. reported net income of $2.3 million in Q3 2010 as compared to a net income of $5.9 million in the same quarter last year.  Keystone's profitability declined in Q3 2010 as compared to Q3 2009 as the favorable impact of higher overall average selling prices was more than offset by an increase in the company's ferrous scrap costs, thus decreasing its margins.

Keystone's operating income fell by more than double from Q3 2009 from 9.2 million to 4.2 million in Q3 2010. Operating income for the nine months ended September 30, totaled 23.1 million, up from only 5 million in the same period last year.

The company's total sales volume in Q3 2010 was up 6.4 percent over the same period last year while averages per ton selling prices were up 5.1 percent.


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