Fort Lauderdale, Florida-based Metals USA Holdings Corp. Monday reported its results for the three months ended March 31, 2010. Operating income for the first quarter of 2010 was $12.7 million compared to an operating loss of $20.9 million recorded for the three months ended March 31, 2009. Sales revenues for the first quarter of 2010 were $287.9 million compared to sales revenues of $330.2 million for the first quarter of 2009. Metal shipments for the first quarter of 2010 were 249,000 tons compared to first quarter of 2009 shipments of 248,000 tons.
Lourenco Goncalves, the Company's Chairman, President and C.E.O., stated: "Market conditions continue to improve, as we see increases in customer inquiries and order volumes. Raw material prices continue to rise and metal prices are following." Mr. Goncalves added: "Our first quarter results prove the effectiveness of our efforts to work out of smaller inventories. Also important, our previous cost reduction efforts were a decisive component of our improved performance this quarter. We will continue to manage our inventory and drive profitability."