Fort Lauderdale, Florida-based processed steel and aluminum products supplier Metals USA Holdings Corp. reported Friday sales revenues for Q3 2010 were $345.3 million compared to sales revenues of $335 million for the Q2 2010, and $255.4 million for Q3 2009.
Metal shipments for the Q3 2010 period were 273,000 tons, sequentially improved from Q2 2010 shipments of 270,000 tons and also better than 218,000 tons for third quarter 2009. Operating income for Q3 2010 was $18.9 million, compared to $17.4 million for Q2 2010 and $12.7 million recorded for Q3 2009.
Net income for the three months ended September 30, 2010, was $5.8 million, more than double the net income of $2.5 million in Q2 2010, and a net loss of $1.8 million in Q3 2009.
Lourenco Goncalves, Metals USA Chairman, President and CEO stated that "demand trends from our broad customer base indicate the economy remains in slow recovery mode. We continue to identify and take advantage of bright spots in automotive, aerospace, appliances, industrial equipment manufacturers, and land-based oil and gas. In contrast, non-residential construction continues to be weak."
Mr. Goncalves added that "customers remain cautious in their order patterns, and we have not seen any trend of inventory build across our customer base. We anticipate the fourth quarter will experience a continuation of current depressed steel prices and seasonally lower demand compared to third quarter."