Metalico posts earnings gain
Metalico, Inc. announced increases in its 2011 sales, net income and earnings per share over 2010 despite a lackluster fourth quarter.
For the year ended December 31, 2011, the company posted net income of $17.4 million, or $.37 per share, on revenues of $661 million, as compared to net income of $13.5 million or $.29 per share on revenues of $553 million for the year ended December 31, 2010. Operating income slipped by 11 percent to $32.6 million for the year just ended from $36.5 million in 2010.
The company said the fourth quarter results were impacted by lower volumes and sluggish pricing which affected metal margins.
Commenting on the results, Carlos E. Agueero, Metalico’s president and chief executive officer, said, “Although we were satisfied with our record performance in the first half of the year, our results over the second half were disappointing amidst deteriorating scrap prices and stiff competition which pressured margins.
“PGM and ferrous scrap margins and volumes were the major sources of underperformance in the fourth quarter and as a result are the two areas we are squarely focused on to restore margins and profitability.”