8/10/2013 10:28:00 AM
NEWS BRIEF
Tree Island Steel reported revenues grew 2.5% to $40.6 million in the second quarter of 2013 on a 12% volume increase to 29,160 tons. Q2 gross profit rose 28% to $5.4 million or 13.3% of revenues, and EBITDA gained 44% to $2.9 million.
Revenue during the first six months of 2013 declined 5.8% to $78.7 million on a slight increase in volume to 56,761 tons.
“The lower revenues in 2013 primarily reflect price adjustments that were in line with corresponding raw material cost reductions, coupled with product mix changes and competitive factors in certain business lines,” the company stated.
Six-month gross profit increased 17% to $9.6 million at a margin of 12.2%, with EBITDA up 26% to $4.7 million. ©2013 GlobalFastenerNews.com
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