11/14/2013 12:37:00 PM
NEWS BRIEFS
Tree Island Volume Gains Drive Revenue Increase
Tree Island Steel Ltd. Reported revenues increased 14.7% to $39 million for the third quarter of 2013, boosted by a 21% jump in volume to 29,345 tons “primarily due to increasing demand for industrial and construction products.”
Q3 gross profit improved 11.7% to $3.9 million, while gross margin decreased slightly to 10% along with gross profit per ton, which decreased 7.6% to $133 per ton. EBITDA increasing 55.3% to $1.6 million, or $53 per ton.
During the first nine months of 2013 Tree Island revenues edged up to $17.7 million on 86,107 tons.
“The higher revenues in 2013 primarily reflect increased volumes particularly in the Industrial and commercial construction market segments,” the company stated. “The growth in volume was partially reduced by price adjustments that were in line with corresponding raw material cost reductions.”
Nine-month gross profit increased 24% to $13.5 million at a margin of 11.5%, while gross profit per ton rose 8.3% to $157 and EBITDA increased 32% to $6.2 million. ©2013 GlobalFastenerNews.com
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