5/15/2014 11:03:00 AM
NEWS BRIEFS
Tree Island Steel Reports Broad-Based Gains
Tree Island Steel reported revenue, including fasteners, increased 20.6% to $45.9 million in the opening quarter of 2014. Q1 volumes rose 27.3% to 35,136 tons, driven by continued strength and demand in a number of end markets.
Gross profit gained 25.4% to $5.3 million, while gross margin per ton edged down to $151 per ton – or 11.6% of revenues. First-quarter EBITDA grew 18% to $2.1 million.
“2014 has started off strong with what appears to be a sustainable recovery in many of our end-markets, resulting in significant quarter one increases across many of our key financial and operating metrics,” stated CEO Dale MacLean. “Based on the activity level and traffic in our markets and interaction with our customers, we maintain a positive view for the remainder of the year.”
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