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A.M. Castle profit misses estimates on higher raw material cost
July 31, 2012 / 11:57 AM / 5 years ago

A.M. Castle profit misses estimates on higher raw material cost

* Q2 adj EPS $0.11 vs est $0.29

* Q2 rev up 16 pct to $329.4 mln

July 30 (Reuters) - Specialty metals and plastics distribution company A.M. Castle & Co’s quarterly profit missed analysts’ estimates as cost of raw materials rose and demand softened.

The company posted a net loss of $2.97 million, or 13 cents per share, for the second quarter, compared with a profit $3.7 million, or 16 cents per share, a year earlier.

Excluding items, the company earned 11 cents per share.

Net sales rose 16 percent to $329.4 million, while cost of materials rose 15 percent.

Analysts on average had expected a profit of 29 cents per share, on revenue of $360.8 million, according to Thomson Reuters I/B/E/S.

Shares of the company, which caters to industries like oil and gas, heavy equipment, industrial goods, construction equipment, retail, marine and automotive, closed at $8.71 on Monday on the New York Stock Exchange.

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