AM Castle forecasts 3rd-quarter loss

AM Castle anticipates a 3Q loss that is bigger than Wall Street expects

Associated Press

OAK BROOK, Ill. (AP) -- Specialty metal and plastic products company A.M. Castle & Co. anticipates a third-quarter loss that is bigger than Wall Street expects.

The company said that tough industry conditions and the late cycle nature of its end markets pressured its performance.

A.M. Castle foresees a third-quarter loss of about 28 cents to 32 cents per share. Its adjusted loss is expected to be comparable to the preliminary estimate.

Analysts polled by FactSet predict a loss of 19 cents per share.

Revenue is forecast between $250 million and $255 million, which the company said was hurt by ongoing softness in key end markets.

A.M. Castle is expected to release its third-quarter financial results on Oct. 29.

The Oak Brook, Ill.. company's stock dropped $1.66, or 10.1 percent, to $14.73 in midday trading on Wednesday. The shares have traded between $10.83 and $18.74 over the last year.

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