Turn out the lights, the party's over du jour:
Reuters
UPDATE - Intermet posts loss on steel costs
Thursday April 15, 12:53 pm ET
(Adds earnings details, stock price)
CHICAGO, April 15 (Reuters) - Intermet Corp. (NasdaqNM:INMT - News), a maker of cast-metal auto parts, on Thursday posted a first-quarter loss, citing "unprecedented" cost increases for scrap steel in North America and Europe.
Intermet reported a loss of $7.9 million, or 31 cents a share, compared with net income of $3.2 million, or 12 a share, a year ago. Sales increased 9 percent to $210.6 million.
Analysts on average had expected a loss of 14 cents, according to Reuters Research, a unit of Reuters Group Plc.
The Troy, Michigan-based company said scrap steel prices have nearly doubled to almost $300 per net ton between June and March. It also said it completed an amendment to its senior secured credit facility after seeking to relax certain financial covenants due to the unexpected rise in steel costs.
Shares of Intermet fell 11 cents, or 2.4 percent, to $4.39 in midday trading on the Nasdaq market. |
