Brief: Synalloy Posts Q3 Loss Per Share Of $0.11
12/11/2019 12:24
Nov 12 (Reuters) - Synalloy Corp SYNL.O :
* SYNALLOY REPORTS THIRD QUARTER 2019 RESULTS
* Q3 ADJUSTED LOSS PER SHARE $0.08
* Q3 LOSS PER SHARE $0.11
* Q3 SALES $73.6 MILLION
* Q3 WAS A CONTINUATION OF WEAK DEMAND AND DEPRESSED PRICING
ACROSS MOST OF OUR PRODUCT LINES AND END MARKETS
* EXPERIENCED SEQUENTIAL VOLUME GROWTH OVER Q2 FOR BOTH
WELDED
STAINLESS-STEEL PIPE AND SEAMLESS CARBON PIPE
* STORAGE TANK BUSINESS SAW A DECLINE IN ORDER ACTIVITY IN
Q3 AS
CAPITAL OUTLAYS BY E&P CUSTOMERS WERE LIMITED
* HAVE REDUCED OUR HEADCOUNT BY ONE-THIRD AT OUR STORAGE
TANK
BUSINESS
* EXPECT TO SEE ORDER ACTIVITY INCREASE IN Q4, ASSUMING WTI
PRICES
HOLD AT CURRENT LEVELS
* FOR REMAINDER OF YEAR, EXPECT TO SEE ORDER BOOK PRICING
INCREASE
AS A REFLECTION OF RECENT OCTOBER AND NOVEMBER SURCHARGE
INCREASES
* PRICING PRESSURES IN Q3 LOWERED OVERALL AVERAGE SELLING
PRICE BY
11.1%
* EXPECT ENERGY MARKET-BASED SALES TO REMAIN LOW FOR
REMAINDER OF
YEAR, AND ANTICIPATE SLIGHTLY LOWER GENERAL INDUSTRIAL SALES IN
Q4
* LOWER RAW MATERIAL INPUT COSTS NEGATIVELY AFFECTED Q3
SALES
REVENUE BY $0.8 MILLION WHEN COMPARED TO Q3 2018
* SEE NO SIGNS OF IMPROVING DEMAND IN END MARKETS IN 2019
Source text for Eikon: ID:nGNX1PWwCb
Further company coverage: SYNL.O
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