A. M. Castle Q2 Loss Widens

(RTTNews) - A. M. Castle & Co. (CAS), a global distributor of specialty metal and plastic products, value-added services and supply chain solutions, reported that its second quarter 2014 net loss widened to $72.3 million or a loss of $3.10 per share from $3.8 million or $0.16 per share in the second quarter 2013. The latest-quarter results included a $56.2 million non-cash goodwill impairment charge.

Excluding the impact of the non-cash goodwill impairment charge, adjusted non-GAAP net loss for second quarter of 2014 was $22.9 million compared to adjusted non-GAAP net income of $0.4 million in the second quarter of 2013.

Adjusted non-GAAP loss per share was $0.98, compared to profit per share of $0.02 in the prior year.

Consolidated net sales dropped to $249.5 million, from $273.4 million last year.

Analysts polled by Thomson Reuters expected the company to report a loss of $0.44 per share and revenues of $254.65 million for the quarter. Analysts' estimates typically exclude special items.