A. M. Castle Q4 Loss Widens - Quick Facts

(RTTNews) - A. M. Castle & Co. (CAS), a distributor of specialty metal and plastic products, value-added services and supply chain solutions, reported that its fourth quarter of 2013 net loss widened to $12.6 million or $0.54 per share, from $5.6 million or $0.24 per share, in the prior year quarter.

Quarterly adjusted non-GAAP net loss was $13.5 million or $0.58 per share compared to a loss of $5.4 million or $0.24 per share in the year ago quarter.

Consolidated net sales for the fourth quarter were $233.2 million, down from $274.0 million last year.

Analysts polled by Thomson Reuters expected the company to report a loss of $0.29 per share and revenues of $247.50 million for the quarter. Analysts' estimates typically exclude special items.

"We enter 2014 with cautious optimism as key market indicators improved in the second half of 2013, but the economic climate still remains uncertain. As we enter the second half of the year, we expect to see our commercial improvement strategies begin to take hold...... We expect our commercial initiatives to increase revenue with minimal increase in costs. If our targeted end markets improve in 2014 as anticipated, and we successfully implement our commercial revenue growth initiatives, we believe our operating expense to sales ratio would approximate 22% as we exit 2014," said Scott Dolan, CEO of A. M. Castle & Co.