Oak Brook's A.M. Castle forecasts 3rd-quarter loss
Specialty metal and plastic products company A.M. Castle & Co. anticipates a third-quarter loss that is bigger than Wall Street expects.
The Oak Brook-based 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 company's stock dropped $1.66, or 10.1 percent, to $14.73 in trading on Wednesday. The shares have traded between $10.83 and $18.74 over the last year.
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