Metalico, Inc. reported earnings of $0.19 per share and net income of $8.8 million for the first quarter, with significant increases in sales and operating and net income.
The company posted sales of $182 million for the quarter ended March 31, 2011, compared to $134.1 million for the comparable 2010 quarter when it reported net income of $3.5 million or $0.08 per share. All per-share calculations are on a diluted basis.
Operating income increased 25 percent for the first quarter to $17 million, compared to $13.6 million for the prior-year period.
Effective January 1, 2011, the company has identified Platinum Group Metals (PGM) and Minor Metals Recycling as a new operating segment as a result of its growing importance. PGM and Minor Metals performance was previously included in the Scrap Metal Recycling segment.
Metalico’s management said the separation clarifies distinctions between the company’s traditional scrap metal recycling operations and the operations of its specialized PGM and higher-value Minor Metals recycling for reporting purposes. Platinum Group Metals include platinum, palladium, and rhodium, and Minor Metals include molybdenum, tantalum, tungsten, niobium, rhenium, manganese and chrome.
Where applicable, all previous year information reported by the company has been adjusted to reflect comparable data.
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