Metalico Reports Income Gains on Strong Third Quarter Sales

Metalico (AMEX:MEA) reports that, among other things, strong sales in Q3 were to thank for net income gains.

The press release is quoted as saying:

Metalico, Inc. (NYSE Amex: MEA) today reported net income for the quarter ending September 30, 2010, of $4.5 million and earnings of $0.10 per diluted share on sales of $137 million, an increase of $45.5 million, or 50%, over same-quarter 2009 results. Operating income for the third quarter was $9.6 million, compared to $7.7 million in the prior-year. EBITDA  increased by 22% to $13.8 million from $11.3 million for the same quarter in 2009.

Carlos E. Agüero, Metalico’s President and CEO is quoted as saying:

“We are generally pleased with the continued improvement in results to this point in 2010 compared to the prior year. Although our average scrap metal selling prices fell for most categories other than non-ferrous products, our operations produced quarterly and year-to-date EBITDA margins of 10.1%, meeting our internal target of 10%. We remain focused on margin generation and expanding the business while meeting or exceeding performance goals.”

To access the full press release, click here.

To access Metalico’s company website, click here.