The company's net income for the fourth quarter was $2.6 million, up from $2.1 million a year ago. Earnings per share for the quarter remained flat with last year at 8 cents.
(Reuters) - Metalico Inc <MEA.A>, a scrap metal recycler and lead products fabricator, posted a 23 percent rise in quarterly net profit.
The company's net income for the fourth quarter was $2.6 million, up from $2.1 million a year ago. Earnings per share for the quarter remained flat with last year at 8 cents.
Metalico posted income from continuing operations of $3.5 million, or 11 cents a share, for the fourth quarter, up from $2.1 million, or 8 cents a share, a year ago.
Quarterly revenue jumped 138 percent to $113.7 million. However, costs and expenses soared to $106.1 million from $45.1 million.
!ADVERTISEMENT!Two analysts expected the company to earn 12 cents a share, before items, on revenue of $92.68 million, according to Reuters Estimates.
Metalico said fourth-quarter results were hurt by a sequential decline in lead product selling prices and product unit volumes.
The company also expects margins at its lead fabrication segment to be compressed in the first quarter.
Shares of the company, which have gained more than 38 percent in the past six months, closed Wednesday's trading session at $11.20 on the American Stock Exchange.
(Reporting by Chakradhar Adusumilli in Bangalore; Editing by Jarshad Kakkrakandy)
