IMCO Recycling Inc. said that it expects third quarter 2002 net earnings of around $.17 per share.
In last year's third quarter the company's net earnings were $155,000 or $.01 per share.
IMCO Recycling's net earnings in the second quarter of 2002 were $2.534 million, more than doubling net earnings of $918,000 in the same period last year.
Don Ingram, chairman and CEO, said IMCO Recycling's financial results are improving "because of higher processing volume and better profit margins at our specialty alloys and aluminum recycling facilities.
"We are recording greater sales of specification aluminum alloys to auto manufacturers and their component suppliers. This improvement is a result of the high level of North American auto production and ongoing increases in aluminum use per vehicle. The rise in profit margins at both types of facilities is due in part to operating cost reductions we've put in place."
IMCO Recycling will announce third quarter 2002 financial results on October 30.Latest from Recycling Today
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