Metals USA Reports Financials

Metals USA Inc. has announced record results for the fourth quarter and full year ended Dec. 31, 2004.

Net income for the fourth quarter of 2004 was $20.5 million, or $0.99 per diluted share, compared to $2.6 million, or $0.13 per diluted share, for the fourth quarter of 2003. Annual net income for 2004 was $104.5 million, or $5.05 per diluted share, compared to $7.5 million, or $0.37 per diluted share, in 2003.

Net sales for the fourth quarter of 2004 were $394.4 million, compared to $249.5 million reported for the same quarter in 2003. Operating income for the fourth quarter of 2004 was $32.9 million, compared to operating income of $4.0 million reported in the fourth quarter of 2003.

Sales for the year ended Dec. 31, 2004, surpassed $1.5 billion, compared to sales of $963.2 million reported for 2003. Operating income for the 2004 full year was $173.7 million, compared to $16.4 million for 2003.

C. Lourenco Goncalves, president and CEO says, "In many ways, 2004 has been a unique year for the metals business. Metal prices increased to all time highs during 2004, as tight supply concerns were the dominant issue." 

Goncalves continued, "The U.S. economy is healthy, and we expect the current level of metal consumption to continue. As far as pricing is concerned, recent announcements of increases in raw material prices for integrated mills in Asia and in Europe have the potential to push worldwide steel prices upward. However, it is difficult to say at this time just when and how much further domestic prices will be affected." He adds, "Regardless of what ultimately happens to metal prices, we believe in the strength of our business and are prepared to deliver good results."

Metals USA Inc., based in Houston, is a leading metals processor and distributor in North America. The company provides a wide range of products and services in the heavy carbon steel, flat-rolled steel, specialty metals and building products markets.