Tuesday, April 23, 2024
Michael Heim, Senior Vice President, Equity Research Analyst, Energy & Transportation, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Seasonal decline was less due to warm weather. Precoat Metals reported strong results as construction sale benefitted from warm weather. Appliance sales were also strong.
Margins continue to improve steadily as increased sales are spread over fixed costs. Consolidated margins dipped slightly with the shift towards lower-margin Precoat Metal sales, but the overall trend continues to rise.
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