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Steel & Tube confirms it will meet downgraded guidance
By Jenny Ruth
July 31 (BusinessDesk) - Steel & Tube Holdings has affirmed it will meet the downgraded guidance it provided in late May for the year ended June.
The company says it confirms earnings before interest and tax will come in at $15.5-$17.5 million compared with a normalised $16.5 million the previous year. The May guidance was down from $25 million.
“Market share and volume gains have led to an increase in revenue, disciplined cost management has seen operating costs reduce and the company has a strong balance sheet with net debt reduced to $15 million,” the company says in a brief statement.
It will report the actual results on Friday, Aug. 23.
Steel & Tube shares ended trading yesterday at 87 cents and are down more than 35 percent from a year ago.
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