Horsehead Holding misses by $0.10, beats on revs :
- Reports Q3 (Sep) loss of $0.45 per share, excluding non-recurring items, $0.10 worse than the Capital IQ Consensus of ($0.35); revenues fell 3.6% year/year to $106.99 mln vs the $99.73 mln Capital IQ Consensus.
- "The quarter was adversely affected by a sharp decline in commodity prices, lower EAF dust receipts reflecting weaker steel production and some one-time charges primarily related to inventory and LME-related price adjustments. This was offset partially by a 6% increase in shipments on a zinc-contained basis and a 25% increase in shipments of nickel remelt alloy compared with the prior year's quarter."
- During Q3, EAF dust tons processed decreased 13.7% YoY and 3.4% sequentially due primarily to reduced receipts. WCo took the opportunity of low dust receipts to take several maintenance related outages during Q3. Given its system-wide inventory of recyclable zinc units, co expects to operate all of its kilns entering Q4 but may idle one or more kilns before the end of the year if steel industry output does not increase.
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