Oregon Steel Mills, Inc. Revises Second Quarter Outlook
15 Junho 2005 - 8:13PM
Business Wire
Oregon Steel Mills, Inc. (NYSE:OS) today revised its outlook for
the second quarter. The Company had previously estimated that its
second quarter earnings per diluted share would be in the range of
$.85 to $.95. The Company now expects second quarter earnings per
diluted share to be in the range of $.75 to $.85. First quarter
2005 results were $.79 per diluted share. The lower expectation is
primarily due to the inability to achieve the scheduled delivery on
approximately 30,000 tons of welded pipe products representing
approximately $34 million of revenue. The delivery has been
affected by 1) shortages of railroad cars and 2) adverse weather
conditions at the product destination points. The product is
expected to be delivered and the associated revenue recognized
during the third quarter of 2005. Jim Declusin, the Company's
President and CEO, stated, "While sales volume for the Company's
plate and rod products have declined in recent months due to
customer inventory balances, operating margin per ton for these
products continues to compare favorably to those realized in the
first quarter of 2005. We expect demand for these products to pick
up in the third quarter as customer inventories are reduced. Welded
pipe and rail products continue to meet volume and operating margin
expectations. While total shipments of product for 2005 are
expected to decline approximately 5 percent from 2004, the Company
believes that operating income from continuing operations for 2005
will be approximately the same as that realized in 2004, before the
2004 labor dispute settlement charges." FORWARD-LOOKING STATEMENTS
Forward-looking statements in this release are made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. Such forward-looking statements are subject to risks
and uncertainties and actual results could differ materially from
those projected. Such risks and uncertainties include, but are not
limited to, general business and economic conditions; competitive
products and pricing, as well as fluctuations in demand; potential
equipment malfunction, and plant construction and repair delays.
For more detailed information, please review the discussion of
risks, which may cause results to differ materially, in our most
recently filed Form 10-K, Form 10-Q and other SEC reports. Oregon
Steel Mills, Inc. is organized into two divisions. The Oregon Steel
Division produces steel plate, coil, welded pipe and structural
tubing from plants located in Portland, Oregon and Camrose,
Alberta, Canada. The Rocky Mountain Steel Mills Division, located
in Pueblo, Colorado, produces steel rail, rod, bar, and tubular
products.
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