Synalloy Corporation (NASDAQ:SYNL) on Tuesday published financial results before market open.
The company recorded loss for the of $ 0.26 million or $ 0.03 per share, compared to income of $ 3.68 million or $ 0.41 per share for the year-ago quarter.
SYNL reported adjusted net loss of $ 0.35 million or $ 0.04 per share
Topline results for the boosted 9.58 percent to $ 78.78 million from $ 71.89 million in the same quarter last year
Craig C. Bram, President and CEO, stated, The combination of heavy buying in the first half of 2018 by distribution customers in advance of Section 232 tariffs and consolidation within the supply chain, has resulted in excessive inventories and associated destocking. While project buys have been reasonably good, inventory buys have been less frequent and of much smaller volume.