This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Horsehead Holding Corp. Reports First Quarter 2012 Results

Horsehead Holding Corp. (Nasdaq: ZINC) reported a consolidated net loss of $(8.5) million, or $(0.19) per diluted share, for the first quarter of 2012, compared to net income for the first quarter of 2011 of $14.8 million, or $0.33 per diluted share. Consolidated net earnings were $2.1 million for the first quarter of 2012, or $0.05 per diluted share, excluding non-cash charges associated with hedges and an accelerated write-off of a portion of the Monaca, Pennsylvania plant. Consolidated net earnings were $8.6 million, or $0.19 per diluted share, for the first quarter of 2011, excluding an insurance recovery. The LME zinc price was 15% lower versus the same quarter last year, reducing earnings an estimated $0.15 per share for the quarter. A 22% increase in the price of coke also had an estimated $.035 per share negative impact on the quarter.

“We were very pleased with the operating levels at our businesses. We established new records for EAF dust receipts, EAF dust processing, zinc production and zinc product shipments during the quarter. Demand for our zinc products was strong and our zinc smelting facility and recycling plants operated at close to full capacity. When the non-cash impact of hedge write-offs, mark-to-market adjustments and asset impairment charges are eliminated, our operating results were positive despite much lower commodity prices compared with the prior year,” said Jim Hensler, President and Chief Executive Officer.

“The integration of Zochem into our zinc oxide business proceeded smoothly during the quarter. INMETCO also turned in solid earnings as productivity gains outpaced the reduced price for nickel.”

“We are also pleased with the progress on construction of our new zinc production facility in Rutherford County, North Carolina,” Hensler said. “We have placed orders for a significant portion of the equipment and work at the site is accelerating. We continue to be on schedule and on budget for a startup in the second half of 2013.”

1 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $95.03 -2.90%
FB $117.52 7.90%
GOOG $691.20 -2.10%
TSLA $247.54 -1.60%
YHOO $36.58 -1.00%


Chart of I:DJI
DOW 17,830.76 -210.79 -1.17%
S&P 500 2,075.81 -19.34 -0.92%
NASDAQ 4,805.2910 -57.85 -1.19%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs