NEW YORK (TheStreet) -- Shares of A.M. Castle and Co. (CAS) are lower by -8.36% to $9.98 on Tuesday morning after the company reported a net loss of -$72.3 million, or -$3.10 per diluted share for the 2014 second quarter, compared to a loss of -$3.8 million, or -16 cents per diluted share for the 2013 second quarter.
The specialty metals and plastics distribution company said net sales for the most recent quarter were $249.5 million versus $273.4 million for the year ago quarter.
A.M. Castle said the primary issues affecting their results for the latest quarter were branch consolidation in its plate business, a systems conversion in its oil and gas business, strategic local inventory deployments, and incurred inventory writ-off that impacted gross margins.
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Separately, TheStreet Ratings team rates CASTLE (A M) & CO as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
"We rate CASTLE (A M) & CO (CAS) a SELL. This is driven by several weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, weak operating cash flow, poor profit margins and generally disappointing historical performance in the stock itself."