30
Oct
22:05
Russel sees profits hit by inventory, job cuts
Inventory overhangs and job cutting costs bit into Toronto, Ontario-based service center chain Russel Metal’s bottom line in the third quarter, the company announced Friday.
Russel reported Q3 net income of $13 million on sales of $773m, compared with net income of $33m on sales of $1 billion in Q3 2014, Kallanish understands.
Russel estimates that costs related to job cuts totaled $2m, while inventory costs totaled $8m.
The company also saw a 40% de…
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