24 AUGUST 2011theintelligencer news register
Ormet Profits Up $11.5M
Edited by : AL CIRCLE
1 min read
Only two months after inking a new five-year contract with union workers, Ormet Corp. officials are counting profits that are $11.5 million ahead of where they were at this time last year.
"I am extremely pleased with our performance for the second quarter and the first half of 2011," said Ormet President and Chief Executive Officer Mike Tanchuk. "We have built upon a very successful restart of two potlines at Hannibal earlier this year that allowed us to reach full run rate capacity and bring the operation up to full employment once again."
Net sales from continuing operations at Ormet for the six month period ending June 30 were $272.3 million compared to $208.5 million for the same period in 2010.
The gross profit during this time was $34.5 million, an $11.5 million increase from the $23 million the company took home during the same time last year.
"I am extremely pleased with our performance for the second quarter and the first half of 2011," said Ormet President and Chief Executive Officer Mike Tanchuk. "We have built upon a very successful restart of two potlines at Hannibal earlier this year that allowed us to reach full run rate capacity and bring the operation up to full employment once again."
Net sales from continuing operations at Ormet for the six month period ending June 30 were $272.3 million compared to $208.5 million for the same period in 2010.
The gross profit during this time was $34.5 million, an $11.5 million increase from the $23 million the company took home during the same time last year.
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