Horsehead Holding Q2 Loss Narrows - Quick Facts

(RTTNews) - Horsehead Holding Corp. (ZINC) reported that its second-quarter of 2013 net loss narrowed to $0.8 million or $0.02 per share, from $1.7 million, or $0.04 per share in the second quarter of 2012.

"We are pleased that earnings improved slightly compared with the prior year's second quarter despite lower commodity prices as we begin the transition of winding down the Monaca operation, starting-up our new Mooresboro, North Carolina plant and expanding Zochem. Lower commodity prices were partially offset by higher realized premiums to the LME zinc price," said Jim Hensler, President and Chief Executive Officer.

Zinc product shipments decreased 5,448 tons, or 11%, to 42,724 tons as total zinc production decreased 11% for the quarter.

Net sales for the quarter slip to $110.46 million from $117.49 million last year. Net sales, excluding $0.8 million related to non-cash hedge charges for the latest-quarter and $2.5 million for the second quarter of 2012, decreased $8.7 million, or 7%, to $111.3 million as lower shipment volumes and lower commodity prices more than offset higher premiums.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.03 per share and revenues of $112.07 million for the quarter. Analysts' estimates typically exclude special items.

"We have started the commissioning process in parallel with completing the final stages of construction of our new zinc plant project in Mooresboro, North Carolina. We continue to believe that first zinc production will take place before the end of this year. Our latest forecast places the start-up in the fourth quarter. The lead-silver recovery circuit is still expected to start-up in early 2014. The workforce of Horsehead employees on-site has grown to approximately 75 people. They are actively involved with training and commissioning," said Hensler.