Synalloy Raises FY17 Adj. EBITDA Forecast - Quick Facts

(RTTNews) - Synalloy Corp. (SYNL), a producer of stainless steel pipe and tubing, fiberglass and steel storage tanks, and specialty chemicals, Tuesday said it is raising fiscal 2017 adjusted EBITDA forecast, citing the improved performance in the second quarter.

The company now expects full-year adjusted EBITDA of $17.0 million.

The company said it expects order activity and pricing across the Metals businesses to remain at current levels or modestly higher. Nickel prices have shown some recent strength as have WTI prices, helping to support projected results for the balance of 2017.

The Chemical segment is expected to show strong profit growth in the second half of the year as we ramp up production of our new fire-retardant business.

In its second quarter, net income from continuing operations was $0.8 million, or $0.10 per share, compared to a net loss from continuing operations of $1.6 million or $0.18 loss per share a year ago.

Net sales for the second quarter were $51.5 million, an increase of 48% from last year.