A producer of steel pipes, storage tanks and specialty chemicals reported a $16.6 million year-over-year increase in its net sales during the second quarter.
Synalloy Corp. — based in Richmond, Va. with a corporate and shared services office in Spartanburg — said its net sales were $51.5 million during the quarter, a 48% increase over net sales in the second quarter of 2016.
For the first six months of 2017, the company reported net sales of $93.7 million, a $22.5 million year-over-year increase.
“The company's financial performance in the second quarter exceeded our expectations,” said Craig Bram, Synalloy Corp. president and CEO, in the company’s filing with the Securities and Exchange Commission. “Adjusted EBITDA in the second quarter alone was equal to adjusted EBITDA for all of 2016.”
Part of the increases were related to Synalloy’s acquisition of Marcegaglia USA Inc. which closed in February. Synalloy reported sales of $7.3 million from Marcegaglia in the second quarter. The company also reported a $17 million increase in sales from its metals division and a $400,000 decrease in sales from its specialty chemical segment.