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Metals USA Holdings (MUSA) |
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WIKI ANALYSIS
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This company completed an initial public offering (IPO) of its stock in 2010. View articles that reference this company. Recent IPOs: Globe Specialty Metals • LogMeIn • Invesco Mortgage Capital • Medidata • Chemspec |
Metals USA Holdings (MUSA) (NYSE:MUSA) is a metal service center and is the ninth largest distributor of metal in the United States. In 2009, it sold over 920,000 tons of metal products, including aluminum, carbon steel, stainless steel, and other products. The company's customers are from United States, Mexico, and Canada. The company organizes its revenues in three categories: Plates and Shapes, Flat Rolled and Non-Ferrous, and Building Products. Plates and Shapes group contains the carbon steel products and sold over 485,000 tons in 2009. The Flat Rolled and Non-Ferrous group contains flat-rolled carbon and stainless steal, aluminum, brass, and copper. It sold approximately 435,000 tons in 2009. The Building Products group manufactures and sells roofing and patio products. [1]
The metal service industry represents about 35% of all metal used in the U.S. and Canada. It is an important intermediary between the production mills and end-users. The service is highly fragmented with over 1,200 companies and net sales of approximately $153 billion in 2008. However, the top 10 service companies only represent less than 25% of industry sales, and the top 100 represents less than 47% of industry sales. Metals USA Holdings is a large metal service center and has advantages over smaller service centers due to greater scale and financial flexibility. [1]
The company's initial public offering of stock filed on the NYSE and went public on 08 April 2010. The stock was priced at $21.00, above the IPO offer range $18.00-$20.00. The total amount raised was $240 million by offering 11.43 million shares. [1]
For the year ended 31 December 2009, its net sales were $1.1 billion, down 50% from $2.2 billion in net sales in the previous year ago. Its net income for year ended 31 December 2009 was $3.5 million, down 95% from $72.6 million in net income in the previous year. The decrease in sales was due to the downturn of the economy, starting from the 4Q of 2008. The revenue mix includes: 47% in Plates and Shapes Group, 45% in Flat Rolled and Non-Ferrous Group, and 8% in Building Products Group. [1]
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