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More top-performing CAPS members are feeling bullish about General Steel Holdings
The Chinese company reported record production for its first quarter, as shipping volume at its Longmen Joint Venture grew 39%, to more than 650,000 metric tons. Total revenue increased 10.7%, to $322.8 million, and earnings grew to $7.3 million from $2.2 million from last year. The surge in net income was enough to get investors worked up, even though a good chunk of the profit came from non-cash derivative gains. The company increased its cash and restricted cash to $213.4 million, compared with $145.6 million at the end of the previous quarter. General Steel also brought its gross margin back out of the red, to 4%, from negative 8.3% in the previous quarter.
While U.S. producers such as Steel Dynamics
To see what the very best CAPS members are saying now about General Steel -- as well as other winning stocks they are picking -- head on over to CAPS and have a look. The community research and resources in CAPS are totally free, unlike analyst opinions reserved for paying clients.
Fool contributor Dave Mock looks forward to upgrading his brittle bones to Terminator-style steel once the procedure is perfected -- hopefully in his lifetime. He doesn't own shares of companies mentioned here. CNOOC and General Steel Holdings are Global Gains recommendations. The Fool's disclosure policy makes everyone's day.