Dive Brief:
- Appliance Recycling Centers of America saw Q1 decreased revenue, falling 16.8% in comparison with the same time last year.
- ARCA’s Q1 revenue was $27.5 million, with a $1.7 million net loss for the quarter. Decreases in revenues from the firm’s recycling division were cited as a factor contributing to the loss.
- The Minneapolis-based firm had major slowdowns in appliance replacement work for municipalities and others. Revenue in that area was off by 45%, ARCA reported.
Dive Insight:
Declines in the price of scrap steel have affected many industries, and recycling is one of them that has been hit the hardest.
"Although the recovery of scrap steel and non-ferrous metal prices appears to be a slow one we are hopeful that the markets will return to levels at which we are profitable," said Edward R. (Jack) Cameron, president and CEO of ARCA Inc.
