MTL reported EPS of 34c, beating estimates of 32c. Sales matched estimates at $498M. While beating 'the street' the results came in short of the company's own forecasts (revenue of $500M). Also, revenue declined 0.8%, and, considering inflation, this was perhaps more worrying. Management comments didn't help: 'demand was light in all four segments as the year came to a close'. There was also a $2.9M restructuring charge. The revenue dip was also partly influenced by the Xmas holiday schedule. Not a disaster here, by any stretch. The stock remains cheap at 10X earnings. 10% growth is still expected this year. Debt is high and that would be our main drawback. The 4.9% dividend is attractive. We would see it as OK, but buyers don't need to rush.
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