Thanks
EPS of $1.07 beat estimates of $1.03 and sales of $1.21B missed estimates of $1.25B. Sales grew 3% quarter-over-quarter, and 13% year-over-year. EBITDA margin expanded from the previous quarter, and it conducted $22M in buybacks and $24M in dividends during the quarter. Shares declined after the results as it expects margin moderation in Q3 due to inventory costs. It also anticipates seasonal shipment reduction in Q3. Its overall positive results were driven by higher metal prices and steady demand. It pays a nice yield of 4.3%, and trades at a cheap valuation of 10.6X forward earnings. Although, analyst estimates are beginning to decline, but fundamentally it delivers solid free cash flow and has a good dividend and buyback policy. We would be OK holding the name, but would prefer to see its price find a floor before adding to the position.