Real Industry Reports Quarterly Loss

Real Industry Inc. missed Wall Street expectations on net income but beat them on revenue in the fiscal first quarter. The Sherman Oaks investment holding company reported on Tuesday a net loss of $10.1 million (-38 cents a share) for the quarter ending March 31, compared with net income of $6.8 million (30 cents) in the same period a year earlier. Revenue increased 124 percent to $309 million. Analysts on average expected a loss of 18 cents on revenue of $308 million, according to Thomson Financial Network. Real Industry, formerly known as Signature Group Holdings, owns an aluminum recycling business, Real Alloy, in Cleveland. Earnings were released after the market closed. Shares closed up 1 cent, or a fraction of a percent, to $8.05 on the Nasdaq.