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Canam (CAM) reported a 1Q loss of C$(0.03)/share, ahead of the Street’s forecast of a loss of C$(0.07)/share and well ahead of last year’s adjusted loss of C$(0.33)/share.  CAM saw a 38% jump in yoy sales in 1Q driven by increased volumes from their joist and deck business and at FabSouth, which is a structural steel fabricator in the US.

Guidance was limited but management said that 1Q continued to reflect the slow, upward trend in construction that began last fall.  Echoing similar sentiments from industry leader Nucor, CAM is also cautiously optimistic about the prospects for the joist and deck business as well as the multi-residential market.

Our full report is available to subscribers only and provides further thoughts on Canam’s 1Q conference call, as well as our opinion on the stock and the implication for other steel equities.

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