Reliance Steel: 2Q Earnings Snapshot
LOS ANGELES (AP) _ Reliance Steel & Aluminum Co. (RS) on Thursday reported second-quarter earnings of $183.1 million.
The Los Angeles-based company said it had profit of $2.69 per share. Earnings, adjusted for asset impairment costs, were $2.71 per share.
The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $2.60 per share.
The metals service-center company posted revenue of $2.88 billion in the period, which missed Street forecasts. Four analysts surveyed by Zacks expected $2.91 billion.
For the current quarter ending in October, Reliance Steel expects its per-share earnings to range from $1.90 to $2.
Reliance Steel shares have increased 31% since the beginning of the year. The stock has risen 0.5% in the last 12 months.