Reliance
Steel & Aluminum Co reported earning on Thursday April 26th. They reported
net income of $116.2 million, that's up 26% from the 2011 first quarter net income of $92.3
million and up 71% from $67.9 million in the 2011 fourth quarter. Earnings per
diluted share were $1.54 in the 2012 first quarter. That's up 25% from the 2011
first quarter earnings per diluted share of $1.23 and up 69% from $0.91 for the
2011 fourth quarter. The industries that continued
to provide the most growth for them where energy, oil and gas, aerospace, heavy
equipment and auto through our toll processing businesses. The stock slipped as its outlook for the current quarter lagged Wall Street expectations. "There is still some uncertainty regarding the direction
of prices for some of the metals we sell, with prices currently moving in
different directions for different products," said Chairman and Chief
Executive Officer David Hannah. Reliance expects second-quarter earnings in the range of $1.40 to $1.50 per share, he said. Analysts
currently expect $1.53 for the quarter.
-John Astarita
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