Thu Oct 27, 2011
* Q3 profit $1.13/shr vs year-ago 65 cents/shr
* Sees Q4 EPS 70-80 cents v analyst view of 88 cents
Oct 27 (Reuters) - Metals processor Reliance Steel & Aluminum Co's third-quarter profit rose on strong demand, but it said the fourth quarter will be lower than expected because of volatile metal prices and lower sales.
Net earnings were $84.9 million, or $1.13 per share, compared with $48.7 million, or 65 cents per share, in the same quarter of 2010, the Los Angeles-based company said on Thursday.
Reliance Steel, which buys metal from manufacturers and processes it for specific industry needs, said sales rose 29 percent to $2.14 billion.
Looking ahead, the company said it estimates earnings for the fourth quarter will be in the range of 70 cents to 80 cents per share. Analysts currently expect 88 cents per share, according to Thomson Reuters I/B/E/S.
(sourced Reuters)
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment