Reliance Steel & Aluminum 3Q net income climbs
LOS ANGELES (AP) — Reliance Steel & Aluminum Co.'s third-quarter net income climbed 16 percent, helped by an inventory credit.
The metals service-center company reported Thursday that it earned $98.1 million, or $1.30 per share, for the three months ended Sept. 30. That's up from $84.9 million, or $1.13 per share, a year earlier.
The performance beat the $1.20 per share that analysts surveyed by FactSet predicted.
The current quarter included an inventory-related credit of $27 million compared with an inventory charge of $22.5 million a year ago.
Revenue fell 4 percent to $2.06 billion from $2.14 billion, hindered by bigger-than-expected product price declines. Wall Street expected $2.09 billion.
Tons sold rose 2 percent from a year ago on increased sales of stainless steel and aluminum products as well as contributions from acquisitions.
For the fourth quarter, Reliance Steel & Aluminum anticipates earnings of 90 cents to $1 per share. Analysts had forecast $1.08 per share.
The Los Angeles company's stock gained 76 cents to $52.87.