Reliance Steel Posts Mixed Q3 Results, Earnings Rise; Shares Up 3%


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Reliance Steel & Aluminum ( RS ) reported Q3 2012 sales of $2.06 billion, down 3.9% from $2.14 billion in Q3 2011, and below the Capital IQ analyst consensus of $2.122 billion.

Net income was $98.1 million, up 15.5% from $84.9 million in Q3 2011.Earnings per diluted share were $1.30, up 15% from $1.13 in Q3 2011, and above the Street view of $1.19.

For Q4, management currently expects earnings per diluted share to be in the range of $0.90 to $1.00, below the current $1.07 Street outlook.

RS shares are up 3% to $53.70, and have traded in a day range of $52.81 - $54.35. RS has a 52-week range of $39.70 - $58.80.

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This article appears in: Investing , Commodities

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