(RTTNews) - Reliance Steel & Aluminum Co. (RS) on Thursday reported that its third-quarter net income rose to $162.7 million or $2.40 per share from $148.3 million or $2.03 per share in the prior year.
Excluding items, adjusted earnings for the quarter were $2.39 per share, compared to $2.42 per share in the year-ago period.
On average, analysts polled by Thomson Reuters expected the company to report earnings of $1.95 per share for the quarter. Analysts' estimates typically exclude special items.
However, net sales for the quarter were $2.69 billion, down 9.7 percent from $2.97 billion last year. Analysts had a consensus revenue estimate of $2.67 billion for the quarter.
Reliance said it remains optimistic about business conditions in the fourth of 2019. The company expects that end demand in the fourth quarter will remain relatively steady, excluding the impact of normal seasonal patterns, which generally includes a decline in shipping volume due to customer holiday-related shutdowns and fewer shipping days compared to the third quarter of 2019.
Reliance management currently anticipates adjusted earnings per share in the range of $1.60 to $1.70 for the fourth quarter of 2019. The Street expects earnings of $1.57 per share for the quarter.
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