Reliance Steel & Aluminum Q1 Profit Decreases, but beats estimates

(RTTNews) - Reliance Steel & Aluminum (RS) revealed earnings for first quarter that decreased from the same period last year but beat the Street estimates.

The company's earnings came in at $383.1 million, or $6.43 per share. This compares with $523.3 million, or $8.33 per share, in last year's first quarter.

Excluding items, Reliance Steel & Aluminum reported adjusted earnings of $379.5 million or $6.37 per share for the period.

Analysts on average had expected the company to earn $5.76 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 11.6% to $3.965 billion from $4.485 billion last year.

Reliance Steel & Aluminum earnings at a glance (GAAP) :

-Earnings (Q1): $383.1 Mln. vs. $523.3 Mln. last year. -EPS (Q1): $6.43 vs. $8.33 last year. -Analyst Estimates: $5.76 -Revenue (Q1): $3.965 Bln vs. $4.485 Bln last year.

-Guidance: Next quarter EPS guidance: $6.40 to $6.60