Reliance Steel & Aluminum Q2 Profit Drops

(RTTNews) - Reliance Steel & Aluminum Co. (RS) reported that its second-quarter net income attributable to the company dropped to $80.2 million or $1.24 per share from $183.1 million or $2.69 per share in the previous year.

Non-GAAP net income attributable to the company was $1.36 compared to $2.71 in the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.40 per share. Analysts' estimates typically exclude special items.

Net sales for the quarter dropped to $2.02 billion from $2.88 billion in the prior year. Analysts expected revenue of $1.97 billion for the quarter.