Reliance Steel & Aluminum Q2 Profit Falls, Revenue Up - Quick Facts

(RTTNews) - Reliance Steel & Aluminum Co. (RS) Thursday said second-quarter profit declined from the prior year, while sales climbed nearly 11 percent, amid weaker-than expected demand and pricing.

Net income attributable to the company declined to $81.0 million from $108.8 million. Earnings per share fell to $1.05 from $1.44. Adjusted earnings totaled $1.14. On average, 12 analysts polled by Thomson Reuters expected earnings of $1.19 per share for the quarter. Analysts' estimates typically exclude special items. Sales increased to $2.45 billion from $2.21 billion. Analysts expected revenues of $2.48 billion. Tons sold were up 24.2 percent from last year.

David Hannah, Chairman and CEO of Reliance, said, "In general for the 2013 second quarter, both demand and pricing were a bit weaker than we anticipated at the end of the previous quarter. We remain highly focused on managing all aspects of the business that are within our control...''

The firm expects to continue to selectively acquire companies that are well-managed, complement its product offerings and grow its presence in targeted end-markets.

On July 23, the Board of Directors declared a regular quarterly cash dividend of $0.33 per share of common stock, an increase of 10 percent.