Reliance Steel & Aluminum Q3 Profit Down - Quick Facts

(RTTNews) - Metal processor Reliance Steel & Aluminum Co. (RS) said its third-quarter net income attributable to the company slid to $95.1 million, or $1.22 a share, from $98.1 million, or $1.30 a share in the third quarter of 2012. On average, 12 analysts polled by Thomson Reuters expected earnings per share of $1.20 for the quarter. Analysts' estimates typically exclude one-time items.

However, sales were $2.44 billion in the recent quarter, up 18.9% from $2.06 billion in the third quarter of 2012. Analysts estimated revenues of $2.54 billion for the quarter. Tons sold rose by 31.3% from the 2012 period.

Overall pricing is expected to remain near the current low levels for the remainder of the year. For the fourth quarter, the company currently expects GAAP earnings per share in the range of $0.90 - $1.00, while 11 analysts estimate earnings of $1.11 per share.

On October 22, the board declared a regular quarterly cash dividend of $0.33 per share, payable on December 19, to shareholders of record as of November 21.