Reliance Steel & Aluminum Sees Q2 Earnings In Line With Estimates

(RTTNews) - While reporting its financial results for the first quarter today, Reliance Steel & Aluminum Co. (RS) forecast earnings for the second quarter in line with analysts' estimates.

For the second quarter, the company currently expects adjusted earnings per share in a range of $1.15 to $1.25. On average, seven analysts polled by Thomson Reuters expect the company to earn $1.19 per share for the quarter. Analysts' estimates typically exclude special items.

In the second quarter, the company expects tons sold to be flat to up 2 percent, compared to the first quarter of 2016.

The company also said it has declared a quarterly cash dividend of $0.40 per share on April 19, 2016 for stockholders of record as of May 27, 2016 and will be payable on June 17, 2016.

The company said that in 2016, it will continue its focus on maximizing its gross profit margin to take advantage of the more favorable pricing environment, while also diligently managing operating expenses and inventory levels to drive earnings improvement and cash flow.