Reliance Steel Q1 Profit Rises, Sees Q2 EPS Below View - Quick Facts

(RTTNews) - Metal processor Reliance Steel & Aluminum Co. (RS) Thursday reported first-quarter net income attributable to the company of $87.2 million or $1.11 per share, higher than $83.7 million or $1.09 per share in the prior year.

Adjusted earnings for the recent quarter totaled $1.19 per share, while the company posted $1.13 per share last year.

On average, 13 analysts polled by Thomson Reuters expected the company to earn $1.24 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter grew 26.1% to $2.55 billion from $2.03 billion a year earlier. Analysts estimated revenues of $2.49 billion for the quarter.

"As the U.S. economy maintains its slow but steady recovery, Reliance expects metals pricing and demand to continue to improve throughout the second quarter," the company said.

Looking ahead to the second quarter, the company expects earnings per share to be in the range of $1.30 to $1.40. Street analysts expect the company to report earnings of $1.42 per share for the quarter.

On April 22, 2014, the board declared a quarterly cash dividend of $0.35 per share, to shareholders of record as of May 30, 2014, payable on June 20.