Thursday, California based operator of metals service centers Reliance Steel and Aluminum Co. (RS) reported a loss for the second quarter, compared to a profit in the prior year.
The company recorded net loss attributable to Reliance of $5.79 million or $0.08 per share compared to a profit of $156.60 million or $2.12 per share a year ago quarter.
On average, 7 analysts polled by Thomson Reuters expected the company to report earnings per share of $0.20 for the quarter. Analysts' estimate typically exclude one-time items.
Net sales for the quarter fell to $1.242 billion from $2.095 billion in the comparable period. Five analysts estimated revenues of $1.46 billion for the quarter. For the six months ended June 30, 2009, net income amounted to $14.3 million or $0.19 per share, compared with net income of $264.0 million or $3.58 per share for the same period in 2008.
The company recorded net sales of $2.8 billion for the period, down 41% from $4.0 billion recorded a year ago.
Looking forward, the company expect that the market conditions would not improve immediately, but sees improvement in demand for the balance of the year. With increased pricing and better inventory position, the company expects better gross profit margins in the second half of the year.
Reliance Steel said it is not comfortable providing earnings guidance, however said it expect to be profitable in the third quarter.
On Wednesday, the Board declared a regular quarterly cash dividend of $0.10 per share of common stock, to shareholders of record August 21, payable on September 14.
RS is currently trading at $37.17, down $2.56 or 6.44% on a volume of 1.4 million shares on the NYSE.
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