Metal processing company Reliance Steel & Aluminum Co. (RS), Wednesday said it expects higher earnings for the fourth quarter earnings, helped by better-than-expected demand and pricing. The earnings forecast surpassed Street view.
Los Angeles, California-based Reliance said it expects fourth quarter earnings to be in the range of $0.95 to $1.05 per share. On average, 10 analysts polled by Thomson Reuters currently expects the company to report earnings of $0.38 per share. Analysts' estimates typically exclude special items.
The company expects fourth quarter revenues to be about $1.3 billion, while analysts are looking for revenues of $1.22 billion.
In the prior-year quarter, the company reported earnings of $66.3 million or $0.90 per share on revenues of $2.142 billion.
Reliance noted that both demand and pricing were at better levels than expected, given the seasonal pressures that it typically experience in the fourth quarter. The company added that gross profit margins improved sequentially, due to stronger pricing and a larger annual LIFO adjustment than originally estimated.
Looking ahead, for fiscal 2009, Reliance expects earnings to be in the range of $1.71 to $1.81 per share on revenues of about $5.3 billion. Analysts currently expects full-year earnings of $1.14 per share on revenues of $5.27 million.
In fiscal 2008, the company posted net income of $482.8 million or $6.56 per share on sales of $8.719 billion.
RS is currently trading at $45.84 per share, up 0.95%, on the New York Stock Exchange. In the 52-week period, shares have been trading in the range of $18.53 to $49.05.
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