Reliance Increases 2012 First Quarter Outlook
04/19/2012 - Reliance Steel & Aluminum is updating its guidance regarding the company’s earnings estimates for the first quarter ended March 31, 2012.
Reliance Steel & Aluminum Co. is updating its guidance regarding the company’s earnings estimates for the first quarter ended March 31, 2012.
Reliance now expects to report earnings of approximately $1.50 per diluted share. This compares to current Wall Street analysts’ earnings estimates for the company’s 2012 first quarter, which range from $1.22 to $1.40 per diluted share with a mean estimate of $1.29.
“In our February 16, 2012 conference call and press release we estimated earnings per diluted share in a range of $1.15 to $1.25 for the 2012 first quarter,” said Reliance Chief Executive Officer, David H. Hannah. “Demand was somewhat stronger than we had anticipated and a stronger pricing environment allowed us to modestly improve our gross profit margins from the 2011 fourth quarter levels. As a result, we have updated our earnings guidance to reflect our current expectations.”
The company is scheduled to announce financial results for the three months ended March 31, 2012 on Thursday, April 26, 2012 prior to the opening of the New York Stock Exchange.
Headquartered in Los Angeles, Calif., Reliance Steel & Aluminum is the one of the largest metals service center companies in North America. Through a network of more than 220 locations in 38 states and Belgium, Canada, China, Malaysia, Mexico, Singapore, South Korea, the U.A.E. and the United Kingdom, the company provides value-added metals processing services and distributes a full line of over 100,000 metal products to more than 125,000 customers in a broad range of industries. The company was named to the 2011 “Fortune 500” List and the 2012 Fortune List of “The World’s Most Admired Companies.”
