Reliance Steel & Aluminum Provides Year-End Earnings Guidance
01/21/2010 - Reliance Steel & Aluminum provides earnings guidance for the fourth quarter and year ended December 31, 2009.
Reliance Steel & Aluminum Co. has provided guidance regarding earnings estimates for the fourth quarter and year ended December 31, 2009, saying that it expects earnings to be in the range of $.95 to $1.05 per diluted share for the 2009 fourth quarter and $1.71 to $1.81 for the 2009 year.
The current mean of the Wall Street analysts’ earnings estimates is $.38 per share for Reliance’s 2009 fourth quarter and $1.14 for the 2009 year.
“In our September 30, 2009 third-quarter financial results conference call, we stated that we were not comfortable providing earnings guidance for the 2009 fourth quarter because of the widespread uncertainty regarding business conditions,” noted Reliance’s Chairman of the Board and CEO, David H. Hannah. “Both demand and pricing were at better levels than expected, given the seasonal pressures that we typically experience in the fourth quarter.
“Our gross profit margins improved compared to the 2009 third quarter due to stronger pricing and a larger annual LIFO adjustment than originally estimated,” added Hannah. “Revenues for the fourth quarter and year ended December 31, 2009 were approximately $1.3 billion and $5.3 billion, respectively.”
The company will announce its financial results for the fourth quarter and year ended December 31, 2009, on Thursday, February 18, 2010.
Headquartered in Los Angeles, Calif., Reliance Steel & Aluminum is the largest metals service center company in North America. Through a network of more than 200 locations in 38 states and Belgium, Canada, China, Mexico, Singapore, South Korea, 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 2009 “Fortune 500” List, the 2008 Forbes “America’s Best Managed Companies” List and the 2009 Fortune List of “The World’s Most Admired Companies.”
