Reliance Steel & Aluminum Updates First Quarter Guidance
Reliance Steel & Aluminum just posted the following release on its first quarter earnings:
LOS ANGELES, Apr 16, 2012 (BUSINESS WIRE) -- Reliance Steel & Aluminum Co. RS +4.53% announced today that it is updating its guidance regarding the Company's earnings estimates for the first quarter ended March 31, 2012. At this time, Reliance expects earnings to be approximately $1.50 per diluted share. The current Wall Street analysts' earnings estimates for the Company's 2012 first quarter range from $1.22 to $1.40 per diluted share with a mean estimate of $1.29.
Reliance's Chief Executive Officer, David H. Hannah, said, "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. 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 will announce its 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 and will host a conference call web cast that same day at 11:00 am Eastern Time at: www.rsac.com/investorinformation .
Reliance Steel & Aluminum Co., headquartered in Los Angeles, California, is the largest metals service center company 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.
SOURCE: Reliance Steel & Aluminum Co.