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Reliance Steel: 4Q Earnings Snapshot

LOS ANGELES (AP) _ Reliance Steel & Aluminum Co. (RS) on Thursday reported fourth-quarter profit of $85.6 million.

On a per-share basis, the Los Angeles-based company said it had net income of $1.22. Earnings, adjusted for non-recurring gains, came to $1.08 per share.

The results did not meet Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $1.71 per share.

The metals service-center company posted revenue of $2.81 billion in the period, topping Street forecasts. Four analysts surveyed by Zacks expected $2.77 billion.

For the current quarter ending in April, Reliance Steel expects its per-share earnings to range from $2.35 to $2.45.

Reliance Steel shares have risen 22 percent since the beginning of the year. The stock has fallen roughly 7 percent in the last 12 months.


This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on RS at https://www.zacks.com/ap/RS