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Reliance Steel & Aluminum boosts Q3'19 profit as costs fall amid higher margins

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Reliance Steel & Aluminum boosts Q3'19 profit as costs fall amid higher margins

Reliance Steel & Aluminum Co. reported a 9.7% year-over-year rise in third-quarter net income to US$162.7 million, while net sales dropped 9.7% to US$2.69 billion. Gross profit margin grew to 30.3%, from 28% a year ago.

EPS increased to US$2.40, from US$2.03 a year ago, according to an Oct. 24 news release. Costs and expenses fell to US$2.44 billion from US$2.76 billion on a yearly basis.

The company, which produces carbon steel, aluminum, stainless steel and alloys, reported a 1.8% drop in sales volumes to 1.48 million tons, with the average price falling 8.4% to US$1,807 per ton.

Reliance anticipates sales in the fourth quarter will be down 4% to 7% compared to the third quarter due to lower shipping volumes amid customer shutdowns and fewer shipping days.

Non-GAAP diluted EPS for the fourth quarter is expected at US$1.60 to US$1.70. The same financial metric for the third quarter was US$2.39, down 1.2% year over year.

The company declared a quarterly cash dividend of 55 cents per share, payable Dec. 6, rising from 50 cents paid out in the year-ago period.