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Reliance Steel: 2Q Earnings Snapshot

Reliance Steel: 2Q Earnings Snapshot

Associated Press

LOS ANGELES (AP) _ Reliance Steel & Aluminum Co. (RS) on Thursday reported second-quarter net income of $230.8 million.

On a per-share basis, the Los Angeles-based company said it had profit of $3.16. Earnings, adjusted for non-recurring gains, came to $3.10 per share.

The results beat Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $2.71 per share.

The metals service-center company posted revenue of $2.99 billion in the period, also exceeding Street forecasts. Three analysts surveyed by Zacks expected $2.98 billion.

Reliance Steel shares have increased 9 percent since the beginning of the year. The stock has risen 23 percent in the last 12 months.

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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