Reliance Steel & Aluminum Co.reported a drop in second-quarter net income attributable to the company to $81.0 million, or $1.05 a share, from $108.8 million, or $1.44 a share, a year earlier. On a non-GAAP basis, net income, excluding one-time charges, totaled $88.3 million, or $1.14 per share in the quarter. On average, 12 analysts polled by Thomson Reuters expected earnings per share of $1.19 for the quarter. Analysts' estimates typically exclude one-time items.
Quarterly sales reached $2.45 billion, up 10.8% from $2.21 billion in the second quarter of 2012. Analysts estimated revenues of $2.48 billion for the quarter. Second-quarter same store tons sold increased 3.7% sequentially, partly due to an extra shipping day in the second quarter along with slight improvement in overall demand levels.
For the third quarter ending September 30, the firm currently expects GAAP earnings per share to be in the range of $1.15 - $1.25, whereas 11 analysts project earnings of $1.34 per share.
Further, on July 23, 2013, the board declared a regular quarterly cash dividend of $0.33 per share, a 10% increase, payable on September 13, 2013 to shareholders of record as of August 16, 2013.
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