Reliance Steel & Aluminum Co posted a better-than-expected quarterly profit as it sold more metal, and forecast a third-quarter profit that lagged estimates.
The company, which buys metal from manufacturers and processes it for specific industry needs, expects to earn $1.15 to $1.25 per share for the third quarter.
Analysts on average were expecting $1.32 per share, according to Thomson Reuters I/B/E/S.
"We expect economic uncertainty to persist through the third quarter, which is seasonally softer from a demand perspective even under normal circumstances," Chief Executive David Hannah said in a statement.
Net earnings rose 10 percent to $108.8 million, or $1.44 per share, the Los Angeles-based company said.
Reliance Steel said sales rose 8 percent to $2.21 billion.
Sales volume rose 10 percent.
Analysts had expected the company to earn $1.42 per share on revenue of $2.25 billion.
Shares of the company rose 5 percent to $47.37 on the New York Stock exchange on Thursday.
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