LOS ANGELES (AP) _ Reliance Steel & Aluminum Co. (RS) on Thursday reported first-quarter net income of $61.7 million.
The Los Angeles-based company said it had profit of 92 cents per share. Earnings, adjusted for one-time gains and costs, came to $2.45 per share.
The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $2.10 per share.
The metals service-center company posted revenue of $2.57 billion in the period, which missed Street forecasts. Three analysts surveyed by Zacks expected $2.65 billion.
Reliance Steel shares have dropped 29% since the beginning of the year. The stock has declined almost 5% 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
Automated Insights, source Associated Press News