Reliance Steel & Aluminum 3Q Outlook Tops Street
Stock quotes in this article:
RS
LOS ANGELES (AP) Reliance Steel & Aluminum Co. said Tuesday said it expects third-quarter profit to exceed Wall Street expectations by a wide margin.
Whereas analysts polled by Thomson Reuters expect, on average, earnings per share of 31 cents, the company now projects 40 cents to 45 cents. The guidance reflects improving gross profit margins, increased shipping volumes and higher prices. The company is scheduled to report third-quarter earnings Wednesday before the market opens. In morning trading, shares rose $1.35, or 3.2 percent, to $43.61.- Loading Comments...
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