Reliance Steel & Aluminum Co. (NYSE:RS) reported today its financial results for the fourth quarter and year ended December 31, 2011. For the 2011 fourth quarter, Reliance reported net income of $67.9 million, up 72% from the 2010 fourth quarter net income of $39.5 million, and down 20% from $84.9 million in the 2011 third quarter. Earnings per diluted share were $.91 in the 2011 fourth quarter, up 72% from the 2010 fourth quarter earnings per diluted share of $.53, and down 19% from $1.13 in the 2011 third quarter. Sales for the 2011 fourth quarter were $2.03 billion, up 28% from 2010 fourth quarter sales of $1.58 billion, and down 5% from 2011 third quarter sales of $2.14 billion. The 2011 fourth quarter financial results include in cost of sales a pre-tax LIFO charge, or expense, of $17.8 million, compared with a pre-tax LIFO charge of $10.0 million for the 2010 fourth quarter, and $22.5 million for the 2011 third quarter.
For the 2011 year, net income amounted to $343.8 million, up 77% compared with net income of $194.4 million for the 2010 year. Earnings per diluted share were $4.58 for the year ended December 31, 2011, up 75% compared with earnings of $2.61 per diluted share for the year ended December 31, 2010. Sales for the 2011 year were $8.13 billion, up 29% compared with the 2010 year of $6.31 billion. The 2011 financial results include in cost of sales a pre-tax LIFO charge, or expense, of $85.3 million compared with a pre-tax LIFO charge of $34.8 million for the 2010 year. The LIFO adjustments, in effect, reflect cost of sales at current replacement costs.
Reliance’s tons sold in 2011 were up 13% from 2010 and the average price per ton sold in 2011 was up 15% compared to 2010. For 2011, carbon steel sales were 53% of net sales; aluminum sales were 15%; stainless steel sales were 15%; alloy sales were 10%; toll processing sales were 2%; and other sales were 5%.
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