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Reliance Steel & Aluminum Co. Reports Second Quarter Results

Reliance Steel & Aluminum Co. (NYSE:RS) reported today its financial results for the second quarter and six months ended June 30, 2012. For the 2012 second quarter, Reliance reported net income of $108.8 million, up 10% from 2011 second quarter net income of $98.7 million, and down 6% from 2012 first quarter net income of $116.2 million. Earnings per diluted share were $1.44 in the 2012 second quarter, up 10% from 2011 second quarter earnings per diluted share of $1.31 and down 6% from $1.54 in the 2012 first quarter. Sales for the 2012 second quarter were $2.21 billion, up 8% from 2011 second quarter sales of $2.05 billion, and down 3% from 2012 first quarter sales of $2.29 billion. The 2012 second quarter financial results include in cost of sales a pre-tax LIFO credit, or income, of $7.5 million, compared with a pre-tax LIFO charge, or expense, of $25.0 million for the 2011 second quarter and a charge of $7.5 million for the 2012 first quarter.

For the six months ended June 30, 2012, net income amounted to $225.0 million, up 18% compared with net income of $191.0 million for the 2011 six-month period. Earnings per diluted share were $2.98 for the six months ended June 30, 2012, up 17% compared with earnings of $2.54 per diluted share for the six months ended June 30, 2011. Sales for the 2012 six months were $4.50 billion, up 14% from 2011 six-month sales of $3.96 billion. The 2012 six-month financial results include no charge related to LIFO compared with a pre-tax LIFO charge of $45.0 million for the 2011 six months. LIFO adjustments, in effect, reflect cost of sales at current replacement costs.

Reliance’s tons sold for the 2012 second quarter were up 10% from the 2011 second quarter and down 2% from the 2012 first quarter. The average price per ton sold in the 2012 second quarter was down 2% compared to both the 2011 second quarter and the 2012 first quarter. For the 2012 second quarter, carbon steel sales were 52% of net sales; aluminum sales were 15%; stainless steel sales were 15%; alloy sales were 11%; toll processing sales were 2%; and other sales were 5%.

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