Reliance’s net falls on lower demand
From Times Wire Services
Metals processor and distributor Reliance Steel & Aluminum Co. said its third-quarter profit slipped 13% because of softer demand for some products and declines in stainless-steel prices.
Net income was $93.6 million, or $1.22 a share, compared with $107.5 million, or $1.41, a year earlier, the Los Angeles-based company said. Revenue rose 11% to $1.81 billion.
The earnings came in below the average forecast of analysts of $1.34 a share, according to data compiled by Reuters Estimates.
In July, Reliance Steel said demand had dropped from last year’s levels for some of its products and could continue to fall in the third quarter, with pricing on some products softening.
