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02-17-2011, 10:38 AM
NEW YORK (MarketWatch) -- Reliance Steel & Aluminum Co. said Thursday its fourth-quarter earnings fell to $39.5 million, or 53 cents a share, from $92.1 million, or $1.25 a share, in the year-ago period. Sales rose to $1.58 billion, from $1.27 billion. Wall Street analysts expected earnings of 45 cents a share, on revenue of $1.54 billion, according to a survey of analysts by FactSet Research. Looking ahead, Reliance Steel said it expects pricing to "remain at strong levels" through the first quarter and that "real underlying demand is steadily improving but not at a large or rapid rate." The company expects first quarter earnings of 90 cents to $1 a share, compared to the Wall Street target of 96 cents a share.
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