4/19/2007 12:40:49 PM Reliance Steel & Aluminum Co. has been on an uptrend for the last month and today the stock is breaking out to a multi-year high. The stock is currently taking out the highs of the trading session and is trading higher by $4.08 at $55.92.
Reliance Steel & Aluminum Co. (RS) reported first quarter net income, including items, of $111.7 million, up 55% from $71.9 million in the last year quarter. The company's earnings per share, including items, were $1.46, compared to $1.07 in the prior year quarter. On average, 7 analysts polled by First Call/Thomson Financial expected the company to earn $1.32 per share.
Sales for the quarter were $1.84 billion, up 86% from $988 million in the year-ago quarter. Analysts estimated revenues of $1.70 billion for the quarter.
Looking ahead to the second quarter, the company currently expects earnings per share in the range of $1.45 - $1.55. analysts expect earnings of $1.46 per share for the quarter.
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