LOS ANGELES -- Metals processor Reliance Steel & Aluminum Co. on Thursday forecast a higher-than-expected second-quarter profit, but warned growth in its major markets would slow from 2006's pace.
The company said it expects quarterly earnings of $1.45 per share to $1.55 per share, ahead of analysts consensus view of $1.46 per share, according to Thomson Financial.
Reliance Steel also said it anticipates its major markets -- including aerospace, energy and non-residential construction, among others -- would continue to grow, albeit at a slower pace than in 2006.
Additionally, the company expects its costs and pricing to remain unchanged throughout the year, and forecast record sales and earnings in 2007. Wall Street is looking for 2007 earnings of $5.52 per share.
Earlier Thursday, Reliance Steel reported its first-quarter profit surged 55 percent to $111.7 million, or $1.46 per share, as revenue rocketed 86 percent to $1.84 billion.
Reliance Steel shares added $1.38, or 2.7 percent, to $53.35 in morning trading on the New York Stock Exchange.
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