Reliance Steel beats by $0.08, beats on revs; guides Q2 EPS below consensus

Briefing.com

Posted: 2008-04-17 09:08:04

Reports Q1 (Mar) earnings of $1.46 per share, $0.08 better than the First Call consensus of $1.38; revenues rose 3.6% year/year to $1.91 bln vs the $1.84 bln consensus. Co issues downside guidance for Q2, sees EPS of $1.50-1.60 vs. $1.66 consensus. Co says Q1 turned out well. Pricing was strong with significant increases in carbon steel. Demand remained fairly healthy, especially in the non-residential construction, energy, oil and gas, and aerospace industries. Looking ahead, co expects prices to be up or flat for most of the metals it sells. However, demand remains more difficult to predict. Co believes its customers will continue to be cautious in their buying.