LOS ANGELES (AP) — Reliance Steel & Aluminum Co. on Wednesday projected fourth-quarter and full-year income above Wall Street estimates, saying demand and pricing were better than expected.
Reliance Steel, which makes products for aerospace, energy and construction companies, said it expects earnings between 95 cents to $1.05 per share in the fourth quarter and $1.71 to $1.81 per share for 2009.
Analysts surveyed by Thomson Reuters expect Reliance Steel to post income of 38 cents per share in the fourth quarter and $1.14 per share for the year.
Reliance Steel also announced fourth-quarter revenue of about $1.3 billion and 2009 revenue of $5.3 billion.
Analysts estimated revenue of $1.22 billion in the fourth quarter and $5.27 billion for the year.
Reliance Steel is scheduled to release its quarterly and annual results on Feb. 18. Its shares rose $1.10, or 2.4 percent, to $46.51 in midday trading.