Reliance Steel & Aluminum 3Q net income climbs

LOS ANGELES -- Reliance Steel & Aluminum Co.'s third-quarter net income climbed 16 percent, helped by an inventory credit.

The metals service-center company reported Thursday that it earned $98.1 million, or $1.30 per share, for the three months ended Sept. 30. That's up from $84.9 million, or $1.13 per share, a year earlier.

The performance beat the $1.20 per share that analysts surveyed by FactSet predicted.

The current quarter included an inventory-related credit of $27 million compared with an inventory charge of $22.5 million a year ago.

Revenue fell 4 percent to $2.06 billion from $2.14 billion, hindered by bigger-than-expected product price declines. Wall Street expected $2.09 billion.

Tons sold rose 2 percent from a year ago on increased sales of stainless steel and aluminum products as well as contributions from acquisitions.

For the fourth quarter, Reliance Steel & Aluminum anticipates earnings of 90 cents to $1 per share. Analysts had forecast $1.08 per share.

The Los Angeles company's stock gained 76 cents to $52.87.