WASHINGTON (dpa-AFX) - Reliance Steel & Aluminum Co. (RS) said it now expects first-quarter earnings to be approximately $1.50 per share. Previously, the company projected quarterly earnings per share in a range of $1.15 to $1.25.
The current Wall Street analysts' earnings estimates for the company's 2012 first quarter range from $1.22 to $1.40 per share with a mean estimate of $1.29.
On average, analysts polled by Thomson Reuters expect the company to report earnings of $1.29 per share for the quarter. Analysts' estimates typically exclude special items.
Reliance's Chief Executive Officer, David Hannah, said, '...Demand was somewhat stronger than we had anticipated and a stronger pricing environment allowed us to modestly improve our gross profit margins from the 2011 fourth quarter levels. As a result, we have updated our earnings guidance to reflect our current expectations.'
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