Reliance Steel & Aluminum Co. reported Thursday its financial results for the third quarter ended September 30, 2014. Sales were a record $2.71 billion, up 10.7 percent from $2.44 billion in the third quarter of 2013 and up 3.4 percent from our prior record sales of $2.62 billion in the second quarter of 2014.
Tons sold were up 6.4 percent from the third quarter of 2013 and up 0.4 percent from the second quarter of 2014, with the average selling price per ton sold up 4.3 percent from the third quarter of 2013 and up 2.9 percent from the second quarter of 2014.
Net income attributable to Reliance was $95.5 million, up 0.4 percent from $95.1 million in the third quarter of 2013 and down 1.0 percent from $96.5 million in the second quarter of 2014.
"We were very pleased with our operational performance during the third quarter of 2014," said David H. Hannah, Chairman and CEO of Reliance. "Although the typical seasonal trend is for third quarter volume to decline from the second quarter, our tons sold were up 0.4 percent, and well ahead of the MSCI industry trend of down 2.2 percent. Our increased volume reflects ongoing slow but steady improvement in customer demand. In addition, the overall pricing environment continued to improve during the third quarter with a 2.9 percent increase in our average selling price per ton sold over the prior quarter, driven by strength in most of our products."