Reliance Steel improves earnings outlook
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Los Angeles, California-based service center group Reliance Steel & Aluminum Co. announced Monday that it is updating its guidance regarding the company's earnings estimates for Q1 2012. At this time, Reliance expects earnings to be approximately $1.50 per diluted share. The current Wall Street analysts' earnings estimates for the company's Q1 2012 range from $1.22 to $1.40 per diluted share with a mean estimate of $1.29.
Reliance's Chief Executive Officer, David H. Hannah, said, "In our February 16, 2012 conference call and press release we estimated earnings per diluted share in a range of $1.15 to $1.25 for the 2012 first quarter. 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."