Russel Metals announces stronger net earnings in Q2

Thursday, 12 August 2010 01:35:07 (GMT+2)

Their results in the second quarter of 2010, resulted in year to date earnings of $35 million. Revenues for the six months to June 30, 2010 were $1.0 billion, while consolidated revenues for the second quarter of 2010 were $506 million, up 9 percent from the second quarter of 2009.

Volumes also increased from both the first quarter of 2010 and the second quarter of 2009. 

Metals service centers volumes increased 14 percent from the comparable quarter in 2009 and 4 percent from the first quarter of 2010 resulting in revenues for the quarter of $312 million. 

Energy tubular products revenues were $129 million in the second quarter of 2010, a decline from the first quarter of 2010 due to seasonality and consistent with the second quarter of 2009. Operating profits were $11 million for the second quarter of 2010 and were consistent with the first quarter of 2010 due to improved selling prices offsetting the lower volumes. 

Revenues for their steel distributors operations increased to $61 million, the highest level in the past year. Operating profits for the second quarter of 2010 were $7 million, up from $4 million in the first quarter of 2010. 

Russel Metals is one of the largest metals distribution companies in North America. It carries on business in three distribution segments: metals service centers, energy tubular products and steel distributors, under various names including Russel Metals, A.J. Forsyth, Acier Leroux, Acier Loubier, Acier Richler, Arrow Steel Processors, B&T Steel, Baldwin International, Comco Pipe and Supply, Fedmet Tubulars, JMS Russel Metals, Leroux Steel, McCabe Steel, Mégantic Métal, Métaux Russel, Métaux Russel Produits Spécialisés, Milspec, Norton Metals, Pioneer Pipe, Russel Metals Specialty Products, Russel Metals Williams Bahcall, Spartan Steel Products, Sunbelt Group, Triumph Tubular & Supply, Wirth Steel and York-Ennis.

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