Harris Steel reports strong first quarter 2005
Harris Steel Group (HSG) announced their first quarter 2005 earning's results on Thursday, May 5. Quarter one showed earnings of $12.1 million, or $0.45 per share compared to year-on-year earnings of $0.46 per share in 2004. Total sales were reported at $192.7 million, a year-on-year increase of 44.9% over 2004's $133 million. Quarter one 2004 earnings included a gain of $7.8 million from the sale of a 50% interest in Harris's reinforcing steel operations to Nucor. Adjusting for the gain, Q1 2004 earnings were $4.5 million, or $0.17 per share. Reinforcing and industrial products segments reported record first quarters in 2005. Reinforcing contributed a pre-tax total of $11.7 million to earnings, while industrial showed an increase of 42.9%, or $9.8 million, before taxes.