Reliance Steel & Aluminum reports Q1 financial results

Reliance Steel & Aluminum reports Q1 financial results

US metal service center company Reliance Steel & Aluminum Co has recently reported its first quarter financial results. The company reported best ever financial results for the quarter ended on March 31, 2004. According to the report, the company revealed its net income as $29.8 million, which indicates a record increase when compared with the net income of $5.6 million recorded in the first quarter of 2003 and net income of $9.7 million recorded in the fourth quarter of 2003. Sales of the company also showed an increase of 46% when compared with the figure recorded in the corresponding period of previous year. Sales are recorded in the first quarter of 2004 as $655.8 million, in the first quarter of 2003 as $450.8 million and in the fourth quarter of 2003 as $485.2 million. Moreover, company's EBITDA is recorded as $67.7 million in the first quarter of 2004 against $22.3 million recorded in the same quarter of 2003.