Toronto, Ontario-based metals distributor Russel Metals Inc. announced its Q4 and full-year results for 2011 on Wednesday. Full-year earnings increased from C$57 million in 2010 to C$118 million in 2011, with Q4 earnings also increasing to C$29 million on revenues of C$712 million.
Revenues in its metals service center segment increased by 23 percent to C$375 million in Q4 of fiscal 2011 compared to Q4 of fiscal 2010. Operating profits in the Q4 of fiscal 2011 for the metals service centers of C$21 million were almost double overQ4 in 2010 operating profits of C$12 million.
Revenues in it energy tubular product segment increased by 20 percent to C$234 million in Q4 of fiscal 2011 compared to Q4 of fiscal 2010 and increased 5 percent over Q3 of fiscal 2011.Strong operating profits continued during Q4 of fiscal 2011, increasing to C$17 million from the C$15 million profit Q3 and matching Q4 of fiscal 2010's operating profits.
The steel distributor segment had a 65 percent increase of C$101 million in Q4 of fiscal 2011 over Q4 in fiscal 2010.The Q4 of fiscal 2011 operating profits more than doubled those reported during Q4 of fiscal 2010 to C$11 million.
Brian R. Hedges, President and CEO, stated: "The positive results experienced from the beginning of 2011 continued into the fourth quarter, offsetting the seasonal fourth quarter slowdowns. This positive momentum has continued into the 2012 first quarter as our order intake is strong and mill price increases appear to be holding."