Toronto, Ontario-based Russel Metals Inc. today announced financial results for the 2018 fourth quarter and for the year ended December 31, 2018.
For the year ended December 31, 2018, the company reported net income of $219 million on revenues of $4.2 billion, compared to 2017 net income of $124 million on revenue of $3.3 billion. Net income for the 2018 fourth quarter was $46 million on revenues of $1.1 billion, compared to net income of $28 million in the 2017 fourth quarter.
Revenues in the company’s metals service centers increased 25 percent to $524 million for the quarter compared to the same period in 2017 due to increased price per ton. The company said in a statement that steel price increases and continued growth in value-added processing resulted in a 28 percent improvement in the average selling price over the fourth quarter of 2017.
Revenues in our energy products segment increased 44 percent to $432 million compared to $300 million in the 2017 fourth quarter. The company said revenues increased primarily due to US line pipe projects and higher oil field service store activity.