Toronto, Ontario-based Russel Metals Inc. today announced financial results for the 2017 fourth quarter and for the year ended December 31, 2017.
For the year ended December 31, 2017, the company reported net income of $124 million on revenues of $3.3 billion, compared to 2016 revenues of $2.6 billion and net income of $63 million.
Fourth quarter net income was $28 million on revenues of $825 million, compared to net income of $23 million in the 2016 fourth quarter.
Fourth quarter revenues of $418 million in the company’s metals service center segment were 27 percent higher than the 2016 fourth quarter due to the acquisition of Color Steels and stronger demand and higher selling prices. Same store tons shipped increased 13 percent and same store selling price per ton increased by 9 percent over the 2016 comparable quarter.
Fourth quarter 2017 revenues in the company’s energy products segment increased 24 percent to $300 million compared to the 2016 fourth quarter due to stronger demand and higher selling prices in all energy products operations.
Revenues in the steel distributors segment in the 2017 fourth quarter of $104 million were 32 percent higher than the 2016 fourth quarter.