Russel Metals Announces Third Quarter Results
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 11/03/11 -- Russel Metals Inc. (TSX: RUS) today announced third quarter 2011 earnings of $26 million, or $0.43 per share on revenues of $705 million. Our comparative third quarter 2010 results were earnings of $8 million or $0.14 per share on revenues of $583 million. Net earnings for the nine months ended September 30, 2011 more than doubled to $90 million, or $1.50 per share on revenues of $2.0 billion compared to net earnings of $42 million or $0.71 per share on revenues of $1.6 billion for the same period in 2010.
Brian R. Hedges, President and CEO, stated "Currently, demand is holding up and our profitability is healthy. Gross margin pressure due to lower steel prices will continue but at manageable levels, which is consistent with what our industry experiences over the cycle. We have less visibility on where the market is trending than usual, so we continue to keep inventory levels lean and cautiously evaluate growth opportunities."
Revenues in our metals service centers increased 24% to $390 million for the third quarter of 2011 compared to the third quarter of 2010. Operating profits in our metals service centers of $24 million significantly exceeded our 2010 operating profits of $14 million. Operating profits improved due to stronger demand and higher steel prices compared to the same period in 2010.
Revenues in the energy tubular product segment increased 19% to $223 million for the third quarter of 2011 compared to the 2010 third quarter. Increased volumes at all operations reflect drilling activity in both Canada and the U.S. above levels experienced in the third quarter of 2010. The segment reported operating profits of $15 million for the third quarter of 2011, 5% greater than the 2010 third quarter.
Our steel distributor segment had a 19% increase in revenues for the third quarter of 2011 to $90 million. Operating profits increased 59% to $8 million, for the third quarter of 2011 over the 2010 third quarter, a result of stronger margins due to rising prices and volume increases.
The Board of Directors approved a quarterly dividend of $0.30 per common share payable December 15, 2011 to shareholders of record as of November 29, 2011.
The Company will be holding an Investor Conference Call on Friday November 4, 2011 at 9:00 a.m. ET to review its third quarter 2011 results. The dial-in telephone numbers for the call are 416-340-8530 (Toronto and International callers) and 1-877-240-9772 (U.S. and Canada). Please dial in 10 minutes prior to the call to ensure that you get a line.
A replay of the call will be available at 905-694-9451 (Toronto and International callers) and 1-800-408-3053 (U.S. and Canada) until midnight, Friday November 18, 2011. You will be required to enter pass code 5650285 in order to access the call.
Additional supplemental financial information is available in our investor conference call package located on our website at .
Russel Metals is one of the largest metals distribution companies in North America. It carries on business in three metals distribution segments: metals service centers, energy tubular products and steel distributors, under various names including Russel Metals, A.J. Forsyth, Acier Leroux, Acier Loubier, Acier Richler, Arrow Steel Processors, B&T Steel, Baldwin International, Comco Pipe and Supply, Fedmet Tubulars, JMS Russel Metals, Leroux Steel, McCabe Steel, Megantic Metal, Metaux Russel, Metaux Russel Produits Specialises, Milspec, Norton Metals, Pioneer Pipe, Russel Metals Specialty Products, Russel Metals Williams Bahcall, Spartan Energy Tubulars, Sunbelt Group, Triumph Tubular & Supply, Wirth Steel and York-Ennis.
Statements contained in this press release or on the related conference call that relate to Russel Metals' beliefs or expectations as to certain future events are not statements of historical fact and are forward-looking statements. Russel Metals cautions readers that there are important factors, risks and uncertainties, including but not limited to economic, competitive and governmental factors affecting Russel Metals' operations, markets, products, services and prices that could cause its actual results, performance or achievements to be materially different from those forecasted or anticipated in such forward-looking statements.
The forward-looking statements in this document reflect management's current beliefs and are based on information currently available to management. The material assumptions applied in making the forward-looking statements in this document include the following: demand from the manufacturing, resource and construction segments of the Canadian economy have stabilized and these conditions will continue to slowly improve in the foreseeable future; and oil and gas prices, the price of steel and the value of the Canadian dollar relative to the U.S. dollar will be at similar levels with what we experienced at the end of the third quarter of 2011. Although the forward-looking statements contained in this document are based upon what management believes to be reasonable estimates and assumptions, Russel Metals cannot ensure that actual results will not be materially different from those expressed or implied by these forward-looking statements and does not intend to update any forward-looking statement other than required by law.
Contacts:
Russel Metals Inc.
Marion E. Britton, C.A.
Vice President and Chief Financial Officer
(905) 819-7407
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 03.11.2011 - 20:10 Uhr
Sprache: Deutsch
News-ID 83915
Anzahl Zeichen: 0
contact information:
Town:
TORONTO, ONTARIO
Kategorie:
Mining & Metals
Diese Pressemitteilung wurde bisher 104 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Russel Metals Announces Third Quarter Results"
steht unter der journalistisch-redaktionellen Verantwortung von
Russel Metals Inc. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
