While reporting financial results for the fourth quarter on Thursday, metals service center company Reliance Steel & Aluminum Co. (RS) said it expects adjusted earnings for the first quarter in a range of $7.05 to $7.15 per share, as the company expects its average selling price per ton sold for quarter to be up 5 to 7 percent.
On average, five analysts polled by Thomson Reuters expect the company to earn $5.09 per share for the quarter. Analysts' estimates usually exclude special items.
On Tuesday, the Board of Directors declared a 27.3 percent higher quarterly cash dividend of $0.875 per share of common stock, payable on March 25, 2022 to stockholders of record as of March 11, 2022.
For the fourth quarter, net income attributable to the company soared to $421.3 million or $6.76 per share from $129.6 million or $2.04 per share in the prior-year quarter.
Excluding items, adjusted net income attributable to the company was $6.83 per share. On average, seven analysts polled by Thomson Reuters expected the company to report earnings of $5.22 per share. Analysts' estimates typically exclude special items.
Net sales for the quarter soared 86.9 percent to $3.99 billion from $2.13 billion in the same quarter last year. Analysts expected revenue of $3.83 billion for the quarter.
