Reliance Steel & Aluminum Co. Reports Q4 EPS of $0.53 vs. $0.45

Reliance Steel & Aluminum Co. RS reported today its financial results for the fourth quarter and year ended December 31, 2010. For the 2010 fourth quarter, Reliance reported net income of $39.5 million, compared to 2009 fourth quarter net income of $92.1 million, and net income of $48.7 million for the 2010 third quarter. Earnings per diluted share were $.53 in the 2010 fourth quarter, compared with 2009 fourth quarter earnings per diluted share of $1.25, and $.65 for the 2010 third quarter. Sales for the 2010 fourth quarter were $1.58 billion, up 24% from 2009 fourth quarter sales of $1.27 billion, and down 4% from 2010 third quarter sales of $1.65 billion. The 2010 fourth quarter financial results include in cost of sales a pre-tax LIFO charge, or expense, of $10.0 million, compared with a pre-tax LIFO credit, or income, of $87.5 million in the 2009 fourth quarter.