Los Angeles-based Reliance Steel Aluminum Co. Thursday reported that its earnings in the fourth quarter of 2015 were higher than in the quarter that immediately preceded it but lower than in the fourth quarter of 2014. Earnings for the whole year were lower as well.
Fourth Quarter sales were $2.03 billion, down 21.4 percent from $2.58 billion in the fourth quarter of 2014 and down 11.4 percent from $2.29 billion in the third quarter of 2015, Reliance said in a statement.
Net income was $68.6 million, down 25.7 percent from $92.3 million in the fourth quarter of 2014 and up 33.5 percent from $51.4 million in the third quarter of 2015. Earnings per diluted share were 94 cents, down 20.3 percent from $1.18 in the fourth quarter of 2014 and up 36.2 percent from 69 cents in the third quarter of 2015.
Reliance repurchased $13.2 million of its common stock at an average price of $54.63 per share during the fourth quarter of 2015.
For all of 2015, sales were $9.35 billion, down 10.5 percent from $10.45 billion in 2014. Net income was $311.5 million, down 16.2 percent from $371.5 million in 2014. Earnings per diluted share were $4.16, down 12.1 percent from $4.73 in 2014.
“We were very pleased with our strong operational execution throughout 2015 despite a very challenging economic environment that continued to pressure metals pricing,” said Reliance President and CEO Gregg Mollins. “We finished the year generating record cash flow from operations of $1 billion, which affords us ample liquidity and financial flexibility to execute on our capital allocation priorities.”
—City News Service