Shares of Reliance Steel & Aluminum (NYSE: RS) traded up 13.7% on Thursday after the metals company reported third-quarter results that came in ahead of expectations. The company's results trended down from the previous quarter but indicate that the business is holding up well in a tough operating environment.
Before markets opened, Reliance reported third quarter non-GAAP (generally accepted accounting principles) (adjusted) earnings of $2.39 per share on revenue of $2.69 billion, beating analyst expectations of $1.95 per share in earnings on sales of $2.67 billion. Net income for the quarter at $162.7 million was down from the second quarter of 2019 but up 9.7% year over year, despite a 9% drop in net sales compared to the third quarter of 2018.
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