Reliance, Inc. Q1 Profit Decreases, misses estimates

(RTTNews) - Reliance, Inc. (RS) released a profit for first quarter that decreased from last year and missed the Street estimates.

The company's earnings totaled $302.9 million, or $5.23 per share. This compares with $383.1 million, or $6.43 per share, in last year's first quarter.

Excluding items, Reliance, Inc. reported adjusted earnings of $306.6 million or $5.30 per share for the period.

Analysts on average had expected the company to earn $5.55 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 8.1% to $3.645 billion from $3.965 billion last year.

Reliance, Inc. earnings at a glance (GAAP) :

-Earnings (Q1): $302.9 Mln. vs. $383.1 Mln. last year. -EPS (Q1): $5.23 vs. $6.43 last year. -Revenue (Q1): $3.645 Bln vs. $3.965 Bln last year.