PHOENIX (AP) — PHOENIX (AP) — Reliance, Inc. (RS) on Wednesday reported first-quarter net income of $264.9 million.
On a per-share basis, the Phoenix-based company said it had profit of $5.10. Earnings, adjusted for one-time gains and costs, came to $5.16 per share.
The results beat Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $4.63 per share.
The metals service-center company posted revenue of $4.03 billion in the period, which also topped Street forecasts. Three analysts surveyed by Zacks expected $3.84 billion.
For the current quarter ending in June, Reliance expects its per-share earnings to range from $5.15 to $5.35.
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