Dec. 6, 2017
 
Russel Says Higher Volumes, Prices Bolstered Q3

Russel Metals Inc., Mississauga, Canada, reported net income of $34 million in the third quarter, compared with $16 million in the year-ago period, on revenues of $851 million. Year over year, revenues were up 33 percent in the quarter.

The company credited volume increases in its energy products and steel distributor segments, as well as higher steel prices, for increased gross margins. Operational improvements and higher volumes in metals service centers also led to higher operating profits, compared with third quarter 2016.

“The efforts of our employees to identify and execute on opportunities to improve our operations and asset management have enabled us to achieve these improved earnings,” President and COO John Reid said.

The metal service centers segment reported operating profits of $18.1 million, energy products reported operating profits of $34 million and the steel distributors segment reported operating profits of $8.1 million. The company noted that strong demand led to a 10 percent year-over-year increase in tons shipped by service centers.

Overall, Russel’s metal service center revenue increased 19 percent in the quarter to $415 million, while its energy products and steel distributors segments posted higher year-over-year revenues of $335 million and $97 million, respectively.

Through nine months, Russel reported total revenues of $2.5 billion, a 28 percent increase from the same time last year.


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Wednesday, January 17, 2018