Russel Metals to Exceed Street Expectations for Second Quarter Earnings
11 Juni 2008 - 7:27PM
Marketwired
TORONTO, ONTARIO announced today that the average analysts
consensus earnings of $0.78 for the second quarter ended June 30,
2008 are understated by 35% to 45%. Russel Metals reported basic
earnings per common share in the second quarter of 2007 of $0.47
and $0.46 in the first quarter of 2008.
On-going steel price increases have enhanced our margins in all
three segments. Consistent demand in the service center segment and
increased activity in areas serviced by our energy tubular products
segment have favourably strengthened our projected results for the
second quarter of 2008. The current economic conditions and
uncertainty on the sustainability of the steel price increases make
it difficult to project the earnings levels for the second half of
2008.
Russel Metals is one of the largest metals distribution
companies in North America. It carries on business in three
distribution segments: metals service centers, energy tubular
products and steel distributors, under various names including
Russel Metals, A.J. Forsyth, Acier Leroux, Acier Loubier, Acier
Richler, Arrow Steel Processors, B&T Steel, Baldwin
International, Comco Pipe and Supply, Fedmet Tubulars, JMS Russel
Metals, Leroux Steel, McCabe Steel, Megantic Metal, Metaux Russel,
Metaux Russel Produits Specialises, Milspec Industries, Pioneer
Pipe, Russel Metals Specialty Products, Russel Metals Williams
Bahcall, Spartan Steel Products, Sunbelt Group, Triumph Tubular
& Supply, Wirth Steel and York-Ennis.
Statements contained in this press release that relate to Russel
Metals' beliefs or expectations as to certain future events are not
statements of historical fact and are forward-looking statements.
Russel Metals cautions readers that there are important factors,
risks and uncertainties, including but not limited to economic,
competitive and governmental factors affecting Russel Metals'
operations, markets, products, services and prices that could cause
its actual results, performance or achievements to be materially
different from those forecasted or anticipated in such
forward-looking statements.
The forward-looking statements in this document reflect
management's current beliefs and are based on information currently
available to management. The material assumptions applied in making
the forward-looking statements in this document include the
following: demand from the manufacturing, resource and construction
segments of the Canadian economy will be consistent with what we
experienced in the first five months of 2008, oil and gas prices
will not change materially, the recent stability in the price of
steel will either remain constant or increase, and the Canadian
dollar will maintain recent gains while not appreciating
significantly. Although the forward-looking statements contained in
this document are based upon what management believes to be
reasonable estimates and assumptions, Russel Metals cannot ensure
that actual results will not be materially different from those
expressed or implied by these forward-looking statements.
Contacts: Russel Metals Inc. Marion E. Britton, C.A. Vice
President and Chief Financial Officer (905) 819-7407 Email:
info@russelmetals.com Website: www.russelmetals.com
Russel Metals (TSX:RUS)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Russel Metals (TSX:RUS)
Historical Stock Chart
Von Jul 2023 bis Jul 2024