April 26, 2018 / 10:58 AM / 7 months ago

BRIEF-Reliance Steel & Aluminum Reports Q1 Earnings Per Share $2.30

April 26 (Reuters) - Reliance Steel & Aluminum Co:

* SEES Q2 2018 EARNINGS PER SHARE $2.60 TO $2.70

* Q1 NON-GAAP EARNINGS PER SHARE $2.30

* Q1 SALES $2.76 BILLION VERSUS I/B/E/S VIEW $2.69 BILLION

* Q1 EARNINGS PER SHARE VIEW $2.01 — THOMSON REUTERS I/B/E/S

* Q1 EARNINGS PER SHARE $2.30

* QTRLY TONS SOLD WERE AT 1.6 MILLION TONS, UP 3.6% FROM Q1 OF 2017 AND UP 10.0% FROM Q4 OF 2017

* QTRLY AVERAGE SELLING PRICE PER TON SOLD UP 10.3% FROM Q1 OF 2017 AND UP 5.6% FROM Q4 OF 2017

* RELIANCE STEEL & ALUMINUM - EXPERIENCED LIMITED PRE-BUYING ACTIVITY FROM CERTAIN OF CO’S CUSTOMERS DUE TO RAPID PRICE INCREASES THROUGHOUT QUARTER

* ESTIMATES TONS SOLD WILL BE DOWN 1% TO UP 1% IN Q2 OF 2018 COMPARED TO Q1 OF 2018

* EXPECTS ITS AVERAGE SELLING PRICE FOR Q2 TO BE UP 5% TO 8% COMPARED TO Q1 OF 2018

* RELIANCE STEEL & ALUMINUM - BETTER DEMAND, LIMITED CUSTOMER PRE-BUYING DUE TO TARIFFS, NORMAL SEASONAL PATTERNS INCREASED SHIPMENTS BY 10% IN Q1

* RELIANCE STEEL & ALUMINUM - IMPROVED DEMAND, LIMITED CUSTOMER PRE-BUYING DUE TO TARIFFS, NORMAL SEASONAL PATTERNS INCREASED CO’S SHIPMENTS IN Q1 VERSUS Q4

* “AEROSPACE DEMAND REMAINS STRONG, AND CONTINUES TO BE ONE OF COMPANY’S TOP-PERFORMING END MARKETS”

* POSITIVE PRICING AND DEMAND FUNDAMENTALS EXPERIENCED IN Q4 2017 CONTINUED THROUGH Q1 2018

* RELIANCE STEEL & ALUMINUM - MAINTAINS POSITIVE OUTLOOK FOR AEROSPACE AS BUILD RATES AND BACKLOG FOR ORDERS OF COMMERCIAL PLANES CONTINUES TO IMPROVE

* “METAL PRICING ENVIRONMENT REMAINED VERY STRONG THROUGHOUT QUARTER”

* NON-RESIDENTIAL CONSTRUCTION DEMAND, INCLUDING INFRASTRUCTURE, CONTINUES TO STEADILY IMPROVE Source text for Eikon: Further company coverage:

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