Russel Metals earns $18M in Q3, despite sales decline
By CP STAFF
Industry Manufacturing Resource Sector manufacturing metal metal distributor RusselCosts were cut, BC real estate sold line pipe inventory offloaded as business gradually recovered from the COVID-19 pandemic.
TORONTO — Russel Metals Inc. says it managed to eke out steady profits in the three months ending Sept. 30, despite a sharp decline in sales compared with last summer.
The Toronto-based metal distributor earned $18 million, or 29 cents per share, in the third quarter, on sales of $615 million.
The company’s income was unchanged from the same period last year, when it reported sales of $869 million.
Analysts surveyed by Refinitiv expected net income of $8.1 million, or 15 cents per share, on revenue of $647.4 million.
Russel says it cut costs during the quarter, selling real estate in British Columbia and offloading line pipe inventory as business gradually recovered from the COVID-19 pandemic, particularly in the hard-hit energy industry.
The board of the company, which sells sheet metal and stainless steel and is one of the largest distributors in North America, says it approved a quarterly dividend of 38 cents per share.
