Delivering a line of over 90,000 metal products, Reliance Steel had a good 2005 and an even better start to 2006.
In 2005, the company posted $3.3 billion in revenue, a 6.1% profit margin, net income of $205 million and 14.4% revenue growth.
For 2006, the first quarter, which ended March 31, 2006, revealed net income at $71.9 million, up 55%. This compares with net income of $46.4 million for the 2005 first quarter. First-quarter sales were a record $988 million, an increase of 22% compared with 2005 first-quarter sales of $811.9 million.
"Strong customer demand resulting in increased volumes of metals sold was the key driver of our first-quarter performance," said David H. Hannah, CEO, in an April 20, 2006, statement. "Overall, volume was up 27% compared to the 2005 first quarter, and up 12% from the 2005 fourth quarter. The various end-market industries where we sell our products are still doing quite well, with strength in the aerospace and non-residential construction markets leading the way.
"We are optimistic regarding the current operating environment and the favorable impact of our recent acquisitions, especially Earle M. Jorgensen Company. We look forward to the opportunity to continue to execute our strategies for future growth and success."
IW 50 Best Manufacturing Company
