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Russel Metals Inc.

Published : May 12th, 2010

Announces Stronger First Quarter 2010 Net Earnings

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Keywords :   Canada | Canadian Dollar | Debt | Dollar | Oil | Recovery |

 
 
Russel Metals Inc.
TSX: RUS
Other Recent News

May 12, 2010
Russel Metals Announces Stronger First Quarter 2010 Net Earnings
TORONTO, ONTARIO--(Marketwire - May 12, 2010) - Russel Metals Inc. (TSX:RUS) today announced first quarter earnings of $17 million or $0.28 per share, an improvement from the results reported for the first and fourth quarters of 2009. Comparable net earnings reported in the first quarter of 2009 were $0.10 per share, excluding inventory write-downs. Our reported results for the first quarter 2009 were a loss of $0.92 per share due to inventory write-downs.

Consolidated revenues for the first quarter of 2010 were $526 million, up from the fourth quarter of 2009. In the first quarter of 2009 revenues were $642 million. Our volumes increased from the first and fourth quarters of 2009. Average selling price for the first quarter of 2010, while lower than the first quarter of 2009, generated stronger gross margins per ton.

We are encouraged by the improvement in our metals service centers results, despite a drop in revenue to $280 million for the first quarter of 2010. Volumes increased 14% from the comparable quarter in 2009 and gross margins per ton have improved. Operating profits for our metals service centers for the first quarter of 2010 were $15 million, compared to an operating loss of $7 million in the first quarter of 2009, excluding inventory write-downs. Operating profit was $7 million in the fourth quarter of 2009.

Energy tubular products revenues were up 32% to $195 million in the first quarter of 2010 from the fourth quarter of 2009. The first quarter of 2009 was a strong quarter for this segment and we had revenues of $231 million in that quarter. Excess inventory levels in the industry that led to the price declines and margin pressures have improved. Operating profits were $11 million for the first quarter of 2010 compared to $21 million, excluding inventory write-downs, for the first quarter of 2009.

Our steel distributors operations have continued to be very cautious with their inventory purchases as the current North American steel environment consists of strong product availability, lower steel prices and uncertainty of future pricing. Due to this, our steel distributors segment had revenues of $50 million, a decline of 41% from the comparable quarter in 2009. Operating profits for the first quarter of 2010 were $4 million, up from $3 million in the first quarter of 2009 excluding inventory write-downs, due to increased selling prices for inventory on hand.

Brian R. Hedges, President and CEO, stated "Increasing steel prices have had a positive effect on our first quarter results. Our volumes are up 14% in our service center operations compared to the first quarter of 2009 and 17% compared to the fourth quarter of 2009. We are optimistic based on the current price of steel and the improving environment. Our balance sheet strength positions us to aggressively grow the business."

The Board of Directors approved a quarterly dividend of $0.25 per common share payable June 15, 2010 to shareholders of record as of June 1, 2010.

The Company will be holding an Investor Conference Call on Thursday, May 13, 2010 at 9:00 a.m. ET to review its first quarter results for 2010. The dial-in telephone numbers for the call are 416-340-8018 (Toronto and International callers) and 1-866-223-7781 (U.S. and Canada). Please dial in 10 minutes prior to the call to ensure that you get a line.

A replay of the call will be available at 416-695-5800 (Toronto and International callers) and 1-800-408-3053 (U.S. and Canada) until midnight, Thursday, May 27, 2010. You will be required to enter pass code 8563364 in order to access the call. Additional supplemental financial information is available in our investor conference call package located on our website at www.russelmetals.com.

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, Norton Metals, 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 or on the related conference call 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, oil and gas prices and the price of steel have all been significantly negatively impacted by the economic conditions and these conditions will improve at a slow pace through out 2010; and the value of the Canadian dollar relative to the U.S. dollar will be close to par during the remainder of 2010. 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.

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

                                                                            
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                        March 31 December 31
(millions)                                                  2010        2009
----------------------------------------------------------------------------
                                                                            
ASSETS                                                                      
Current                                                                     
 Cash and cash equivalents                               $ 311.1     $ 359.6
 Accounts receivable                                       291.7       217.8
 Inventories                                               466.5       517.9
 Prepaid expenses and other assets                          10.5         4.9
 Income taxes                                               50.7        53.0
----------------------------------------------------------------------------
                                                                            
                                                         1,130.5     1,153.2
                                                                            
Property, Plant and Equipment                              225.9       231.9
Future Income Tax Assets                                     5.7         5.9
Pensions and Benefits                                        7.9         8.0
Other Assets                                                 3.6         8.3
Goodwill and Intangibles                                    27.7        28.4
----------------------------------------------------------------------------
                                                                            
                                                       $ 1,401.3   $ 1,435.7
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
LIABILITIES AND SHAREHOLDERS' EQUITY                                        
Current                                                                     
 Accounts payable and accrued liabilities                $ 259.2     $ 252.3
 Income taxes payable                                        1.3         1.4
 Current portion long-term debt                              1.3         1.3
----------------------------------------------------------------------------
                                                                            
                                                           261.8       255.0
                                                                            
Derivatives                                                    -        30.9
Long-Term Debt                                             335.5       340.8
Pensions and Benefits                                        6.0         5.9
Future Income Tax Liabilities                               10.6         9.9
----------------------------------------------------------------------------
                                                                            
                                                           613.9       642.5
----------------------------------------------------------------------------
                                                                            
Shareholders' Equity                                                        
 Common shares                                             478.9       478.9
 Retained earnings                                         316.9       315.3
 Contributed surplus                                        11.8        11.4
 Accumulated other comprehensive income (loss)            (31.8)      (24.0)
 Equity component of convertible debenture                  11.6        11.6
----------------------------------------------------------------------------
                                                                            
                                                           787.4       793.2
----------------------------------------------------------------------------
                                                                            
                                                       $ 1,401.3   $ 1,435.7
----------------------------------------------------------------------------
----------------------------------------------------------------------------
 
CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) (UNAUDITED)

                                                                            
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                     Quarters ended March 31
(millions, except per share data)                          2010         2009
----------------------------------------------------------------------------
                                                                            
Revenues                                                $ 525.9      $ 642.3
Cost of sales                                             431.0        646.6
----------------------------------------------------------------------------
                                                                            
Gross margin                                               94.9        (4.3)
Operating expenses                                         68.6         76.6
----------------------------------------------------------------------------
                                                                            
Earnings (loss) before the following                       26.3       (80.9)
Other income (expense)                                      1.5            -
Interest expense, net                                     (6.7)        (4.8)
----------------------------------------------------------------------------
                                                                            
Earnings (loss) before income taxes                        21.1       (85.7)
(Provision for) recovery of income taxes                  (4.6)         30.7
----------------------------------------------------------------------------
                                                                            
Net earnings (loss) for the period                       $ 16.5     $ (55.0)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Basic earnings (loss) per common share                   $ 0.28     $ (0.92)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Diluted earnings (loss) per common share                 $ 0.28     $ (0.92)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
 
CONSOLIDATED STATEMENTS OF RETAINED EARNINGS (UNAUDITED)

                                                                            
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                     Quarters ended March 31
(millions)                                                  2010        2009
----------------------------------------------------------------------------
                                                                            
Retained earnings, beginning of the period               $ 315.3     $ 467.0
Net earnings (loss) for the period                          16.5      (55.0)
Dividends on common shares                                (14.9)      (14.9)
----------------------------------------------------------------------------
                                                                            
Retained earnings, end of the period                     $ 316.9     $ 397.1
----------------------------------------------------------------------------
----------------------------------------------------------------------------
 
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

                                                                            
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                     Quarters ended March 31
(millions)                                                2010          2009
----------------------------------------------------------------------------
                                                                            
Net earnings (loss) for the period                      $ 16.5      $ (55.0)
                                                                            
Other comprehensive income (loss)                                           
 Unrealized foreign exchange gains (losses) on          (10.2)          13.6
  translation of self-sustaining U.S. operations                            
 Unrealized gains (losses) on items designated as          5.6         (1.9)
  net investment hedges                                                     
 Unrealized gains (losses) on items designated as        (2.2)           2.2
  cash flow hedges                                                          
 Losses on derivatives designated as cash flow           (1.0)         (3.0)
  hedges transferred to net income in the current                           
  period                                                                    
----------------------------------------------------------------------------
                                                                            
Other comprehensive income (loss)                        (7.8)          10.9
----------------------------------------------------------------------------
                                                                            
Comprehensive income (loss)                              $ 8.7      $ (44.1)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
 
CONSOLIDATED STATEMENTS OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

                                                                            
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                        Quarters ended March
                                                                          31
(millions)                                                 2010         2009
----------------------------------------------------------------------------
                                                                            
Accumulated net unrealized foreign currency                                 
 translation gains and losses                                               
 Balance, beginning of period                          $ (30.0)       $ 36.9
 Unrealized foreign exchange gains (losses) on           (10.2)         13.6
  translation of self-sustaining U.S. operations                            
----------------------------------------------------------------------------
                                                                            
 Balance, end of period                                  (40.2)         50.5
----------------------------------------------------------------------------
                                                                            
Accumulated net unrealized gains (losses) on cash flow                      
 and net investment hedges                                                  
 Balance, beginning of period                               6.0       (12.0)
 Transitional adjustment                                      -          5.4
 Unrealized gains (losses) on items designated as net       5.6        (1.9)
  investment hedges                                                         
 Unrealized gains (losses) on items designated as cash    (2.2)          2.2
  flow hedges                                                               
 Losses on derivatives designated as cash flow hedges     (1.0)        (3.0)
  transferred to net income in the current period                           
----------------------------------------------------------------------------
                                                                            
 Balance, end of period                                     8.4        (9.3)
----------------------------------------------------------------------------
                                                                            
Accumulated other comprehensive income (loss)          $ (31.8)       $ 41.2
----------------------------------------------------------------------------
----------------------------------------------------------------------------
 
CONSOLIDATED CASH FLOW STATEMENTS (UNAUDITED)

                                                                            
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                     Quarters ended March 31
(millions)                                                2010          2009
----------------------------------------------------------------------------
                                                                            
Operating activities                                                        
 Net earnings (loss) for the period                     $ 16.5      $ (55.0)
 Depreciation and amortization                             6.3           6.5
 Future income taxes                                       1.8           2.1
 Unrealized gain on investment                           (1.5)             -
 Stock-based compensation                                  0.4           0.4
 Difference between pension expense and amount             0.2         (0.1)
  funded                                                                    
 Other                                                     0.4           0.1
 ---------------------------------------------------------------------------
                                                                            
Cash from (used in) operating activities before           24.1        (46.0)
 non-cash working capital                                                   
----------------------------------------------------------------------------
                                                                            
Changes in non-cash working capital items                                   
 Accounts receivable                                    (75.7)         105.2
 Inventories                                              46.7          15.0
 Inventories - net increase in NRV reserve                   -          94.5
 Accounts payable and accrued liabilities                  8.2        (56.8)
 Current income taxes                                      6.5        (68.7)
 Other                                                     0.5           1.1
 ---------------------------------------------------------------------------
                                                                            
Change in non-cash working capital                      (13.8)          90.3
----------------------------------------------------------------------------
                                                                            
Cash from operating activities                            10.3          44.3
----------------------------------------------------------------------------
                                                                            
Financing activities                                                        
 Decrease in bank borrowing                                  -        (24.9)
 Dividends on common shares                             (14.9)        (14.9)
 Repayment of long-term debt                             (0.4)         (0.4)
 Swap termination                                       (35.2)             -
 ---------------------------------------------------------------------------
                                                                            
Cash used in financing activities                       (50.5)        (40.2)
----------------------------------------------------------------------------
                                                                            
Investing activities                                                        
 Purchase of property, plant and equipment               (1.3)         (3.8)
 Proceeds on sale of property, plant and equipment           -           0.6
 ---------------------------------------------------------------------------
                                                                            
Cash used in investing activities                        (1.3)         (3.2)
----------------------------------------------------------------------------
                                                                            
Effect of exchange rates on cash and cash                (7.0)           1.3
 equivalents                                                                
----------------------------------------------------------------------------
                                                                            
(Decrease) increase in cash and cash equivalents        (48.5)           2.2
Cash and cash equivalents, beginning of the period       359.6          44.9
----------------------------------------------------------------------------
                                                                            
Cash and cash equivalents, end of the period           $ 311.1        $ 47.1
----------------------------------------------------------------------------
----------------------------------------------------------------------------
 

CONTACT INFORMATION:

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

INDUSTRY: Manufacturing and Production - Mining and Metals


.
Data and Statistics for these countries : Canada | All
Gold and Silver Prices for these countries : Canada | All

Russel Metals Inc.

CODE : RUS.TO
ISIN : CA7819036046
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Russel Metals is a producing company based in Canada.

Russel Metals is listed in Canada. Its market capitalisation is CA$ 2.4 billions as of today (US$ 1.8 billions, € 1.6 billions).

Its stock quote reached its lowest recent point on May 08, 2009 at CA$ 10.02, and its highest recent level on September 18, 2024 at CA$ 38.98.

Russel Metals has 61 790 000 shares outstanding.

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Financings of Russel Metals Inc.
8/3/2011Announces a 9% Increase in Common Share Dividend
Option Grants of Russel Metals Inc.
2/13/2013Declares Common Share Dividend
10/30/2012Declares Common Share Dividend
5/4/2012Announces a 17% Increase in Common Share Dividend
2/16/2012Declares Common Share Dividend
Nominations of Russel Metals Inc.
2/21/2013Announces the Promotion of John G=2E Reid to Chief Operating...
Financials of Russel Metals Inc.
5/3/2016Announces 2016 First Quarter
2/19/2014Announces 2013 Annual and Fourth Quarter Results
11/7/2013Russel Metals Announces Third Quarter Results
11/7/2013Russel Metals Announces Third Quarter Results
8/7/2013Announces Second Quarter Results
2/13/2013Announces 2012 Annual and Fourth Quarter Results
10/30/2012Announces Third Quarter Results
5/4/2012Announces Solid First Quarter Results
2/16/2012Announces Strong 2011 Annual and Fourth Quarter Results
8/5/2011Announces Strong Second Quarter Results
5/16/2011Announces a Significant Increase in First Quarter Results
2/17/2011Announces 2010 Annual and Fourth Quarter Results
8/11/2010Stronger Second Quarter 2010 Net Earnings
5/12/2010Announces Stronger First Quarter 2010 Net Earnings
2/18/20102009 Annual and Fourth Quarter Results
11/3/2009Announces Sequentially StrongerThird Quarter 2009 Net Earnin...
8/5/2009Announces 2009 Second Quarter Loss
2/24/20092008 Annual and Fourth Quarter Results
11/6/2008Reports Third Quarter 2008 Net Earnings of $1.45 Per Share a...
8/5/2008 Reports Second Quarter 2008 Net Earnings of $1=2E25 Per Sha...
6/11/2008Exceed Street Expectations for Second Quarter Earnings
5/12/2008 Reports First Quarter 2008 Net Earnings of $0.46 per Share
Project news of Russel Metals Inc.
12/2/2013Russel Metals Announces its Acquisition of Monarch Supply
5/24/2012Announces the Acquisition of Alberta Industrial Metals
Corporate news of Russel Metals Inc.
1/22/2016S&P Dow Jones Indices Announces the Annual Review of S&P/TSX...
11/4/2015Russel Metals Announces Redemption of 7.75% Convertible Unse...
11/2/2015Russel Metals Announces the Promotion of John G. Reid to Pre...
10/30/2015Russel Metals Declares Common Share Dividend
10/30/2015Russel Metals Announces 2015 Third Quarter Results
9/30/2015Notice - 2015 Third Quarter Results Conference Call
9/25/2015Russel Metals Announces Redemption of 7.75% Convertible Unse...
9/8/2015Russel Metals Announces New President of Apex Distribution
8/12/2015Russel Metals Announces 2015 Second Quarter Results
8/12/2015Russel Metals Declares Common Share Dividend
7/13/2015Notice - 2015 Second Quarter Results Conference Call
4/6/2015Russel Metals Supports Higher Education
4/6/2015Notice - 2015 First Quarter Results Conference Call
2/18/2015Russel Metals Announces Strong 2014 Annual and Fourth Quarte...
2/18/2015Russel Metals Declares Common Share Dividend
1/20/2015NOTICE - 2014 Year End and Fourth Quarter Results Conference...
11/4/2014Russel Metals Announces: Strong Third Quarter Results and Re...
11/4/2014Russel Metals Declares Common Share Dividend
10/3/2014Russel Metals Inc. Notice - 2014 Third Quarter Results Confe...
8/12/2014Russel Metals Announces a 9% Increase in Common Share Divide...
8/12/2014Russel Metals Announces Second Quarter Results
7/10/2014Russel Metals Inc. Notice - 2014 Second Quarter Results Conf...
2/19/2014Russel Metals Declares Common Share Dividend
2/19/2014Métaux Russel annonce ses résultats annuels et du quatrième
2/19/2014Russel Metals Announces 2013 Annual and
2/19/2014Métaux Russel déclare un dividende sur ses actions ordinaire...
2/19/2014Métaux Russel déclare un dividende sur ses actions ordinaire...
2/19/2014Russel Metals Declares Common Share Dividend
2/19/2014Russel Metals Announces 2013 Annual and
2/19/2014Métaux Russel annonce ses résultats annuels et du quatrième
12/19/2013Russell Meares to retire as a Director 31 December 2013
12/2/2013Métaux Russel annonce l'acquisition de Monarch Supply
11/7/2013Métaux Russel annonce ses résultats du troisième trimestre
11/7/2013Russel Metals Declares Common Share Dividend
11/7/2013Métaux Russel annonce ses résultats du troisième trimestre
11/7/2013Métaux Russel déclare un dividende sur ses actions ordinaire...
11/7/2013Métaux Russel déclare un dividende sur ses actions ordinaire...
11/7/2013Declares Common Share Dividend
9/4/2013Announces Installation of a Bu =?ISO-8859-1?Q?tech=20Bliss=2...
8/7/2013Declares Common Share Dividend
7/8/20132013 Second Quarter Results Conference Call
5/13/2013Announces 2013 Annual Meeting Voting Results
4/2/2013Notice: 2013 First Quarter Results Conference Call
2/8/2013Announces Settlement of Strike =?ISO-8859-1?Q?=20at=20Bouche...
1/14/2013Notice: 2012 Year End and Fourth Quarter Results Conference ...
11/8/2012Announces the Acquisition of Alberta Based Apex Distribution
10/24/2012Announces the Execution of Apex Distribution Agreement
10/1/2012Notice: 2012 Third Quarter Results Conference Call
10/1/2012Notice: 2012 Third Quarter Results Conference Call
9/11/2012Comments on Strike at Boucherville Plant, Quebec
8/29/2012Enters Into a Letter of Intent to Acquire Alberta Based Apex...
7/3/2012Notice: 2012 Second Quarter Results Conference Call Notice
5/1/2012Announces the Acquisition of Siemens Laserworks
4/25/2012' 6=2E375% Senior Notes Due =?ISO-8859-1?Q?=20March=201,=202...
4/12/2012Announces C$250 Million "Bought Deal" Offering of 6.0% Senio...
4/4/2012Notice: 2012 First Quarter Results Conference Call
1/16/2012Notice: 2011 Fourth Quarter and Year End Results Conference ...
10/3/2011Notice: 2011 Third Quarter Results Conference Call
7/4/20112011 Second Quarter Results Conference Call
6/28/2011Amends Its Credit Agreement
4/12/20112011 First Quarter Results Conference Call
2/17/2011Announces a 10% Increase In Common Share Dividend
8/23/2010Announces Rationalization of Its Ontario Long Products Opera...
8/11/2010Declares Common Share Dividend
6/22/2010Service Center Expansion in Terrebonne, Quebec
5/12/2010Declares Common Share Dividend
2/18/2010Declares Common Share Dividend
11/3/2009Declares Common Share Dividend
10/8/2009Announces Closing of $175 Mi
9/17/2009Announces Executive Promotion
8/5/2009Declares Common Share Dividend
2/23/2009Announces Actions to Reduce Operating Expenses
2/23/2009Reduces Quarterly Common Share Dividend
12/22/2008Names New Leadership
12/1/2008Inc=2E Completes the Acquisition =?ISO-8859-1?Q?=20of=20Nort...
11/10/2008Signs Purchase Agreement to Acquire Norton Metal Products, I...
11/6/2008Declares Quarterly Common Share Dividend
9/22/2008Announces Automatic Share Purchase Plan
8/5/2008Declares Quarterly Common Share Dividend and Supplemental Di...
5/12/2008 Declares Common Share Dividend
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TORONTO (RUS.TO)
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