Metals USA reports strong third quarter results

Metals USA Holdings Corp. reported its results for the three and nine months ended September 30, 2011.

Net sales for the third quarter of 2011 were $492.3 million, up 43 percent from net sales of $345.3 million for the third quarter of 2010. Net income for the third quarter of 2011 was $16.7 million compared to net income of $5.8 million for the third quarter of 2010. Earnings per diluted share (EPS) were $0.45 in the third quarter of 2011 compared to $0.16 for the third quarter of 2010.

Net sales for the first 9 months of 2011 were $1,430.2 million, up 48 percent from net sales of $968.2 million for the first 9 months of 2010. Net income for the first 9 months of 2011 was $50.6 million compared to net income of $8.4 million for the 9 months ended September 30, 2010. EPS was $1.36 in the first nine months of 2011 compared to $0.26 for the first 9 months of 2010.

Metal shipments were 340,600 tons for the third quarter of 2011, up 25 percent from metal shipments of 272,600 tons in the third quarter of 2010. Metal shipments for the first 9 months of 2011 were 1,069,000 tons, up 35 percent compared to metal shipments of 791,600 tons for the first 9 months of 2010. Toll processed tonnage was 36,900 tons during the third quarter of 2011 compared to 15,500 tons for the third quarter of 2010. Toll processed tonnage was 123,600 tons during the first 9 months of 2011 compared to 36,000 tons for the first 9 months of 2010.