Acquisition Spikes Reliance Steel's Q4 Sales, Profit

Reliance's Q4 sales were up nearly 12 percent year-over-year, and profits jumped nearly 50 percent, thanks to the December acquisition of Fox Metals and Alloys.

Reliance Steel on Thursday reported its fourth quarter and full year 2014 financial results for the period ended Dec. 31.

Sales in Q4 were up 11.7 percent year-over-year to $2.58 billion, and down 4.7 percent from Q3 2014. Tons sold were up 4.4 percent YOY and down 4.9 percent from Q3 2014.

Net income in Q4 was $92.3 million, up 49.4 percent YOY, largely due to the acquisition of Fox Metals and Alloys, effective Dec. 1, 2014.

"Demand in the fourth quarter reflected the normal seasonal slowdown caused by fewer shipping days due to the holiday season and holiday-related closures by many of our customers," said David H. Hannah, Chairman and CEO of Reliance. "However, with the exception of the energy markets, underlying demand momentum in the fourth quarter remained strong.

For the full year 2014, sales were a record $10.45 billion, up 13.3 percent from 2013. Tons sold were up 13 percent, and net income was up 15.5 percent to $371.5 million.