RUSSEL METALS $20.84 (Toronto symbol RUS; SI Rating: Speculative) (905-819-7777; www.russelmetals.com; Shares outstanding: 59.7 million; Market cap: $1.2 billion; Dividend yield: 4.8%) is one of North America’s largest metal distributors. Russel serves its roughly 30,000 customers through a network of 50 Canadian and 12 U.S. locations.
In the three months ended June 30, 2010, Russel reported earnings per share of $0.31 before one-time items. That’s a big improvement over the $0.10 a share it earned a year earlier. Revenue rose 9.4%, to $506.1 million from $462.5 million.
Cost cuts continue to boost earnings
The company distributed more steel during the quarter; that was the main reason for the higher revenue. As well, Russel continues to do a good job of controlling its costs and conserving cash: In early 2009, it cut 500 jobs (or 16.7% of its workforce), lowered executive pay by 10% and reduced its remaining employees’ hours. Those measures are helping push up its earnings.
As well, the company cut its quarterly…
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