TORONTO – Russel Metals Inc. says it managed to eke out steady profits in the three months ending Sept. 30, despite a sharp decline in sales compared with last summer.

The Toronto-based metal distributor earned $18 million, or 29 cents per share, in the third quarter, on sales of $615 million.

The company’s income was unchanged from the same period last year, when it reported sales of $869 million.

Analysts surveyed by Refinitiv expected net income of $8.1 million, or 15 cents per share, on revenue of $647.4 million.

Russel says it cut costs during the quarter, selling real estate in British Columbia and offloading line pipe inventory as business gradually recovered from the COVID-19 pandemic, particularly in the hard-hit energy industry.

The board of the company, which sells sheet metal and stainless steel and is one of the largest distributors in North America, says it approved a quarterly dividend of 38 cents per share.

This report by The Canadian Press was first published Nov. 4, 2020.

Companies in this story: (TSX:RUS)