Russel Metals, symbol RUS on Toronto, is one of North America’s largest metal distribution companies. Russel has three divisions: metals service centres (55% of sales) sells carbon steel and non-ferrous metals; energy tubular products (34%) sells tubular products to the energy industry in Western Canada and the U.S.; and steel distributors (11%) sells steel in large volumes, mainly to other metals distributors and original equipment manufacturers in Canada and the U.S.
The Canadian dividend stock’s quarterly payout is $0.274 a share. That gives the shares a 4.5% yield on an annualized basis.
In the three months ended March 31, 2011, Russel earned $33 million, or $0.55 a share. That’s up sharply from $9.1 million, or $0.15 a share, a year earlier.
The Canadian dividend stock’s revenue rose 24.8% to $657.7 million from $526.8 million. The company benefited from higher sales volumes and metals prices, and improved profit margins.
Russel saw revenue gains from all three of its divisions: The steel distribution division’s revenue rose 40%, due to higher flat-rolled steel prices. Metal services revenue rose 30% on higher sales volumes and steel prices. The energy tubular products division, which supplies pipes for oil and gas exploration and development, saw its revenue rise 14% on higher demand for oil and gas rigs.
Russel holds cash of $286.1 million, or $4.77 a share. The Canadian dividend stock’s long term debt of $314.9 million is 21.4% of its market cap.
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