TORONTO, May 3 (Reuters) - Russel Metals Inc reported flat quarterly earnings on Thursday as increased materials costs outweighed higher sales revenue.
The metal distribution company’s profit was C$33 million ($33.5 million), or 55 Canadian cents a share, in the first quarter, ended March 31. It was also C$33 million, or 55 Canadian cents a share, in the year-before quarter.
Revenues, however, rose 22 percent to C$803 million.
Russel Metals said demand levels were higher in the quarter than in late 2011, highlighting a continued recovery in the industrial segment of North American economy.
The company increased its quarterly dividend by 17 percent to 35 Canadian cents a share.