TORONTO, May 12 (Reuters) - Russel Metals RUS.TO said on Monday its first-quarter profit edged slightly higher, as both revenues and costs rose.
The Toronto-based metals distributor earned C$29.2 million, or 46 Canadian cents a share, up from C$28.7 million, or 46 Canadian cents a share, in the year-before period.
Analysts polled by Reuters Estimates had expected, on average, a profit of 52 Canadian cents a share, before exceptional items.
Quarterly revenue rose 4.2 percent to C$712.3 million, while its cost of sales and operating expenses rose 3.5 percent to C$660.2 million.
Chief Executive Bud Siegel said in a statement that he expected wider operating margins in the second quarter due to rising steel prices.
Russel shares were up 15 Canadian cents at C$30.95 on the Toronto Stock Exchange. ($1=$1.00 Canadian) (Reporting by Cameron French; editing by Rob Wilson)