August 3, 2011 / 8:44 PM / in 6 years

UPDATE 1-Russel Metals notches higher profit, ups dividend

TORONTO, Aug 3 (Reuters) - Russel Metals RUS.TO posted a higher second-quarter profit on Wednesday despite soft steel prices, and the metals processing and distribution company boosted its dividend by 9 percent.

Net income for the quarter was C$31 million ($32 million), or 52 Canadian cents a share, compared with a year-ago profit of C$25 million, or 41 Canadian cents a share.

Analysts, on average, had estimated earnings of 44 Canadian cents a share, according to Thomson Reuters I/B/E/S.

Revenue rose to C$619 million from C$507 million.

The Toronto-based company said margins were up in its metals service center and steel distributor divisions.

Its energy service sector was hit by bad weather in Western Canada, but the company said it expects that segment to pick up in the third quarter.

Russel Metals boosted its dividend to 30 Canadian cents a share, payable on Sept. 15, 2011. (Reporting by Julie Gordon; editing by Rob Wilson)

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