Reliance Steel & Aluminum Co. RS saw its profits slip in the first quarter of 2016 on lower metal pricing, but its earnings topped expectations. Profit, as reported, fell 9% year over year to $92.2 million (or $1.27 per share) in the quarter from $101.3 million ($1.30 per share) a year ago.Barring one-time items, the company registered earnings of $1.03 per share in the reported quarter that outstripped the Zacks Consensus Estimate of 88 cents. Reliance Steel gained from strong operational execution and healthy customer demand in the quarter. Reliance Steel & Aluminum Company (RS) Street EPS & Surprise Percent - Last 5 Quarters | FindTheCompany Revenues, Volume and PricingRevenues declined around 17% year over year to $2,162.7 million in the reported quarter, falling short of the Zacks Consensus Estimate of $2,212 million. Sales were affected by lower sales volumes and reduced metal prices.Overall sales volume fell 2.7% year over year in the quarter with average prices per ton going down 15.6% year over year.FinancialsReliance Steel ended the quarter with cash and cash equivalents of $120.5 million, up roughly 19% year over year. Long-term debt decreased roughly 28% year over year to $1,640.3 million. Net debt-to-capital ratio was 33.4% as of Mar 31, 2016, down from 36.3% a year ago.Reliance Steel did not repurchase any shares during the first quarter and had 8.4 million shares available for buyback under its existing share repurchase program at the end of the quarter. OutlookMoving forward, the company is optimistic about metal pricing in the second quarter due to recent mill price rises. It also anticipates the U.S economy to witness slow growth. Management expects overall sales volumes to be flat to up 2% sequentially in the second quarter. The company also expects underlying demand to increase modestly in the second quarter compared to the first.Reliance Steel also anticipates its average selling price in the second quarter to be up around 3% to 5% sequentially. The company expects adjusted earnings for the second quarter in the band of $1.15 to $1.25 per share.Reliance Steel currently has a Zacks Rank #3 (Hold).Better-ranked stocks in the steel and metals space include AK Steel Holding Corp. AKS, Companhia Siderurgica Nacional SID and Schnitzer Steel Industries, Inc. SCHN, all carrying a Zacks Rank #2 (Buy).Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report RELIANCE STEEL (RS): Free Stock Analysis Report AK STEEL HLDG (AKS): Free Stock Analysis Report CIA SIDERUR-ADR (SID): Free Stock Analysis Report SCHNITZER STEEL (SCHN): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research