Reliance Steel & Aluminum Co. on Thursday said stronger demand for its steel products enabled it to swing from a loss to a profit in the second quarter.

The Los Angeles metals processor reported second quarter net income of $61.6 million (83 cents per share), compared with a net loss of $5.8 million (-8 cents) a year earlier. Sales rose 30 percent to $1.62 billion.

Analysts surveyed by Thomson Reuters on average expected per-share profit of 82 cents on revenue of $1.61 billion.

Overall, we were pleased with the quarter’s results,” said Chief Executive David H. Hannah in a statement. “Our balance sheet is strong … our receivables and inventory are in good shape, and we generated cash from operations of $18.8 million in second quarter.”

The company is forecasting third quarter earnings per share in the range of 65 to 75 cents. Analysts on average are expecting 89 cents. Hannah said that metals prices have softened some from the second quarter but that the company was not overly concerned and did not expect demand to change significantly aside from seasonal slowing.

Shares were up $2.94, or 8 percent, to $39.31 in midday trading on the New York Stock Exchange.