Reliance Steel And Aluminum Q3 Profit Rises; Results Beat View - Quick Facts

(RTTNews) - Reliance Steel & Aluminum Co. (RS) on Thursday reported that its third-quarter net income rose to $162.7 million or $2.40 per share from $148.3 million or $2.03 per share in the prior year.

Excluding items, adjusted earnings for the quarter were $2.39 per share, compared to $2.42 per share in the year-ago period.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $1.95 per share for the quarter. Analysts' estimates typically exclude special items.

However, net sales for the quarter were $2.69 billion, down 9.7 percent from $2.97 billion last year. Analysts had a consensus revenue estimate of $2.67 billion for the quarter.

Reliance said it remains optimistic about business conditions in the fourth of 2019. The company expects that end demand in the fourth quarter will remain relatively steady, excluding the impact of normal seasonal patterns, which generally includes a decline in shipping volume due to customer holiday-related shutdowns and fewer shipping days compared to the third quarter of 2019.

Reliance management currently anticipates adjusted earnings per share in the range of $1.60 to $1.70 for the fourth quarter of 2019. The Street expects earnings of $1.57 per share for the quarter.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story


Latest Markets Videos


Founded in the late 1990s by Andrew Mariathasan in New York, with the goal of covering Wall Street for a new generation of investors, RTTNews has expanded steadily over the years to become a trusted provider of content for a wide array of subjects across several platforms. RTT's Financial Newswire is relied upon by some of the world's largest financial institutions, including banks, brokerages, trading platforms and financial exchanges.

Learn More