Reliance Steel Q3 Results Meet Estimates; Guides Q4 Adj EPS Well Below Estimates
(RTTNews) - While reporting financial results for the third quarter on Thursday, metals service center company Reliance Steel & Aluminum Co. (RS) said it expects adjusted earnings for the fourth quarter in a range of $3.70 to $3.90 per share, as the company expects its average selling price per ton sold for the quarter to be down 4 to 6 percent.
On average, six analysts polled by Thomson Reuters expect the company to report earnings of $4.21 per share for the quarter. Analysts' estimates usually exclude special items.
On Tuesday, the Company's Board of Directors declared a quarterly cash dividend of $1.00 per share of common stock, payable on December 1, 2023 to stockholders of record as of November 17, 2023.
For the third quarter, net income attributable to the company plunged to $295.0 million or $4.99 per share from $393.5 million or $6.45 per share in the prior-year quarter. Excluding items, adjusted earnings for the quarter was $5.00 per share, compared to $6.48 per share in the year-ago quarter.
Net sales for the quarter declined 14.7 percent to $3.62 billion from $4.25 billion in the same quarter last year.
The Street was looking for earnings of $5.00 per share on revenues of $3.62 billion for the quarter.
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