Reliance Steel (RS) Tops Q4 EPS by 5c, Quides Q1 EPS Below Views
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EPS Growth %: -12.9%
Financial Fact:
Total costs and expenses: 2.09B
Today's EPS Names:
NLY, CP, RUSHA, More
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Reliance Steel (NYSE: RS) reported Q4 EPS of $0.87, $0.05 better than the analyst estimate of $0.82. Revenue for the quarter came in at $2.03 billion versus the consensus estimate of $2.14 billion.
GUIDANCE:
Reliance Steel sees Q1 2016 EPS of $0.80-$0.90, versus the consensus of $1.07.
Reliance management is confident in the Company's continued ability to execute well in the current environment, and is optimistic that the U.S. economy will continue its slow growth going forward. As a result, Reliance management estimates a sequential increase in tons sold of approximately 6% to 8% in the first quarter of 2016 over the fourth quarter of 2015, which includes both the normal seasonal increase in shipping volumes compared to the fourth quarter and additional volume from Tubular Steel, Inc. Reliance management also believes that metals pricing for most products the Company sells has stabilized at the current low levels, with the potential to improve slightly in the first quarter, as a result of the price increases announced for a number of the products the Company sells. Accordingly, management expects the Company's average selling price in the first quarter of 2016 to be flat to up 1.5% from the fourth quarter of 2015. However, given this pricing scenario, Reliance does not anticipate any LIFO adjustment in the first quarter of 2016, compared to $0.35 per share of LIFO income in the fourth quarter of 2015. As a result, management currently expects Non-GAAP earnings per diluted share to be in the range of $0.80 to $0.90 for the quarter ending March 31, 2016.
For earnings history and earnings-related data on Reliance Steel (RS) click here.
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