Reliance Steel (NYSE: RS) reported Q2 EPS of $1.36, $0.06 better than the analyst estimate of $1.30. Revenue for the quarter came in at $2.2 billion versus the consensus estimate of $2.31 billion.

GUIDANCE:

Reliance Steel sees Q3 2016 EPS of $1.25-$1.35, versus the consensus of $1.32.

Business Outlook

Reliance management continues to believe the U.S. economy is generally healthy and anticipates a continued slow recovery in demand, subject to normal seasonal factors. Management is optimistic that metals pricing is sustainable at current levels through the third quarter of 2016 and is confident in the Company's ability to execute well in this environment. As a result, Reliance management estimates tons sold to be down 1% to 3% in the third quarter of 2016 compared to the second quarter of 2016 due to normal seasonal factors. Reliance management also expects its average selling price in the third quarter of 2016 will be up 1% to 3% from the second quarter of 2016, assuming current mill prices remain in place for the full quarter. As a result, management currently expects Non-GAAP earnings per diluted share to be in the range of $1.25 to $1.35 for the third quarter of 2016.

For earnings history and earnings-related data on Reliance Steel (RS) click here.