Reliance Steel (RS) Tops Q3 EPS by 11c

Reliance Steel (NYSE: RS) reported Q3 EPS of $1.30, $0.11 better than the analyst estimate of $1.19. Revenue for the quarter came in at $2.45 billion versus the consensus estimate of $2.38 billion.

GUIDANCE:

Reliance Steel sees Q4 2017 EPS of $0.90-$1.00.

"Reliance management remains optimistic in regard to business activity levels in the fourth quarter of 2017, subject to the typical fourth quarter decline in shipping volumes that result from fewer shipping days due to holiday-related customer closures. As a result, the Company estimates tons sold will be down 4% to 6% in the fourth quarter of 2017 compared to the third quarter of 2017. Despite the recent increases in carbon and stainless steel pricing, the Company believes its average selling price in the fourth quarter will be subject to downward pressure given lower activity levels, with the recently announced mill price increases taking hold in early 2018. The Company, therefore, expects its average selling price will be flat to down 2% compared to the third quarter of 2017. Accordingly, management currently expects earnings per diluted share to be in the range of $0.90 to $1.00 for the fourth quarter of 2017."

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

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