Reliance Steel (RS) Tops Q1 EPS by 43c, Revenues Miss; Affirms FY19 EPS Guidance Above Consensus

Reliance Steel (NYSE: RS) reported Q1 EPS of $2.80, $0.43 better than the analyst estimate of $2.37. Revenue for the quarter came in at $2.956 billion versus the consensus estimate of $2.96 billion.

“We remain pleased with our overall financial position and believe we have ample liquidity to continue investing in the growth of our business and returning value to our stockholders,” commented Karla Lewis, Senior Executive Vice President and Chief Financial Officer of Reliance. “We generated strong cash from operations despite increased working capital needs typical of the first half of the year, given the increased pricing levels that led to improved profitability. In the first quarter of 2019, we invested $53.0 million in capital expenditures and paid $39.6 million in quarterly cash dividends to our stockholders. Our strong profitability and effective working capital management allow us to execute our capital allocation strategy.”

GUIDANCE:

Reliance Steel sees Q2 2019 EPS of $2.60-$2.70, versus the consensus of $2.48.

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

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