Reliance Steel (RS) Tops Q2 EPS by 33c, Q3 EPS Guidance Beats

Reliance Steel (NYSE: RS) reported Q2 EPS of $5.06, $0.33 better than the analyst estimate of $4.73. Revenue for the quarter came in at $3.42 billion versus the consensus estimate of $3.14 billion.

GUIDANCE:

Reliance Steel sees Q3 2021 EPS of $5.55-$5.75, versus the consensus of $4.16.

• Reliance remains optimistic about business conditions in the current environment with strong underlying demand in the majority of the end markets it serves. However, factors impacting shipment levels in the second quarter of 2021 such as metal supply constraints and supply chain disruptions will continue to persist in the third quarter of 2021. Accordingly, the Company estimates its tons sold will be down 1% to up 1% in the third quarter of 2021 compared to the second quarter of 2021. Reliance expects metal pricing trends to remain strong in the third quarter. As metal prices at the beginning of the third quarter of 2021 are higher than the average for the second quarter of 2021, Reliance estimates its average selling price per ton sold for the third quarter of 2021 will be up 7% to 9%. Based on these expectations, Reliance management currently anticipates non-GAAP earnings per diluted share in the range of $5.55 to $5.75 for the third quarter of 2021.

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

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