Reliance (NYSE:RS) Releases Q4 Earnings Guidance

Reliance (NYSE:RS) issued an update on its fourth quarter earnings guidance on Thursday morning. The company provided EPS guidance of $2.65 to $2.85 for the period, compared to the consensus EPS estimate of $3.40. Reliance also updated its Q4 2024 guidance to 2.650-2.850 EPS.

Wall Street Analysts Forecast Growth

RS has been the subject of several recent analyst reports. Bank of America cut their price objective on Reliance from $340.00 to $335.00 and set a “neutral” rating on the stock in a report on Wednesday, June 26th. KeyCorp cut their price target on shares of Reliance from $335.00 to $325.00 and set an “overweight” rating on the stock in a research note on Monday, October 14th. Finally, Wolfe Research downgraded shares of Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price objective for the company. in a research report on Friday, July 26th. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, Reliance currently has a consensus rating of “Hold” and a consensus target price of $329.40.

Reliance Stock Up 3.9 %

Shares of NYSE RS traded up $11.16 during trading hours on Thursday, hitting $293.79. The company had a trading volume of 636,413 shares, compared to its average volume of 319,484. The company has a quick ratio of 2.43, a current ratio of 5.02 and a debt-to-equity ratio of 0.15. The firm’s 50 day moving average is $283.40 and its 200-day moving average is $291.54. Reliance has a 1-year low of $237.14 and a 1-year high of $342.20. The stock has a market capitalization of $16.16 billion, a P/E ratio of 15.07 and a beta of 0.85.

Reliance (NYSE:RS) last released its quarterly earnings data on Thursday, October 24th. The industrial products company reported $3.64 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.66 by ($0.02). The business had revenue of $3.42 billion during the quarter, compared to analyst estimates of $3.38 billion. Reliance had a net margin of 7.99% and a return on equity of 14.73%. The business’s quarterly revenue was down 5.6% on a year-over-year basis. During the same period in the previous year, the business earned $5.00 earnings per share. On average, analysts expect that Reliance will post 17.16 earnings per share for the current fiscal year.

Reliance Company Profile

Reliance, Inc operates as a diversified metal solutions provider and the metals service center company in the United States, Canada, and internationally. The company distributes a line of approximately 100,000 metal products, including alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium, and specialty steel products; and provides metals processing services to general manufacturing, non-residential construction, transportation, aerospace, energy, electronics and semiconductor fabrication, and heavy industries.