Reliance (NYSE:RS – Get Free Report) 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.
View Our Latest Research Report on Reliance
Reliance Stock Up 3.9 %
Reliance (NYSE:RS – Get Free Report) 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.
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