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Reliance Steel's (RS) Q1 Earnings & Sales Beat Estimates

Zacks Equity Research
Updated

Reliance Steel & Aluminum Co. RS is a leading metals service center company engaged in value-added materials management and metals processing services.

 

Earnings

 

Reliance Steel’s earnings were $2.30 per share for the first quarter. It beat the Zacks Consensus Estimate of $2.01.

 

Revenues

 

Reliance Steel posted first-quarter revenues of $2,757.1 million, up 14% year over year. It surpassed the Zacks Consensus Estimate of $2,704 million.


Reliance Steel & Aluminum Co. Price and EPS Surprise

 

Reliance Steel & Aluminum Co. Price and EPS Surprise | Reliance Steel & Aluminum Co. Quote

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Estimate Trend & Surprise History

 

Investors should note that the earnings estimate for Reliance Steel for the first quarter has been going up over the last month. Reliance Steel has beaten the Zacks Consensus Estimate in all the trailing four quarters with an average beat of 9.7%.

 

Key Stats/Developments to Note

 

Reliance Steel expects tons sold to be down 1% to up 1% in the second quarter of 2018 on a sequential comparison basis. Average selling prices are projected to be up 5% to 8% in the second quarter compared with the first quarter. Additionally, the company expects earnings per share to be in the band of $2.60 to $2.70 for the second quarter.

 

Zacks Rank

 

Reliance Steel currently has a Zacks Rank #2 (Buy). Meanwhile, you can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

 

Market Reaction

 

Reliance Steel’s shares were up 2.8% following the release. It would be interesting to see how the market reacts to the results during the trading session today.

 

Check back later for our full write up on Reliance Steel’s earnings report!

 

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