logo
  

Reliance Steel & Aluminum Guides Q2 Adj EPS Well Above View As Q1 Results Top Estimates

While reporting financial results for the first quarter on Thursday, metals service center company Reliance Steel & Aluminum Co. (RS) said it expects adjusted earnings for the second quarter in a range of $9.00 to $9.10 per share.

On average, six analysts polled by Thomson Reuters expect the company to earn $7.27 per share for the quarter. Analysts' estimates usually exclude special items.

On Tuesday, the Board of Directors declared a quarterly cash dividend of $0.875 per share of common stock, payable on June 10, 2022 to stockholders of record as of May 27, 2022.

For the first quarter, net income attributable to the company soared to $523.3 million or $8.33 per share from $266.9 million or $4.12 per share in the prior-year quarter.

Excluding items, adjusted net income attributable to the company was $8.42 per share. The Street was looking for earnings of $7.14 per share for the quarter.

Net sales for the quarter soared 58.0 percent to $4.49 billion from $2.84 billion in the same quarter last year. Analysts expected revenue of $4.13 billion for the quarter.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The US Centers for Disease Control and Prevention or CDC has ended recommendations for social distancing and quarantine with a view to minimize covid-19's impact on persons, communities, and health care systems. The agency also ended recommendation for test-to-stay in schools, CNN noted. Healthcare major Johnson & Johnson, which is in the middle of a talcum powder fiasco, said it is discontinuing talc-based JOHNSON'S Baby Powder globally in 2023. The company plans to transition to an all cornstarch-based baby powder portfolio. According to the company, the commercial decision to use cornstarch in all its baby powder products was made after conducting an assessment of its portfolio Walt Disney's streaming service Disney+ is rolling out its much-anticipated new ad-supported subscription plan for Disney+ in the U.S. as part of its bid to stem the loss and make its streaming business profitable after the services posted a hefty operating loss of more than $1 billion in the third quarter. It is also raising pricing for its bundled subscription plans with Hulu, ESPN+ and live TV.
RELATED NEWS
Follow RTT