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
Specialty athletic retailer Foot Locker, Inc. reported Friday a second-quarter net profit that plunged from last year, hurt by a sales decline amid markdowns. Quarterly sales met Street estimates. The company also trimmed it adjusted earnings and sales growth guidance for the full-year 2022. Google's hundreds of employees have signed a petition sent to executives demanding extension of abortion care benefits to contract workers. The workers also called to halt donations given to anti-abortion politicians and to expand travel benefits. The petition, circulated by the Alphabet Workers Union, has been signed by over 650 employees at Google's parent company Alphabet Inc. Apple Inc. has released an emergency security update noting that some of its iPhones, iPads and Macs had certain vulnerabilities. The tech major said the flaws potentially allow full admin access to devices. The models affected by the issue include iPhone 6S and later models, several models of the newer iPads, and Mac computers running macOS Monterey and above. The flaws also affect the iPod Touch
Follow RTT