Reliance (NYSE:RS) Posts Quarterly Earnings Results, Misses Estimates By $0.02 EPS

Reliance (NYSE:RS) released its quarterly earnings data on Thursday. The industrial products company reported $3.64 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.66 by ($0.02), Briefing.com reports. Reliance had a net margin of 7.99% and a return on equity of 14.73%. The company had revenue of $3.42 billion for the quarter, compared to the consensus estimate of $3.38 billion. During the same quarter in the previous year, the firm posted $5.00 earnings per share. The business’s revenue for the quarter was down 5.6% compared to the same quarter last year. Reliance updated its Q4 2024 guidance to 2.650-2.850 EPS and its Q4 guidance to $2.65 to $2.85 EPS.

Reliance Price Performance

RS traded up $10.80 on Thursday, reaching $293.43. The company had a trading volume of 206,182 shares, compared to its average volume of 317,354. Reliance has a 52-week low of $237.14 and a 52-week high of $342.20. The company has a market cap of $16.14 billion, a price-to-earnings ratio of 15.07 and a beta of 0.85. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.43 and a current ratio of 5.02. The business has a 50 day simple moving average of $283.40 and a 200 day simple moving average of $291.54.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on RS shares. KeyCorp lowered their price target on shares of Reliance from $335.00 to $325.00 and set an “overweight” rating on the stock in a report on Monday, October 14th. Bank of America lowered their target price on shares of Reliance from $340.00 to $335.00 and set a “neutral” rating on the stock in a research note on Wednesday, June 26th. Finally, Wolfe Research downgraded shares of Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price target for the company. in a report on Friday, July 26th. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $329.40.

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.