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

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

Reliance Stock Up 2.9 %

RS stock traded up $8.07 during trading hours on Thursday, hitting $290.70. The company’s stock had a trading volume of 40,731 shares, compared to its average volume of 316,592. The company has a quick ratio of 2.43, a current ratio of 5.02 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $15.99 billion, a PE ratio of 14.43 and a beta of 0.85. Reliance has a 12 month low of $237.14 and a 12 month high of $342.20. The stock has a 50 day moving average price of $283.40 and a two-hundred day moving average price of $291.54.

Wall Street Analyst Weigh In

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