Reliance, Inc. Q3 Profit Decreases, Misses Estimates

(RTTNews) - Reliance, Inc. (RS) released a profit for third quarter that decreased from the same period last year and missed the Street estimates.

The company's bottom line came in at $199.2 million, or $3.61 per share. This compares with $295.0 million, or $4.99 per share, in last year's third quarter.

Excluding items, Reliance, Inc. reported adjusted earnings of $201.1 million or $3.64 per share for the period.

Analysts on average had expected the company to earn $3.66 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 5.6% to $3.420 billion from $3.623 billion last year.

Reliance, Inc. earnings at a glance (GAAP) :

-Earnings (Q3): $199.2 Mln. vs. $295.0 Mln. last year. -EPS (Q3): $3.61 vs. $4.99 last year. -Revenue (Q3): $3.420 Bln vs. $3.623 Bln last year.

-Guidance: Next quarter EPS guidance: $2.65-$2.85