Reliance Q4 Results Miss Estimates

(RTTNews) - While reporting financial results for the second quarter on Thursday, metals service center company Reliance, Inc. (RS) said it expects adjusted earnings for the third quarter in a range of $3.60 to $3.80 per share, as the company expects its average selling price per ton sold for the quarter to be down 2 to 4 percent.

On average, six analysts polled by Thomson Reuters expect the company to report earnings of $18.61 per share for the quarter. Analysts' estimates usually exclude special items.

For the second quarter, net income attributable to the company declined about 28 percent to $267.8 million or $4.67 per share from $385.1 million or $6.49 per share in the prior-year quarter.

Excluding items, adjusted earnings for the quarter was $4.65 per share, compared to $6.49 per share in the year-ago quarter.

Net sales for the quarter declined 6.1 percent to $3.64 billion from $3.88 billion in the same quarter last year.

The Street was looking for earnings of $4.73 per share on revenues of $3.65 billion for the quarter.

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