Reliance Steel & Aluminum Guides Q1 Adj EPS Below Estimates - Quick Facts

(RTTNews) - While reporting financial results for the fourth quarter on Thursday, metals service center company Reliance Steel & Aluminum Co. (RS) said it expects adjusted earnings for the first quarter of fiscal 2020 in a range of $2.00 to $2.10 per share, as the company expects its average selling price per ton sold for the first quarter to be up 1.0 to 2.0 percent compared to the fourth quarter of 2019.

On average, 8 analysts polled by Thomson Reuters expect the company to earn $2.38 per share for the quarter. Analysts' estimates usually exclude special items.

The company also expects that end demand in the first quarter of 2020 will remain relatively healthy, and estimates tons sold will be up 6 to 8 percent in the first quarter of 2020 compared to the fourth quarter of 2019, which includes the normal seasonal increase in shipping volumes compared to the fourth quarter.

On Tuesday, the Board of Directors declared a 13.6 percent higher quarterly cash dividend of $0.625 per share of common stock, payable on March 27, 2020 to stockholders of record as of March 13, 2020.