Reliance Steel & Aluminum Guides Q2 Adj EPS Well Above View As Q1 Results Top Estimates

(RTTNews) - While reporting financial results for the first quarter on Thursday, metals service center company Reliance Steel & Aluminum Co. (RS) said it expects adjusted earnings for the second quarter in a range of $9.00 to $9.10 per share.

On average, six analysts polled by Thomson Reuters expect the company to earn $7.27 per share for the quarter. Analysts' estimates usually exclude special items.

On Tuesday, the Board of Directors declared a quarterly cash dividend of $0.875 per share of common stock, payable on June 10, 2022 to stockholders of record as of May 27, 2022.

For the first quarter, net income attributable to the company soared to $523.3 million or $8.33 per share from $266.9 million or $4.12 per share in the prior-year quarter.

Excluding items, adjusted net income attributable to the company was $8.42 per share. The Street was looking for earnings of $7.14 per share for the quarter.

Net sales for the quarter soared 58.0 percent to $4.49 billion from $2.84 billion in the same quarter last year. Analysts expected revenue of $4.13 billion for the quarter.