Reliance Steel & Aluminum Guides Q4 Adj EPS Below Estimates - Quick Facts

(RTTNews) - While reporting financial results for the third quarter on Thursday, metals service center company Reliance Steel & Aluminum Co. (RS) said it expects adjusted earnings for the fourth quarter in a range of $1.30 to $1.40 per share, as the company expects its average selling price per ton sold for the fourth quarter to be flat to up 2.0 percent sequentially.

On average, 5 analysts polled by Thomson Reuters expect the company to earn $1.68 per share for the quarter. Analysts' estimates usually exclude special items.

The company also expects overall demand to continue its slow improvement in the fourth quarter of 2020. However, due to normal seasonal factors including customer holiday-related shutdowns and fewer shipping days in the fourth quarter of 2020 compared to the third quarter of 2020, the Company expects shipping volumes to decline but believes the impact of seasonal factors could be less than in prior years.

The Company also estimates that tons sold will be down 4 to 6 percent in the fourth quarter of 2020 compared to the prior quarter. On Tuesday, the Board of Directors declared a quarterly cash dividend of $0.625 per share of common stock, payable on December 4, 2020 to stockholders of record as of November 20, 2020.