Reliance Steel Q2 Results Miss Estimates; Guides Q3 Adj EPS In Line With View

(RTTNews) - While reporting financial results for the second quarter on Thursday, metals service center company Reliance Steel & Aluminum Co. (RS) said it expects adjusted earnings for the third quarter in a range of $4.90 to $5.10 per share, as the company expects its average selling price per ton sold for the quarter to be down 2 to 5 percent.

On average, six analysts polled by Thomson Reuters expect the company to report earnings of $5.02 per share for the quarter. Analysts' estimates usually exclude special items.

On Tuesday, the Company's Board of Directors declared a quarterly cash dividend of $1.00 per share of common stock, payable on September 1, 2023 to stockholders of record as of August 18, 2023.

For the second quarter, net income attributable to the company plunged to $385.1 million or $6.49 per share from $572.8 million or $9.15 per share in the prior-year quarter.

Net sales for the quarter declined 17.1percent to $3.88 billion from $4.68 billion in the same quarter last year.

The Street was looking for earnings of $6.55 per share on revenues of $3.98 billion for the quarter.

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