Reliance Steel Q2 Results Top Estimates; Guides Q3 Adj EPS Below 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 $6.00 to $6.20 per share, as the company expects its average selling price per ton sold for quarter to be up 5 to 7 percent.

On average, five analysts polled by Thomson Reuters expect the company to report earnings of $6.57 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 $0.875 per share of common stock, payable on September 2, 2022 to stockholders of record as of August 19, 2022.

On the same day, the Board of Directors approved an amendment of Reliance's share repurchase plan, refreshing the repurchase authorization to $1 billion without a set expiration date.

For the second quarter, net income attributable to the company soared to $572.8 million or $9.15 per share from $329.1 million or $5.08 per share in the prior-year quarter.

On average, five analysts polled by Thomson Reuters expected the company to report earnings of $9.01 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter surged 46.5 percent to a record of $4.68 billion from $3.42 billion in the same quarter last year.

The Street was looking for earnings of $9.01 per share on revenues of $4.60 billion for the quarter.