Reliance Steel Q4 Results Top Estimates; Changes Name To Reliance, Inc.

(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 in a range of $5.30 to $5.50 per share, as the company expects its average selling price per ton sold for the quarter to be up 9 to 11 percent.

On average, five analysts polled by Thomson Reuters expect the company to report earnings of $5.21 per share for the quarter. Analysts' estimates usually exclude special items.

For the fourth quarter, net income attributable to the company plunged to $272.7 million or $4.70 per share from $350.5 million or $5.88 per share in the prior-year quarter. Excluding items, adjusted earnings for the quarter was $4.73 per share, compared to $5.87 per share in the year-ago quarter.

Net sales for the quarter declined 7.6 percent to $3.34 billion from $3.61 billion in the same quarter last year.

The Street was looking for earnings of $3.92 per share on revenues of $3.30 billion for the quarter.

On Tuesday, the Company's Board of Directors declared a 10 percent higher quarterly cash dividend of $1.10 per share of common stock, payable on March 22, 2024 to stockholders of record as of March 8, 2024.

Effective today, Reliance has changed its corporate name from Reliance Steel & Aluminum Co. to Reliance, Inc., but the company's stock ticker symbol on the NYSE will remain "RS" and the CUSIP number for its common stock will also remain unchanged. Trading under the name Reliance, Inc. will begin on Monday, February 26, 2024.

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