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Reliance Steel (RS - Free Report) is a leading metals service center company engaged in value-added materials management and metals processing services. It distributes metal products including stainless steel, aluminum, brass, copper, titanium and alloy steel to customers across a vast spectrum of industries.
Reliance Steel is gaining from its strategic acquisitions and strong demand for its products across the aerospace and automotive markets. However, he company’s business in the energy markets remain under pressure due to depressed oil prices.
Let’s have a quick look at this metal processor’s first-quarter 2017 release.
Estimate Trend & Surprise History
Investors should note that the earnings estimate for Reliance Steel for the first quarter has been stable over the past one week. Reliance Steel has beat the Zacks Consensus Estimate in 3 of the trailing 4 quarters with an average positive surprise of 7.07%.
Reliance Steel & Aluminum Co. Price and EPS Surprise
Reliance Steel logged earnings of $1.52 per share for the quarter that beat the Zacks Consensus Estimate of $1.42.
Revenues
Reliance Steel recorded net sales of $2,419.3 million, up 11.9% year over year, beating the Zacks Consensus Estimate of $2,348 million.
Key Stats/Developments to Note
Reliance Steel anticipates tons sold will be flat to up 2% in second-quarter 2017 compared with the first quarter. Average selling price for the quarter is expected to be flat to up 2% from the first quarter. The company expects earnings for the second quarter in the band of $1.50 to $1.60 per share.
Zacks Rank
Reliance Steel currently has a Zacks Rank #3 (Hold), but that could change following the company’s earnings report which was just released.
Market Reaction
Reliance Steel’s shares were inactive following the release. It would be interesting to see how the market reacts to the results during the trading session today.
Check back later for our full write up on Reliance Steel’s earnings report!
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Reliance Steel's (RS) Q1 Earnings & Sales Beat Estimates
Reliance Steel (RS - Free Report) is a leading metals service center company engaged in value-added materials management and metals processing services. It distributes metal products including stainless steel, aluminum, brass, copper, titanium and alloy steel to customers across a vast spectrum of industries.
Reliance Steel is gaining from its strategic acquisitions and strong demand for its products across the aerospace and automotive markets. However, he company’s business in the energy markets remain under pressure due to depressed oil prices.
Let’s have a quick look at this metal processor’s first-quarter 2017 release.
Estimate Trend & Surprise History
Investors should note that the earnings estimate for Reliance Steel for the first quarter has been stable over the past one week. Reliance Steel has beat the Zacks Consensus Estimate in 3 of the trailing 4 quarters with an average positive surprise of 7.07%.
Reliance Steel & Aluminum Co. Price and EPS Surprise
Reliance Steel & Aluminum Co. Price and EPS Surprise | Reliance Steel & Aluminum Co. Quote
Earnings
Reliance Steel logged earnings of $1.52 per share for the quarter that beat the Zacks Consensus Estimate of $1.42.
Revenues
Reliance Steel recorded net sales of $2,419.3 million, up 11.9% year over year, beating the Zacks Consensus Estimate of $2,348 million.
Key Stats/Developments to Note
Reliance Steel anticipates tons sold will be flat to up 2% in second-quarter 2017 compared with the first quarter. Average selling price for the quarter is expected to be flat to up 2% from the first quarter. The company expects earnings for the second quarter in the band of $1.50 to $1.60 per share.
Zacks Rank
Reliance Steel currently has a Zacks Rank #3 (Hold), but that could change following the company’s earnings report which was just released.
Market Reaction
Reliance Steel’s shares were inactive following the release. It would be interesting to see how the market reacts to the results during the trading session today.
Check back later for our full write up on Reliance Steel’s earnings report!
Looking for Ideas with Even Greater Upside?
Most of Zacks’ investment ideas are short-term, directly based on our proven 1 to 3 month indicator. In addition, I invite you to consider our long-term opportunities. These rare trades look to start fast with strong Zacks Ranks, but carry through with double and triple-digit profit potential. Starting now, you can look inside our home run, value, and stocks under $10 portfolios, plus more. Click here for a peek at this private information>>