Reliance Steel & Aluminum Co. (RS Quick QuoteRS - Free Report) is a leading metals service center company engaged in value-added materials management and metals processing services.

 

 

Reliance Steel’s earnings were $2.30 per share for the first quarter. It beat the Zacks Consensus Estimate of $2.01.

 

 

Reliance Steel posted first-quarter revenues of $2,757.1 million, up 14% year over year. It surpassed the Zacks Consensus Estimate of $2,704 million.

 

Investors should note that the earnings estimate for Reliance Steel for the first quarter has been going up over the last month. Reliance Steel has beaten the Zacks Consensus Estimate in all the trailing four quarters with an average beat of 9.7%.

 

 

Reliance Steel expects tons sold to be down 1% to up 1% in the second quarter of 2018 on a sequential comparison basis. Average selling prices are projected to be up 5% to 8% in the second quarter compared with the first quarter. Additionally, the company expects earnings per share to be in the band of $2.60 to $2.70 for the second quarter.

 

 

Reliance Steel currently has a Zacks Rank #2 (Buy). Meanwhile, you can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

 

 

Reliance Steel’s shares were up 2.8% 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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