Reliance (NYSE:RS) Updates Q4 2024 Earnings Guidance

by · The Cerbat Gem

Reliance (NYSE:RS – Get Free Report) updated its fourth quarter 2024 earnings guidance on Thursday. The company provided earnings per share guidance of 2.650-2.850 for the period, compared to the consensus earnings per share estimate of 3.400. The company issued revenue guidance of -. Reliance also updated its Q4 guidance to $2.65 to $2.85 EPS.

Reliance Stock Performance

Shares of Reliance stock traded up $11.16 during mid-day trading on Thursday, hitting $293.79. 636,413 shares of the stock were exchanged, compared to its average volume of 319,484. Reliance has a 12 month low of $237.14 and a 12 month high of $342.20. The company has a 50-day simple moving average of $283.40 and a 200 day simple moving average of $291.54. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.43 and a current ratio of 5.02. The company has a market capitalization of $16.16 billion, a P/E ratio of 15.07 and a beta of 0.85.

Reliance (NYSE:RS – Get Free Report) last posted its quarterly earnings results on Thursday, October 24th. The industrial products company reported $3.64 EPS for the quarter, missing analysts’ consensus estimates of $3.66 by ($0.02). The company had revenue of $3.42 billion during the quarter, compared to the consensus estimate of $3.38 billion. Reliance had a return on equity of 14.73% and a net margin of 7.99%. The company’s revenue for the quarter was down 5.6% compared to the same quarter last year. During the same period last year, the firm posted $5.00 EPS. Sell-side analysts anticipate that Reliance will post 17.16 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

RS has been the subject of several recent research reports. KeyCorp lowered their price target on shares of Reliance from $335.00 to $325.00 and set an “overweight” rating for the company in a research note on Monday, October 14th. Bank of America lowered their price target on shares of Reliance from $340.00 to $335.00 and set a “neutral” rating for the company in a research note on Wednesday, June 26th. Finally, Wolfe Research downgraded shares of Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price target for the company. in a research note on Friday, July 26th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $329.40.

Check Out Our Latest Research Report on RS

About Reliance

(Get Free Report)

Reliance, Inc operates as a diversified metal solutions provider and the metals service center company in the United States, Canada, and internationally. The company distributes a line of approximately 100,000 metal products, including alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium, and specialty steel products; and provides metals processing services to general manufacturing, non-residential construction, transportation, aerospace, energy, electronics and semiconductor fabrication, and heavy industries.

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