Reliance (RS) Set to Announce Earnings on Thursday

Reliance (NYSE:RS) is scheduled to be announcing its earnings results before the market opens on Thursday, October 24th. Analysts expect the company to announce earnings of $3.69 per share for the quarter. Reliance has set its Q3 guidance at $3.60-3.80 EPS and its Q3 2024 guidance at 3.600-3.800 EPS.Individual that wish to listen to the company’s earnings conference call can do so using this link.

Reliance (NYSE:RS) last issued its quarterly earnings results on Thursday, July 25th. The industrial products company reported $4.65 earnings per share for the quarter, missing analysts’ consensus estimates of $4.73 by ($0.08). Reliance had a return on equity of 14.73% and a net margin of 7.99%. The company had revenue of $3.64 billion during the quarter, compared to analysts’ expectations of $3.64 billion. During the same period last year, the firm posted $6.49 earnings per share. Reliance’s quarterly revenue was down 6.1% compared to the same quarter last year. On average, analysts expect Reliance to post $17 EPS for the current fiscal year and $17 EPS for the next fiscal year.

Reliance Stock Performance

NYSE RS opened at $287.19 on Wednesday. The company has a market capitalization of $15.80 billion, a PE ratio of 14.66 and a beta of 0.85. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.43 and a current ratio of 5.02. Reliance has a 52-week low of $237.14 and a 52-week high of $342.20. The company has a 50-day simple moving average of $283.35 and a 200 day simple moving average of $291.60.

Analyst Ratings Changes

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

About Reliance

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.