Reliance (NYSE:RS) Releases Q4 2024 Earnings Guidance

Reliance (NYSE:RS) issued an update on its fourth quarter 2024 earnings guidance on Thursday morning. 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 Stock Performance

Shares of RS stock opened at $282.63 on Thursday. The business’s fifty day simple moving average is $283.40 and its 200-day simple moving average is $291.54. The company has a market cap of $15.55 billion, a PE ratio of 14.43 and a beta of 0.85. The company has a current ratio of 5.02, a quick ratio of 2.43 and a debt-to-equity ratio of 0.15. Reliance has a 12-month low of $237.14 and a 12-month high of $342.20.

Reliance (NYSE:RS) last issued its quarterly earnings results on Thursday, July 25th. The industrial products company reported $4.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.73 by ($0.08). The business had revenue of $3.64 billion for the quarter, compared to analyst estimates of $3.64 billion. Reliance had a return on equity of 14.73% and a net margin of 7.99%. The business’s revenue for the quarter was down 6.1% on a year-over-year basis. During the same period in the previous year, the company posted $6.49 earnings per share. Analysts expect that Reliance will post 17.16 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

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

Reliance Company Profile

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.