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.Parties interested in listening to the company’s conference call can do so using this link.

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

Reliance Stock Up 0.5 %

NYSE RS opened at $292.16 on Thursday. Reliance has a 1 year low of $237.14 and a 1 year high of $342.20. The stock has a market capitalization of $16.78 billion, a PE ratio of 13.65 and a beta of 0.85. The company has a debt-to-equity ratio of 0.15, a current ratio of 5.02 and a quick ratio of 2.43. The business’s 50-day moving average is $282.40 and its 200 day moving average is $293.09.

Reliance Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 16th were issued a $1.10 dividend. This represents a $4.40 annualized dividend and a yield of 1.51%. The ex-dividend date of this dividend was Friday, August 16th. Reliance’s dividend payout ratio (DPR) is currently 20.55%.

Analysts Set New Price Targets

A number of research firms have recently commented on RS. Wolfe Research cut Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 target price for the company. in a research note on Friday, July 26th. Bank of America lowered their price objective on Reliance from $340.00 to $335.00 and set a “neutral” rating for the company in a research report on Wednesday, June 26th. Finally, KeyCorp decreased 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. 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 stock. According to data from MarketBeat.com, Reliance presently has a consensus 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.