Reliance (NYSE:RS) Releases Earnings Results, Misses Expectations By $0.02 EPS

Reliance (NYSE:RS) issued its quarterly earnings data on Thursday. The industrial products company reported $3.64 earnings per share for the quarter, missing analysts’ consensus estimates of $3.66 by ($0.02), Briefing.com reports. Reliance had a return on equity of 14.73% and a net margin of 7.99%. The firm had revenue of $3.42 billion during the quarter, compared to analyst estimates of $3.38 billion. During the same quarter in the previous year, the firm posted $5.00 earnings per share. Reliance’s quarterly revenue was down 5.6% compared to the same quarter last year. Reliance updated its Q4 2024 guidance to 2.650-2.850 EPS and its Q4 guidance to $2.65 to $2.85 EPS.

Reliance Stock Performance

Reliance stock traded up $8.07 during mid-day trading on Thursday, reaching $290.70. The company had a trading volume of 40,731 shares, compared to its average volume of 316,592. The company has a quick ratio of 2.43, a current ratio of 5.02 and a debt-to-equity ratio of 0.15. Reliance has a 52 week low of $237.14 and a 52 week high of $342.20. The company has a 50 day moving average of $283.40 and a 200-day moving average of $291.54. The firm has a market cap of $15.99 billion, a price-to-earnings ratio of 14.43 and a beta of 0.85.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on RS shares. Bank of America reduced their price objective 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. KeyCorp reduced their price objective 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. Finally, Wolfe Research cut shares of 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. One equities 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 stock. Based on data from MarketBeat.com, Reliance has an average rating of “Hold” and an average price target 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.