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

Reliance (NYSE:RS) issued its quarterly earnings results on Thursday. The industrial products company reported $3.64 EPS 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 business had revenue of $3.42 billion for the quarter, compared to the consensus estimate of $3.38 billion. During the same quarter last year, the business posted $5.00 earnings per share. The business’s 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

RS traded up $10.80 during trading hours on Thursday, hitting $293.43. The stock had a trading volume of 206,182 shares, compared to its average volume of 317,354. The company has a quick ratio of 2.43, a current ratio of 5.02 and a debt-to-equity ratio of 0.15. The stock has a market cap of $16.14 billion, a PE ratio of 15.07 and a beta of 0.85. Reliance has a 1 year low of $237.14 and a 1 year high of $342.20. The company’s fifty day simple moving average is $283.40 and its 200 day simple moving average is $291.54.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on RS shares. KeyCorp decreased their target price on Reliance from $335.00 to $325.00 and set an “overweight” rating for the company in a research report on Monday, October 14th. Bank of America decreased their price objective on shares of Reliance from $340.00 to $335.00 and set a “neutral” rating for the company in a report on Wednesday, June 26th. Finally, Wolfe Research cut shares of Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 target price on the stock. in a research note on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target 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.