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

Reliance (NYSE:RS) issued its 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 net margin of 7.99% and a return on equity of 14.73%. The firm had revenue of $3.42 billion during the quarter, compared to analysts’ expectations of $3.38 billion. During the same quarter in the prior year, the company earned $5.00 EPS. Reliance’s quarterly revenue was down 5.6% on a year-over-year basis. 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 Down 3.5 %

Shares of RS opened at $283.54 on Friday. The stock has a 50 day moving average price of $283.64 and a 200 day moving average price of $291.18. Reliance has a one year low of $237.14 and a one year high of $342.20. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.43 and a current ratio of 5.02. The stock has a market capitalization of $15.60 billion, a price-to-earnings ratio of 14.47 and a beta of 0.85.

Reliance Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be given a $1.10 dividend. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $4.40 annualized dividend and a dividend yield of 1.55%. Reliance’s dividend payout ratio (DPR) is presently 22.46%.

Analyst Ratings Changes

A number of research firms have recently weighed in on RS. Wolfe Research lowered shares of Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price objective on the stock. in a research note on Friday, July 26th. KeyCorp cut 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. Finally, BMO Capital Markets decreased their price objective on Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a report on Friday. 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 stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $326.40.

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.