Reliance (NYSE:RS) Issues Q4 2024 Earnings Guidance

Reliance (NYSE:RS) updated its fourth quarter 2024 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of 2.650-2.850 for the period, compared to the consensus estimate of 3.400. The company issued revenue guidance of -. Reliance also updated its Q4 guidance to $2.65 to $2.85 EPS.

Reliance Stock Down 3.5 %

Shares of NYSE:RS opened at $283.54 on Friday. Reliance has a 1 year low of $237.14 and a 1 year high of $342.20. 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 $283.64 and its 200-day moving average is $290.87. The company has a market capitalization of $15.60 billion, a price-to-earnings ratio of 14.47 and a beta of 0.85.

Reliance (NYSE:RS) last issued its quarterly earnings results on Thursday, October 24th. The industrial products company reported $3.64 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.66 by ($0.02). The business had revenue of $3.42 billion during the quarter, compared to analyst estimates of $3.38 billion. Reliance had a net margin of 7.99% and a return on equity of 14.73%. Reliance’s quarterly revenue was down 5.6% compared to the same quarter last year. During the same period last year, the firm posted $5.00 earnings per share. Equities research analysts predict that Reliance will post 17.16 earnings per share for the current year.

Reliance Dividend Announcement

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

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. 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 report on Friday, July 26th. BMO Capital Markets dropped their price target on Reliance from $340.00 to $330.00 and set an “outperform” rating on the stock in a research note on Friday. Finally, KeyCorp reduced their price objective on Reliance from $335.00 to $325.00 and set an “overweight” rating for the company in a research note on Monday, October 14th. One investment 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 data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $326.40.

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.