Reliance Inc reports results for the quarter ended in June - Earnings Summary

Reliance

25/07/2024 13:37

* Reliance Inc  RS.N  reported quarterly adjusted earnings
of
$4.65​​ per share for the quarter ended in June, lower than the
same quarter last year, when the company reported EPS of $6.49. 
The mean expectation of seven analysts for the quarter was
for earnings of $4.73 per share. Wall Street expected results to
range from $4.70  to $4.80 per share.
    * Revenue fell 6.1% to $3.64 billion from a year ago;
analysts
expected $3.65 billion. 
    * Reliance Inc's reported EPS for the quarter was $4.67​.
    * The company reported quarterly net income of $267.8
million.
    * Reliance Inc shares had risen by 2.9% this quarter and
gained 5.1% so far this year.

FORECAST CHANGES
    * The mean earnings estimate of analysts had fallen by
about 9.5%
in the last three months.​ 
    * In the last 30 days, three analysts negatively revised
earnings
estimates

RECOMMENDATIONS
    * The current average analyst rating on the shares is "buy"
and
the breakdown of recommendations is 4 "strong buy" or "buy," 4
"hold" and no "sell" or "strong sell." 
    * The average consensus recommendation for the iron & steel
peer
group is  "hold."

Wall Street's median 12-month price target for Reliance Inc is
$335.00 
This summary was machine generated from LSEG data July 25 at
12:37 p.m. UTC. ​All figures in US dollars unless otherwise
stated. (For questions concerning the data in this report,
contact Estimates.Support@lseg.com. For any other questions or
feedback, contact RefinitivNewsSupport@thomsonreuters.com) QUARTER ENDING    ESTIMATE       ACTUAL         BEAT, MET,
                                                 MISSED
 Jun. 30 2024      4.73           4.65           Missed
 Mar. 31 2024      5.53           5.30           Missed
 Dec. 31 2023      3.92           4.73           Beat
 Sep. 30 2023      5.00           4.99           Missed