Reliance Steel & Aluminum Co logo

RS - Reliance Steel & Aluminum Co News Story

$154.3 -2.3  -1.5%

Last Trade - 9:10pm

Sector
Basic Materials
Size
Large Cap
Market Cap £7.26bn
Enterprise Value £7.97bn
Revenue £6.41bn
Position in Universe 931st / 6841

BRIEF-Reliance Steel & Aluminum Co Reports Third Quarter 2020 Financial Results

Thu 22nd October, 2020 12:20pm
Oct 22 (Reuters) - Reliance Steel & Aluminum Co  RS.N :
    * . REPORTS THIRD QUARTER 2020 FINANCIAL RESULTS
    * SEES Q4 2020 NON-GAAP EARNINGS PER SHARE $1.30 TO $1.40
    * Q3 NON-GAAP EARNINGS PER SHARE $1.87
    * Q3 EARNINGS PER SHARE $1.51
    * Q3 EARNINGS PER SHARE ESTIMATE $1.60 -- REFINITIV IBES
DATA
    * QTRLY TONS SOLD 1.3 MILLION, DOWN 13.1%
    * QTRLY AVERAGE SELLING PRICE PER TON SOLD $1,609, DOWN 11%
    * ANTICIPATES OVERALL DEMAND TO CONTINUE ITS SLOW
IMPROVEMENT IN
Q4 OF 2020
    * ESTIMATES THAT TONS SOLD WILL BE DOWN 4% TO 6% IN Q4 OF
2020
COMPARED TO PRIOR QUARTER
    * ESTIMATES ITS AVERAGE SELLING PRICE PER TON SOLD FOR Q4
WILL BE
FLAT TO UP 2% VERSUS Q3
    * Q4 EARNINGS PER SHARE VIEW $1.69 -- REFINITIV IBES DATA
    * BELIEVES REMAINING BUSINESSES SERVICING ENERGY SECTOR ARE
WELL
POSITIONED TO SUPPORT ANY FUTURE RECOVERY IN THIS MARKET
    * QTRLY NET SALES $2,085.6 MILLION, DOWN 22.4%
    * Q3 REVENUE VIEW $2.15 BILLION -- REFINITIV IBES DATA
    * CAUTIOUSLY OPTIMISTIC DEMAND FOR NON-RESIDENTIAL
CONSTRUCTION
ACTIVITY WILL CONTINUE TO IMPROVE IN Q4 2020

Source text for Eikon:  ID:nGNX9Cb5g9 
Further company coverage:  RS.N 

 ((Reuters.Briefs@thomsonreuters.com;))
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