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Reliance Steel & Aluminum Guides Q2 Adj EPS Above Estimates
WASHINGTON (dpa-AFX) - While reporting financial results for the first quarter on Thursday, metals service center company Reliance Steel & Aluminum Co. (RS) said it expects adjusted earnings for the second quarter in a range of $4.20 to $4.40 per share, as the company expects its average selling price per ton sold for quarter to be up 5 to 7 percent.
On average, six analysts polled by Thomson Reuters expect the company to earn $3.27 per share for the quarter. Analysts estimates usually exclude special items.
The Company also estimates that tons sold will be flat to up 2 percent in the second quarter of 2021 compared to the prior quarter.
Reliance Steel: Q1 Earnings Snapshot
April 22, 2021
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LOS ANGELES (AP) Reliance Steel & Aluminum Co. (RS) on Thursday reported first-quarter profit of $266.9 million.
The Los Angeles-based company said it had net income of $4.12 per share. Earnings, adjusted for one-time gains and costs, came to $4.10 per share.
The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $3.69 per share.
The metals service-center company posted revenue of $2.84 billion in the period.
Reliance Steel shares have climbed 30% since the beginning of the year. The stock has climbed 86% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on RS at https://www.zacks.com/ap/RS
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U.S. steel prices remain at record highs. One analyst says investors shouldn’t fight the trend and upgraded two steel stocks.
The Analyst: Bank of America analyst Timna Tanners upgraded
Steel Dynamics, Inc. (NYSE: STLD) from Neutral to Buy and raised her price target from $49 to $61. Tanners also upgraded
Nucor Corporation (NYSE: NUE) from Underperform to Neutral and raised her price target from $56 to $80.
In addition to the upgrades, Tanners reiterated ratings on the following steel stocks:
Reliance Steel & Aluminum Co (NYSE: RS): Buy rating, price target raised from $167 to $182.
Commercial Metals Company (NYSE: CMC): Underperform rating, price target raised from $24 to $25.