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RS

Reliance Steel

$88.83

-0.52 (-0.58%)

06:52
04/25/19
04/25
06:52
04/25/19
06:52

Reliance Steel sees Q2 EPS $2.60-$2.70, consensus $2.48

Management said, "Reliance management remains optimistic about business conditions in the second quarter of 2019 and expects that both demand and pricing will remain fairly steady, with some downward pressure on gross profit margin in the second quarter of 2019 compared to the first quarter of 2019. As a result, the company estimates tons sold will be down 1% to up 2% in the second quarter of 2019 compared to the first quarter of 2019. The second quarter includes one more shipping day, so the guidance assumes that tons sold per day will likely decline from the first quarter of 2019. The company also expects its average selling price per ton sold for the second quarter of 2019 will be flat to down 1% compared to the first quarter of 2019. Based on these expectations, Reliance management currently anticipates non-GAAP earnings per diluted share in the range of $2.60 to $2.70 for the second quarter of 2019."

  • 25

    Apr

  • 15

    May

RS Reliance Steel
$88.83

-0.52 (-0.58%)

01/08/19
COWN
01/08/19
INITIATION
Target $80
COWN
Outperform
Reliance Steel initiated with an Outperform at Cowen
Cowen analyst Tyler Kenyon initiated Reliance Steel with an Outperform and $80 price target.
01/22/19
JEFF
01/22/19
DOWNGRADE
Target $24
JEFF
Hold
Jefferies downgrades U.S. Steel to Hold on guidance risk
Jefferies analyst Seth Rosenfeld downgraded U.S. Steel to Hold from Buy and lowered his price target for the shares to $24 from $38. "Poor" Q4 earnings and Q1 guides will begin to reflect the extent of recent steel margin weakness, Rosenfeld tells investors in a research note. The analyst, while remaining "constructive" on the broader Steel sector, downgraded U.S. Steel to reflect guidance risk and "increasingly challenged" long-term prospects. With both U.S. and European flat steel margins drifting lower, drivers for a "meaningful recovery" at the company are "hard to identify," says the analyst. As such, he believes U.S. Steel's 2019 EBITDA guidance risks disappointing consensus expectations. Rosenfeld's top picks in the U.S. are Nucor (NUE), Commercial Metals (CMC), Steel Dynamics (STLD), Reliance Steel (RS) and Cleveland-Cliffs (CLF).
04/18/19
LBOW
04/18/19
DOWNGRADE
LBOW
Underperform
Reliance Steel downgraded to Underperform from Neutral at Longbow
04/18/19
LBOW
04/18/19
DOWNGRADE
Target $76
LBOW
Underperform
Reliance Steel downgraded to Underperform after weak checks at Longbow
As previously reported, Longbow analyst Chris Olin downgraded Reliance Steel to Underperform from Neutral, noting that contacts tied to stainless steel are reporting slowing demand across all major product types. Other data points from both his ferrous and nonferrous metal channel checks reconfirmed slowing downstream demand and downward pricing pressure, added Olin, who lowered his 2019 EPS forecast for Reliance by 27c to $8.12. He has a $76 price target on Reliance shares.

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