Reliance Steel's (RS) Q4 Earnings Top Estimates, Sales Lag
Zacks Investment Research | Feb 21, 2020 05:46AM ET
Reliance Steel & Aluminum Co. (NYSE:RS) posted profits of $165.6 million or $2.44 per share in the fourth quarter of 2019, up around 94% from $85.6 million or $1.22 in the year-ago quarter. Earnings per share topped the Zacks Consensus Estimate of $1.71.
Reliance Steel recorded net sales of $2,447.8 million, down around 13% year over year, impacted by lower volumes and pricing. The figure missed the Zacks Consensus Estimate of $2,471.9 million.
The company witnessed continued strong demand for its products and services in aerospace and automotive markets during the fourth quarter. Demand in non-residential construction, the company’s biggest end-market, was also strong in the quarter.
While demand in heavy industry was steady, Reliance Steel saw low demand in the energy market in the fourth quarter. Demand in semiconductor improved during the reported quarter after weakness in the first three quarters of 2019.
Reliance Steel & Aluminum Co. Price, Consensus and EPS Surprise
Zacks Investment Research
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.