Reliance Steel & Aluminum Q1 2024 Adj EPS $5.30 Misses $5.55 Estimate, Sales $3.645B Miss $3.757B Estimate
Portfolio Pulse from Benzinga Newsdesk
Reliance Steel & Aluminum (NYSE:RS) reported Q1 2024 earnings of $5.30 per share, missing the $5.55 estimate, and sales of $3.645B, below the $3.757B estimate. This represents a 12.05% increase in EPS and an 8.08% decrease in sales from the same period last year.
April 25, 2024 | 10:52 am
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NEGATIVE IMPACT
Reliance Steel & Aluminum reported lower-than-expected Q1 2024 earnings and sales, with a notable year-over-year EPS increase but a decrease in sales.
The miss in both earnings per share and sales estimates for Q1 2024 could lead to negative investor sentiment in the short term, impacting the stock price negatively. The year-over-year increase in EPS might provide some buffer, but the decrease in sales highlights potential challenges in revenue growth, which is critical for investor confidence.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100