- Reliance Steel & Aluminum press release ( NYSE: RS ): Q4 Non-GAAP EPS of $5.87 beats by $1.40 .
- Revenue of $3.61B (-9.5% Y/Y) misses by $30M .
- Company estimates its tons sold will be up 11% to 13% in the first quarter of 2023 compared to the fourth quarter of 2022, which exceeds the typical seasonal recovery, and up 1% to 3% compared to the first quarter of 2022.
- In addition, Reliance expects its average selling price per ton sold for the first quarter of 2023 to be down 3% to 5% compared to the fourth quarter of 2022 driven by stabilizing pricing trends for many of its products compared to December levels, which represented the lowest pricing point in the fourth quarter of 2022.
- Based on these expectations, Reliance estimates non-GAAP earnings per diluted share in the range of $5.40 to $5.60 for the first quarter of 2023 vs. $4.92 consensus
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Reliance Steel & Aluminum Non-GAAP EPS of $5.87 beats by $1.40, revenue of $3.61B misses by $30M