- Reliance Steel & Aluminum press release ( NYSE: RS ): Q3 Non-GAAP EPS of $6.48 beats by $0.29 .
- Revenue of $4.25B (+10.4% Y/Y) beats by $110M .
- At September 30, 2022, Reliance had cash and cash equivalents of $643.7M. Reliance’s total debt outstanding was unchanged at $1.66B as of September 30, 2022, with a net debt-to-EBITDA ratio of 0.4x.
- Outlook: The company estimates its tons sold will be down 6.5% to 8.5% in the fourth quarter of 2022 compared to the third quarter of 2022 or flat to up 2% compared to the fourth quarter of 2021. In addition, Reliance expects its average selling price per ton sold for the fourth quarter of 2022 to be down 6.0% to 8.0% compared to the third quarter of 2022.
- Reliance estimates non-GAAP earnings per diluted share in the range of $4.30 to $4.50 for the fourth quarter of 2022 vs. consensus of $4.22.
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Reliance Steel & Aluminum reports Q3 earnings beat; initiates Q4 EPS & production guidance