Reliance Steel beats by $0.05, misses on revs; guides Q3 EPS in-line :
- Reports Q2 (Jun) earnings of $1.36 per share, excluding non-recurring items, $0.05 better thanthe Capital IQ Consensus of $1.31; revenues fell 9.1% year/year to $2.2 bln vs the $2.34 bln Capital IQ Consensus.
- Tons sold were up 0.7% from the second quarter of 2015 and up 1.1% from the first quarter of 2016, with the average selling price per ton sold down 10.1% from the second quarter of 2015 and up 0.9% from the first quarter of 2016.
- Co issues in-line guidance for Q3, sees EPS of $1.25-1.35 vs. $1.27 Capital IQ Consensus Estimate.
- Reliance management continues to believe the U.S. economy is generally healthy and anticipates a continued slow recovery in demand, subject to normal seasonal factors. Management is optimistic that metals pricing is sustainable at current levels through the third quarter of 2016 and is confident in the Company's ability to execute well in this environment. As a result, Reliance management estimates tons sold to be down 1% to 3% Q/Q due to normal seasonal factors. Reliance management also expects its average selling price in Q3 will be up 1% to 3% Q/Q, assuming current mill prices remain in place for the full quarter.
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