Reliance Steel & Aluminum Obliterates Profit Guidance; Raising FV to $72 on Higher Near-Term Profits
Reliance Steel & Aluminum flexed impressive earnings power in the first quarter, setting the stage for materially higher 2018 profits than we previously expected. At the bottom line, Reliance delivered record adjusted earnings of $2.30 per share, far outpacing management's guidance of $1.90 to $2.00. Having updated our near-term profit outlook, we've raised our fair value estimate for Reliance to $72 per share from $70.This year, the company is poised to generate returns on invested capital...
Reliance Steel & Aluminum is a metals service center company. The company provides metals processing services and distributes a line of metal products, including alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium and specialty steel products, to its customers in a range of industries, including general manufacturing, non-residential construction (including infrastructure), transportation (rail, truck trailer and shipbuilding), aerospace and defense, energy (oil and gas), electronics and semiconductor fabrication, and heavy industry (agricultural, construction and mining equipment). The company also services the auto industry, primarily through its toll processing operations.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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