Reliance Steel & Aluminum Reported Soft Third-Quarter Results Amid Surprisingly Weak Volumes
Reliance Steel & Aluminum shares traded lower on Oct. 20 after the company reported lackluster third-quarter earnings. Although adjusted earnings per share of $1.25 hit the low end of management's guidance range, it came in below both our expectations and the consensus mean. We've reduced our 2016 EBITDA forecast to $787 million from $839 million. Our 2016 EPS forecast falls to $4.56 per share from $5.03. We expect a modest rebound to $5.07 per share in 2017, implying a forward P/E of roughl...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.
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