Earnings Preview: Reliance (RS) Q2 Earnings Expected to Decline

Company Overview - Reliance is expected to report a year-over-year decline in earnings due to lower revenues, with the earnings report anticipated on July 25, 2024 [1] - The consensus EPS estimate for Reliance is $5.51, with a projected earnings decline of -27.1% year-over-year [2][5] - The company has a Zacks Rank of 3, indicating a hold position, which complicates predictions of an earnings beat [5][6] Earnings Estimates and Trends - The Most Accurate Estimate for Reliance is lower than the Zacks Consensus Estimate, resulting in an Earnings ESP of -0.42%, suggesting bearish sentiment among analysts [5] - Over the last 30 days, the consensus EPS estimate has remained unchanged, reflecting a stable outlook from covering analysts [2] Historical Performance - In the last reported quarter, Reliance had an earnings surprise of -3.81%, with actual earnings of $5.30 per share compared to the expected $5.51 [7] - Reliance has only beaten consensus EPS estimates once in the last four quarters, indicating a challenging earnings history [7] Industry Context - In the Zacks Mining - Miscellaneous industry, Teck Resources Ltd is expected to report earnings of $0.46 per share, reflecting a year-over-year decline of -49.5% [9] - Teck Resources has an Earnings ESP of 13.22%, suggesting a higher likelihood of beating the consensus EPS estimate, despite a recent downward revision of 12.7% in the consensus EPS estimate [9]