Reliance (RS) Q2 Earnings Miss Estimates

Company Performance - Reliance reported quarterly earnings of $4.65 per share, missing the Zacks Consensus Estimate of $4.73 per share, and down from $6.49 per share a year ago, representing an earnings surprise of -1.69% [1] - The company posted revenues of $3.64 billion for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 1.10%, but down from $3.88 billion year-over-year [1] - Over the last four quarters, Reliance has surpassed consensus EPS estimates just once and topped consensus revenue estimates three times [1] Stock Performance and Outlook - Reliance shares have increased by approximately 5.1% since the beginning of the year, compared to the S&P 500's gain of 13.8% [2] - The company's earnings outlook is crucial for investors, as empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions [3] - The current consensus EPS estimate for the coming quarter is $4.54 on revenues of $3.42 billion, and for the current fiscal year, it is $18.63 on revenues of $13.98 billion [4] Industry Context - The Mining - Miscellaneous industry, to which Reliance belongs, is currently in the bottom 27% of over 250 Zacks industries, indicating potential challenges for stock performance [5] - Taseko Mines, another company in the same industry, is expected to report a quarterly loss of $0.03 per share, reflecting a year-over-year change of -200%, with revenues expected to be $88.01 million, up 5.6% from the previous year [5]