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Reliance Steel & Aluminum Co. (NYSE: RS) is seeing a surge in pre-market trading this Tuesday after the company raised its guidance. Reliance expects its earnings to now come in a range of $2.00 to $2.10 EPS. This is roughly 30% above its prior guidance and above analysts’ earnings estimates of $1.63 per diluted share.
The reasons it cited are more significant carbon steel product price hikes more rapidly than it had anticipated and because it has expanded its gross profit margins more than anticipated in the current environment.
As of 8:57 AM this has only traded some 4500 shares, but shares are indicated up 7.5% at $79.00 in pre-market levels. That will also mark a 52-week high as the prior range was only $39.91 to $74.69. In fact, this is an all-time high for the stock.
Jon Ogg
June 24, 2008
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