Reliance Steel sees Q2 adjusted EPS $6.40-$6.60, consensus $6.72

While Reliance expects underlying demand will remain healthy in the second quarter of 2023, it expects tons sold will be flat to down 2% in the second quarter of 2023 compared to the first quarter of 2023 due to one less shipping day in the second quarter of 2023 and the absence of the demand pull-forward experienced in the first quarter of 2023. Reliance anticipates overall pricing to remain fairly stable with slight upside from recently announced carbon steel price increases. Accordingly, the Company estimates its average selling price per ton sold in the second quarter of 2023 will be flat to up 2% compared to the first quarter of 2023. Based on these expectations, the Company anticipates non-GAAP earnings per diluted share in the range of $6.40 to $6.60 for the second quarter of 2023.