Reliance sees Q2 non-GAAP EPS $4.50-$4.70, consensus $4.60

Reliance (RS) anticipates demand in Q2 will remain stable across the diversified end markets it serves, despite ongoing uncertainty regarding domestic and international economic policy. Accordingly, the company estimates its tons sold in the second quarter of 2025 will be down 1.0% to up 1.0% compared to the first quarter of 2025, consistent with seasonal trends supported by healthy demand in the non-residential construction market and continued targeted growth efforts to regain market share, and up 3% to 5% compared to the second quarter of 2024. Reliance also expects its average selling price per ton sold for the second quarter of 2025 will be up 1% to 3% compared to the first quarter of 2025. Reliance anticipates its FIFO gross profit margin will expand in the second quarter of 2025 following pricing improvements in March for certain products that have continued into April.