RBC Capital Markets Says Worthington Steel's Fiscal Q3 Earnings A 'Neutral Read-Through' For Russel Metals-March 2024-www.financetom.com

RBC Capital Markets Says Worthington Steel's Fiscal Q3 Earnings A 'Neutral Read-Through' For Russel Metals

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RBC Capital Markets Says Worthington Steel's Fiscal Q3 Earnings A 'Neutral Read-Through' For Russel Metals

Mar 25, 2024 8:21 AM

10:52 AM EDT, 03/25/2024 (MT Newswires) -- RBC Capital Markets said Friday that Worthington Steel's earnings in the third quarter of its fiscal 2024 provided a "neutral read-through" for Russel Metals Inc. ( RUSMF ) .

Worthington reported an EPS of $0.99, beating the consensus forecast of $0.84. Sales rose 3% due to higher steel prices during the quarter and stronger volumes.

RBC also noted that Worthington pointed to demand increases in construction and energy sectors primarily due to spot orders and continued ramp-up of certain business.

RBC gave Russel a sector perform rating and a $47.00 price target.

Price: 44.94, Change: -0.04, Percent Change: -0.09

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