Russel Metals reported adjusted third-quarter EPS of C$2.67, well above the C$1.48 estimate. Revenue reached a quarterly record of C$1.8 billion.
Russel Metals Inc. (TSX: RUS) reported adjusted earnings per share of C$2.67 for the third quarter, beating the C$1.48 estimate by 80.4%. The Toronto-based metals distributor also posted record quarterly revenue and adjusted EBITDA. Gross margins improved from the previous quarter. The company released its results after markets closed on November 4, 2026. See the Russel Metals stock page for company and performance details.
Recent earnings trend
Russel Metals Inc.
RUS.TO
RUS.TO
Russel Metals Inc.
WealthAwesomeMarket cap
$4.22B
P/E
19.6x
52W high
$95.97
52W low
$37.84
1W change
-1.61%
Beta
0.95
Analyst Price Targets
Based on analyst covering RUS · as of Oct 22, 2026
Wall Street analysts forecast RUS stock price to rise 26.9% over the next 12 months.
Consensus
BullishBased on avg. target vs last close (formal rating unavailable for Canadian listings)
Avg. Target
C$97.57
+26.9% Upside
Previously C$96.14 on Oct 19, 2026
Current Price
C$76.87
Last close
Targets are snapshotted when they change. Unchanged figures keep their original date. Not financial advice.
Wealth Awesome Price Forecast
WA ModelStatistical 90-day price range based on RUS's historical volatility
30-Day Vol
53.3%
Annualized
90-Day Vol
45.2%
Annualized
Trend (90d)
-17.4%
Annualized drift
90d Mean
C$72.23
Expected price
| Horizon | Expected | 68% Range (1σ) |
|---|---|---|
| 30 trading days | C$75.29 | C$62.65 – C$90.48 |
| 60 trading days | C$73.74 | C$56.87 – C$95.63 |
| 90 trading days | C$72.23 | C$52.54 – C$99.30 |
Methodology: Range is calculated using 30-day realized volatility via geometric Brownian motion (log-normal model). 68% band = ±1σ, 95% band = ±2σ. This is a statistical model, not a prediction. Past volatility does not guarantee future results. Not financial advice.
Analyst coverage: 3 analyst(s) cover this name; upcoming EPS consensus is available.
Beat estimates in 4 of the last 4 comparable quarter(s).
| Fiscal period | Report date | Actual EPS | Estimate | Surprise |
|---|---|---|---|---|
| 2026-09-30 | 2026-11-04 | 2.6700 | 1.4800 | +80.4% |
| 2026-06-30 | 2026-08-05 | 1.4300 | 1.0700 | +33.6% |
| 2026-03-31 | 2026-05-05 | 0.7900 | 0.7600 | +3.9% |
| 2025-12-31 | 2026-02-11 | 0.5500 | 0.5300 | +3.8% |
| 2025-09-30 | 2025-11-05 | 0.6300 | 0.6400 | -1.6% |
| 2025-06-30 | 2025-08-07 | 1.0700 | 1.0300 | +3.9% |
Investor takeaway: Higher sales and stronger margins stood out this quarter. Revenue rose to C$1.819 billion from C$1.655 billion in Q2, and gross margins expanded by 330 basis points quarter over quarter. Adjusted EPS increased to C$2.67 from C$1.63. Keep in mind that adjusted results differ from GAAP figures: GAAP EPS was C$2.29. Russel Metals also reported C$418 million in liquidity and a 35% annualized return on capital for Q3.
C$2.67 adjusted EPS
Adjusted EPS came in C$1.19 above the C$1.48 estimate, an 80.4% surprise. GAAP EPS was C$2.29. For the quarter ended September 30, 2026, Russel Metals reported adjusted EBITDA of C$230 million and revenue of C$1.819 billion.
Bull case
Russel Metals has beaten estimates in each of its last four reported quarters. This quarter’s 80.4% surprise was the largest of the four. Revenue rose to C$1.819 billion from C$1.167 billion a year earlier, while adjusted EBITDA increased to C$230 million from C$73 million. Higher sales, wider margins and available liquidity point to stronger operating performance. For more context, see the RUS analyst ratings section.
Bear case
One strong quarter doesn’t show whether Russel Metals can sustain these earnings. The company operates in the cyclical metals distribution business, and the reported results don’t show how much of this quarter’s strength will continue. Adjusted EPS excludes items such as the non-cash mark-to-market adjustment for stock-based compensation; GAAP EPS was C$2.29. At the latest supplied close, the share price was below its 50-day moving average, and the statistical forecast’s 90-day mean was lower than that close. These indicators provide context, but they don’t predict future performance.
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