Russel Metals reported record adjusted earnings per share of C$2.67 in the third quarter, well above the C$1.48 estimate, as revenue and margins rose.
Russel Metals Inc. (TSX: RUS) reported strong results for the quarter ended September 30, 2026. Adjusted earnings per share (EPS) came in at C$2.67, 80.4% above the C$1.48 estimate. Revenue reached a record C$1.819 billion, and adjusted EBITDA rose to C$230 million. The company has now beaten EPS estimates for four quarters in a row. Investors will also be watching for seasonal volume declines and possible pressure on steel margins.
Recent earnings trend
Russel Metals Inc.
RUS.TO
RUS.TO
Russel Metals Inc.
WealthAwesomeMarket cap
$4.22B
P/E
13.8x
Div. yield
2.28%
Div. / share
$1.74
52W high
$95.97
52W low
$37.84
1W change
-12.39%
Beta
0.95
Analyst Price Targets
Based on analyst covering RUS · as of Nov 9, 2026
Wall Street analysts forecast RUS stock price to rise 28.5% over the next 12 months.
Consensus
BullishBased on avg. target vs last close (formal rating unavailable for Canadian listings)
Avg. Target
C$98.71
+28.5% Upside
Previously C$97.57 on Oct 22, 2026
Current Price
C$76.83
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
53.0%
Annualized
90-Day Vol
45.1%
Annualized
Trend (90d)
-17.1%
Annualized drift
90d Mean
C$72.28
Expected price
| Horizon | Expected | 68% Range (1σ) |
|---|---|---|
| 30 trading days | C$75.28 | C$62.71 – C$90.38 |
| 60 trading days | C$73.77 | C$56.96 – C$95.53 |
| 90 trading days | C$72.28 | C$52.66 – C$99.21 |
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 |
|---|---|---|---|---|
| 2026-12-31 | 2027-02-10 | — | 1.3000 | — |
| 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% |
Investor takeaway: Results improved across several measures. Adjusted EPS rose from C$1.63 in Q2, adjusted EBITDA increased from C$154 million, and gross margin gained 330 basis points. But working capital used about C$200 million in cash, and management expects lower volumes in Q4. For Canadian investors, the key question is whether Russel Metals can sustain its record performance as steel prices and demand change.
C$2.67 adjusted EPS, 80.4% above estimate
Adjusted EPS of C$2.67 compared with the C$1.48 estimate. GAAP EPS was C$2.29. Adjusted EPS excludes certain items, including changes in the value of stock-based compensation and the gain from selling Color Steels. Revenue was C$1.819 billion, up from C$1.655 billion in Q2 and C$1.167 billion a year earlier.
Bull case
Record revenue, adjusted EBITDA and adjusted EPS point to strong demand across Russel Metals’ businesses. The company reported a 35% annualized return on invested capital for Q3, C$418 million in liquidity and C$214 million in net debt. Its Kloeckner branches contributed C$33 million in Q3 EBITDA. The company also kept its quarterly dividend at C$0.44 per share.
Bear case
Q3’s results may be hard to repeat. Management expects fewer operating days to cut Q4 volumes by 5% to 7%. It also said steel prices could eventually level off, putting margins at risk. Working capital used about C$200 million in cash during the quarter, partly because of temporary prepayments related to the Kloeckner systems conversion. RUS.TO shares were down 14.79% over one month, based on the supplied market data.
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