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RS · Reliance

50 filings

10-Q

RS 10-Q Quarterly Reports

Reliance - 50 quarterly reports

Filing record · 2016–202610-K1110-Q338-K74

RS filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 74 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Oct ’16Oct ’16
  2. FY2018 annual report10-K · Feb ’19Feb ’19
  3. Leadership change8-K · Oct ’21Oct ’21
  4. Leadership change8-K · Oct ’25Oct ’25
  1. 2026-Q3

    Reliance Quarterly Report for Q3 Ended Sep 30, 2026

    Reliance, Inc. reported record net sales of $5.21 billion for the third quarter of 2026 (up 42.8% year-over-year) and $13.87 billion for the nine months ended September 30, 2026 (up 28.5%), driven by record tons sold and higher average selling prices. Net income attributable to Reliance was $402.9 million for the quarter, or $7.84 per diluted share, compared with $3.59 in the prior-year quarter, and $990.7 million, or $19.21 per diluted share, for the nine months. The company stated that the U.S. border wall project contributed $0.74 and $1.14 to diluted EPS in the third quarter and nine months, respectively, and that it reduced FIFO gross profit margin while being accretive to pretax income margin. Gross profit margin under the LIFO method declined to 27.9% in the third quarter from 28.3% a year earlier, reflecting a LIFO expense of $187.5 million versus $25.0 million, while FIFO gross profit margin improved 260 basis points. SG&A rose 18.3% to $829.7 million in the quarter, primarily from variable warehousing and delivery costs tied to higher volume, incentive compensation, fuel costs and wage inflation. Operating cash flow for the nine months was $525.6 million, down $29.7 million, as working capital needs for higher volumes and metals prices outweighed higher profitability. Balance sheet activity included total debt of $1.65 billion at September 30, 2026, up from $1.43 billion at year-end 2025, with the company stating it was in compliance with its financial maintenance covenant. The company repurchased $278.9 million of shares in the nine months and paid $194.2 million in dividends. On October 20, 2026, the Board declared a fourth-quarter dividend of $1.25 per share and increased the share repurchase authorization to $2.5 billion.

    Oct 27, 2026
  2. 2026-Q2

    Reliance Quarterly Report for Q2 Ended Jun 30, 2026

    Reliance, Inc. reported record tons sold and higher average selling prices in the second quarter of 2026, with net sales of $4.63 billion, up 26.5% from the prior-year quarter, and net income attributable to Reliance of $322.9 million, or $6.29 diluted earnings per share, compared to $4.42 a year earlier. For the first six months, net sales were $8.66 billion (up 21.2%) and diluted EPS was $11.38 versus $8.15. Management attributed the growth to strong demand across most end markets, market share gains, and a multi-year U.S. border wall project contract that began shipping in the second quarter and contributed 5.2 percentage points to year-over-year tons sold growth. Gross profit margin under LIFO fell to 28.1% in the quarter from 29.7%, driven by a $112.5 million LIFO expense, while FIFO gross profit margin improved 10 basis points. Balance sheet and cash flow were affected by higher working capital. Accounts receivable rose to $2.21 billion from $1.54 billion at year-end 2025, and inventories rose to $2.33 billion. Total debt, net of discount, rose to $1.66 billion of long-term debt, and the net debt-to-total capital ratio was 16.2% versus 14.4% at December 31, 2025. Operating cash flow was $313.6 million for the first six months. The company repurchased no shares in the second quarter, though it spent $234.2 million on repurchases in the first half, and it declared a $1.25 quarterly dividend for the third quarter. The filing states the company was in compliance with its financial maintenance covenants as of June 30, 2026, and that it had $980.0 million of remaining revolving credit capacity.

    Jul 28, 2026
  3. 2026-Q1

    Reliance Quarterly Report for Q1 Ended Mar 31, 2026

    Reliance, Inc. reported first-quarter 2026 net sales of $4.03 billion, up 15.5% from $3.48 billion in the first quarter of 2025, driven by record tons sold (1,672.7 thousand, up 2.7%) and a 12.6% increase in average selling price per ton sold to $2,414. Operating income rose to $367.9 million from $274.4 million, a 34.1% increase, and net income attributable to Reliance was $264.9 million, or $5.10 per diluted share, compared with $3.74 in the prior-year quarter. Management attributed the gain to volume growth, improved gross profit per ton and operating leverage, while LIFO-basis gross profit margin declined to 29.1% from 29.7%. Cash flow and balance sheet trends were mixed. Operating cash flow improved to $151.4 million from $64.5 million, but net debt-to-total capital rose to 16.9% from 14.4% at year-end 2025, reflecting higher revolving credit facility borrowings. Total debt was $1.70 billion at March 31, 2026, up from $1.43 billion, and cash and cash equivalents stood at $249.7 million. Accounts receivable and inventories both increased, and the company reported $30 million of remaining revolver capacity beyond the $550.0 million drawn, with $950.0 million of remaining borrowing capacity under the $1.5 billion unsecured revolving credit facility. Returns to stockholders totaled $300.8 million in the quarter, including $234.2 million of share repurchases and $66.6 million of cash dividends. The Board declared a second-quarter 2026 dividend of $1.25 per share, and $529.3 million remained under the share repurchase authorization. Management stated it was in compliance with the financial maintenance covenant under its Credit Agreement and Term Loan.

    Apr 29, 2026
  4. 2025-Q3

    Reliance Quarterly Report for Q3 Ended Sep 30, 2025

    Reliance, Inc. reported third-quarter 2025 net sales of $3.65 billion, up from $3.42 billion a year earlier, driven by record third-quarter tons sold of 1,615.5 thousand (up 6.2%). Net income attributable to Reliance was $189.5 million, or $3.59 diluted EPS, versus $199.2 million and $3.61 in the prior-year quarter. Operating income fell to $259.8 million from $273.4 million, which the company attributes mainly to a lower gross profit margin of 28.3% (down from 29.4%), partly offset by higher tons sold. For the nine months, net sales were $10.80 billion and net income attributable to Reliance was $622.9 million, versus $769.9 million a year earlier. Cash flow from operations was $555.3 million for the nine months, down from $956.5 million, mainly due to higher working capital tied to rising metals prices. Cash and cash equivalents were $261.2 million at September 30, 2025, and the net debt-to-total capital ratio rose to 13.3% from 10.2% at year-end 2024. Total debt was $1.39 billion, and the company repaid $400.0 million of 1.30% senior notes in August 2025 using a new $400.0 million term loan. Share repurchases totaled $394.0 million in the nine months, compared with $951.3 million a year earlier. The company declared a fourth-quarter 2025 cash dividend of $1.20 per share, payable December 5, 2025. Management states that it has $963.6 million remaining under its $1.5 billion share repurchase authorization and that it was in compliance with its financial maintenance covenant as of September 30, 2025.

    Oct 28, 2025
  5. 2025-Q2

    Reliance Quarterly Report for Q2 Ended Jun 30, 2025

    Reliance, Inc. reported second-quarter 2025 net sales of $3,659.8 million, up slightly from $3,643.3 million in the prior-year quarter, while operating income declined to $312.2 million from $351.7 million and net income attributable to Reliance fell to $233.7 million from $267.8 million. Diluted EPS was $4.42 versus $4.67. For the first six months, net sales were $7,144.5 million versus $7,288.1 million, operating income was $586.6 million versus $744.8 million, and diluted EPS was $8.15 versus $9.90. Management attributes the earnings decline mainly to a lower average selling price per ton sold, partly offset by record tons sold (up 4.0% in the quarter and 6.4% for the six months). Gross profit margin held at 29.7% for both the quarter and six months, within what management describes as its estimated sustainable range. Balance sheet and liquidity shifted over the period. Total debt rose to $1,433.1 million from $1,151.1 million at year-end 2024, with $282.0 million drawn on the revolving credit facility and $400.0 million of senior notes due August 15, 2025. Cash and cash equivalents were $239.5 million at June 30, 2025, and the net debt-to-total capital ratio was 14.1%, up from 10.2% at December 31, 2024. Operating cash flow was $293.5 million for the first six months, down from $492.6 million, mainly due to lower net income and higher working capital investment. Returns to stockholders totaled $461.4 million in the first half, including $333.1 million of share repurchases, and the Board declared a $1.20 per share third-quarter dividend. Management stated the company was in compliance with its financial maintenance covenant as of June 30, 2025.

    Jul 30, 2025
  6. 2025-Q1

    Reliance Quarterly Report for Q1 Ended Mar 31, 2025

    Reliance, Inc. reported first-quarter 2025 net sales of $3,484.7 million, down from $3,644.8 million a year earlier, while net income attributable to Reliance fell to $199.7 million from $302.9 million. Diluted earnings per share were $3.74 versus $5.23. The filing attributes the decline mainly to lower metals prices and gross profit margin, even though tons sold reached a first-quarter record of 1.63 million tons, up 9% year-over-year. Gross profit margin was 29.7% compared with 31.0% in the prior-year quarter, and operating income declined to $274.4 million from $393.1 million. The company noted that metals prices rose strongly through March and held into April. Cash flow from operations was $64.5 million, down from $126.3 million, mainly due to lower net income. Reliance returned $318.4 million to stockholders during the quarter, including $253.2 million of share repurchases and $65.2 million of dividends. Total debt rose to $1,481.1 million principal, with $330.0 million drawn on the $1.5 billion revolving credit facility. The net debt-to-total capital ratio increased to 14.4% from 10.2% at year-end 2024. Cash and cash equivalents stood at $277.8 million at March 31, 2025, and $400.0 million of senior notes mature in August 2025. The company stated it was in compliance with its financial maintenance covenant as of March 31, 2025. It declared a second-quarter 2025 dividend of $1.20 per share and had $1.02 billion remaining under its share repurchase authorization as of April 25, 2025, after repurchasing an additional 301,279 shares subsequent to quarter end.

    May 1, 2025
  7. 2024-Q3

    Reliance Quarterly Report for Q3 Ended Sep 30, 2024

    Reliance, Inc. reported third-quarter 2024 net sales of $3.42 billion, down from $3.62 billion in the prior-year quarter, and net income attributable to Reliance of $199.2 million, or $3.61 diluted earnings per share, versus $4.99 a year earlier. The filing attributes the decline mainly to lower metals prices, partially offset by higher same-store and total tons sold and by contributions from four acquisitions completed in the first three quarters of 2024. Gross profit margin was 29.4% for the quarter and 30.1% for the nine months, compared with 29.7% and 30.7% a year earlier. Same-store net sales fell 8.0% in the quarter as average selling price per ton dropped 11.4%, while same-store tons sold rose 3.7%. Cash flow from operations was $956.5 million for the nine months ended September 30, 2024, down from $1.15 billion, mainly reflecting lower net income. The company returned $1.14 billion to stockholders in the period, consisting of $951.3 million in share repurchases and $188.5 million in cash dividends. Cash and cash equivalents fell to $314.6 million, and the net debt-to-total capital ratio rose to 11.5% from 0.8% at year-end 2023, after $125.0 million of revolver borrowings and $663.0 million of new long-term debt proceeds. On October 22, 2024, the Board declared a fourth-quarter dividend of $1.10 per share and replenished the share repurchase authorization to $1.5 billion. The company stated that it had no material changes to its risk factors, and that it was in compliance with the financial maintenance covenant under its Credit Agreement at September 30, 2024. Management said liquidity from operations, cash, and its $1.5 billion revolving credit facility is sufficient for the next 12 months and beyond.

    Oct 31, 2024
  8. 2024-Q2

    Reliance Quarterly Report for Q2 Ended Jun 30, 2024

    Reliance, Inc. reported a decline in profitability for the second quarter and first six months of 2024 compared with the same 2023 periods. Net sales for the quarter were $3,643.3 million versus $3,880.3 million, and net income attributable to Reliance was $267.8 million versus $385.1 million. Diluted earnings per share were $4.67 versus $6.49. Management attributes the lower results mainly to lower metals prices and declines in gross profit margin from a declining metals pricing environment. Gross profit margin was 29.8% for the quarter versus 31.5% a year earlier, and same-store net sales declined 8.7% in the quarter, driven by a 9.7% decline in average selling price per ton, partly offset by a 0.7% increase in same-store tons sold. During the first half of 2024 the company completed three acquisitions (Cooksey Steel, American Alloy Steel and MidWest Materials) for cash, totaling $346.5 million in acquisitions net of cash acquired, and announced an agreement to acquire the FerrouSouth toll processing assets, expected to close in the third quarter of 2024. Cash flow from operations was $492.6 million for the six months, down from $679.7 million. The company returned $647.2 million to stockholders in the first half, including $519.3 million in share repurchases and $127.9 million in cash dividends. Cash and cash equivalents were $350.8 million at June 30, 2024, and the net debt-to-total capital ratio rose to 9.4% from 0.8% at December 31, 2023. Management stated the company was in compliance with all financial maintenance covenants and that its liquidity is sufficient for the next 12 months and beyond. The Board declared a third-quarter 2024 cash dividend of $1.10 per share, and as of July 25, 2024, $738.5 million remained under the $1.5 billion share repurchase program. The company reported no material changes to its risk factors from its 2023 Form 10-K and no material changes to market risk exposures.

    Aug 1, 2024
  9. 2024-Q1

    Reliance Quarterly Report for Q1 Ended Mar 31, 2024

    Reliance, Inc. (formerly Reliance Steel & Aluminum Co.) reported net sales of $3,644.8 million for the first quarter of 2024, down from $3,965.3 million in the first quarter of 2023. Operating income fell to $393.1 million from $513.6 million, and net income attributable to Reliance was $302.9 million, or $5.23 per diluted share, compared with $383.1 million, or $6.43 per diluted share, a year earlier. The filing attributes the decline mainly to lower metals prices and a decrease in tons sold, which was impacted by one less shipping day. Gross profit margin was 31.0% versus 30.9% a year earlier, which the company says was supported by its diversified business model and value-added processing. Cash flow from operations was $126.3 million, down from $384.6 million, due to higher working capital spending and lower profitability. The company spent $108.7 million on capital expenditures and $53.7 million on an acquisition (Cooksey Steel) in the quarter, and ended the period with $934.9 million in cash and cash equivalents. Total debt principal was $1.15 billion, and the net debt-to-total capital ratio rose to 2.6% from 0.8% at December 31, 2023. The Board declared a second-quarter 2024 dividend of $1.10 per share, and the company did not repurchase shares in the quarter, with $1.44 billion remaining under its share repurchase authorization. The company completed the Cooksey Steel acquisition in February 2024 and agreed to acquire American Alloy Steel and Mid-West Materials, both closed April 1, 2024, with no sales from those two businesses included in first-quarter results. The filing states there were no material changes to risk factors from the 2023 Form 10-K and that the company was in compliance with all financial maintenance covenants at March 31, 2024.

    May 2, 2024
  10. 2023-Q3

    Reliance Quarterly Report for Q3 Ended Sep 30, 2023

    Reliance Steel & Aluminum Co. reported third-quarter 2023 net sales of $3.62 billion, down from $4.25 billion in the third quarter of 2022, and net income attributable to Reliance of $295.0 million versus $393.5 million a year earlier. Diluted earnings per share were $4.99 compared to $6.45. For the nine months ended September 30, 2023, net sales were $11.47 billion and diluted EPS was $17.92, compared to $23.98 in the prior-year period. Tons sold rose 1.1% in the quarter and 3.4% for the nine months, while average selling price per ton declined 16.0% in the quarter and 17.6% for the nine months, reflecting lower metals pricing following record 2022 levels. Gross profit margin held steady at 29.7% for the quarter and 30.7% for the nine months. Cash flow from operations was $1.15 billion for the nine months, compared with $1.31 billion a year earlier. The company redeemed $500.0 million of 4.50% senior notes in January 2023 using cash on hand, leaving $976.9 million in cash and cash equivalents at quarter-end. The net debt-to-total capital ratio was 2.1%, down from 6.3% at December 31, 2022. Capital expenditures were $358.6 million for the nine months, and the company acquired Southern Steel Supply, LLC on May 1, 2023. Stockholder returns totaled $418.5 million for the nine months, including $179.3 million in cash dividends and $239.2 million in share repurchases. On October 24, 2023, the Board declared a fourth-quarter dividend of $1.00 per share and increased the share repurchase authorization to $1.5 billion effective October 30, 2023.

    Nov 2, 2023
  11. 2023-Q2

    Reliance Quarterly Report for Q2 Ended Jun 30, 2023

    Reliance Steel & Aluminum Co. reported net sales of $3.88 billion for the second quarter of 2023, down 17.1% from the second quarter of 2022, reflecting a 19.0% decrease in average selling price per ton sold, partially offset by a 1.9% increase in tons sold. Net income attributable to Reliance was $385.1 million, or $6.49 per diluted share, compared with $572.8 million and $9.15 per diluted share a year earlier. Gross profit margin was 31.5% for the quarter and 31.2% for the six months, slightly below the prior-year periods that benefited from rising metals pricing. Operating income fell 35.1% for the quarter to $511.3 million. Cash flow from operations was $679.7 million for the six months ended June 30, 2023, roughly flat versus $674.2 million a year earlier despite lower net income, supported by working capital management. The company redeemed $500.0 million of 4.50% senior notes in January 2023 using cash on hand, leaving $1.15 billion of senior unsecured notes outstanding, and ended the period with $816.3 million in cash and a net debt-to-total capital ratio of 4.1%. Returns to stockholders for the six months totaled $233.4 million, including $120.6 million in dividends and $112.8 million in share repurchases. The company also acquired Southern Steel Supply, LLC on May 1, 2023, and declared a third-quarter dividend of $1.00 per share on July 25, 2023.

    Aug 3, 2023
  12. 2023-Q1

    Reliance Quarterly Report for Q1 Ended Mar 31, 2023

    Reliance Steel & Aluminum Co. reported solid first-quarter 2023 results, with net sales of $3.97 billion, down 11.6% from $4.49 billion a year earlier, as average selling price per ton sold fell 17.7% while tons sold rose 7.2%. Operating income was $513.6 million versus $716.1 million, and diluted earnings per share were $6.43 compared with $8.33. The company reported a gross profit margin of 30.9%, unchanged from the prior-year quarter, and cash flow from operations of $384.6 million, close to the prior-year level of $404.0 million. The balance sheet strengthened during the quarter. Cash and cash equivalents were $816.2 million at March 31, 2023, and the company redeemed $500.0 million of 4.50% senior notes on January 15, 2023 using cash on hand. Net debt-to-total capital was 4.3%, down from 6.3% at year-end 2022, and the company had no borrowings under its $1.5 billion revolving credit facility. Capital expenditures were a quarterly record of $102.9 million. Returns to stockholders totaled $100.9 million, including $62.0 million in cash dividends and $38.9 million in share repurchases. The Board declared a second-quarter 2023 dividend of $1.00 per share, and $641.8 million remained authorized under the repurchase program. The company also acquired Southern Steel Supply, LLC on May 1, 2023, which had annual net sales of $62.9 million for 2022.

    May 4, 2023
  13. 2022-Q3

    Reliance Quarterly Report for Q3 Ended Sep 30, 2022

    Reliance Steel & Aluminum Co. reported net sales of $4.25 billion for the third quarter of 2022, up 10.4% from the third quarter of 2021, and net sales of $13.41 billion for the nine months ended September 30, 2022, up 32.8%. Net income attributable to Reliance was $393.5 million for the quarter, versus $395.7 million a year earlier, and $1.49 billion for the nine months, up from $991.7 million. Diluted earnings per share were $6.45 for the quarter, up 4.9%, and $23.98 for the nine months, up 56.2%. Management attributed the results to higher average selling prices and strong demand, while noting that gross profit margin contracted from the 2021 periods as average selling prices peaked in the second quarter of 2022 and declined through the third quarter, with further decline expected in the fourth quarter. Cash flow from operations was $1.31 billion for the nine months ended September 30, 2022, up $904.3 million from the prior year, and the company reported record third-quarter cash flow from operations of $635.7 million. The company repurchased $547.7 million of shares in the nine months, and the Board increased the remaining repurchase authorization to $1.0 billion in July 2022, with $763.3 million remaining at quarter end. Cash and equivalents were $643.7 million, and the net debt-to-total capital ratio fell to 12.8% from 18.1% at year-end 2021. The company declared a fourth-quarter 2022 dividend of $0.875 per share on October 25, 2022. Key risks flagged in the filing include sustained inflation in operating costs combined with declining metals pricing, supply chain constraints that limit tons sold, and macroeconomic uncertainty including the Russia-Ukraine conflict and possible recession. The $500.0 million of senior notes maturing in April 2023 are a near-term debt obligation, which management expects to address with cash flow, its $1.5 billion revolving credit facility, and capital market access.

    Nov 3, 2022
  14. 2022-Q2

    Reliance Quarterly Report for Q2 Ended Jun 30, 2022

    Reliance Steel & Aluminum Co. reported record second-quarter 2022 results, with net sales of $4.68 billion, up 36.9% from the second quarter of 2021, and net income attributable to Reliance of $572.8 million, up 74.1%. Diluted earnings per share were $9.15, up 80.1%. For the six months ended June 30, 2022, net sales were $9.17 billion (up 46.5%) and diluted EPS was $17.49 (up 90.1%). The company attributed the results to elevated metals pricing, with the average selling price per ton sold rising 34.0% in the quarter, while tons sold increased 2.2%. Management noted that tons sold remained below pre-pandemic 2019 levels amid macroeconomic challenges including inflation and recession concerns. Gross profit margin for the quarter was 31.9%, and SG&A expense increased on an inflationary basis, though it declined as a percentage of sales. Cash flow from operations was $674.2 million for the six months, compared with $263.4 million a year earlier. Share repurchases totaled $211.0 million in the six months, and the Board declared a third-quarter dividend of $0.875 per share. Total debt was $1.66 billion, and the net debt-to-total capital ratio was 14.3%, down from 18.1% at year-end 2021. Liquidity remains strong, with $504.5 million in cash and no borrowings under the $1.5 billion revolving credit facility. The $500.0 million of senior notes maturing in April 2023 are a near-term obligation. The company also raised its 2022 capital expenditure budget to $455 million from $350 million, and the share repurchase authorization was increased to $1.0 billion on July 26, 2022.

    Aug 4, 2022
  15. 2022-Q1

    Reliance Quarterly Report for Q1 Ended Mar 31, 2022

    Reliance Steel & Aluminum Co. reported record first-quarter 2022 results, with net sales of $4.49 billion, up 58.0% from $2.84 billion in the first quarter of 2021. Operating income rose to $716.1 million from $378.3 million, and net income attributable to Reliance was $523.3 million, or $8.33 per diluted share, versus $4.12 a year earlier. The company attributed the results to a record average selling price per ton sold of $3,186, up 57.7%, while tons sold rose 0.6%. Gross profit margin was 30.9%, down from 33.6% a year earlier, as inventory costs approached replacement costs. Cash generation was strong, with net cash provided by operating activities of $404.0 million, up 149.7% from $161.8 million. Cash and cash equivalents rose to $548.0 million, and total debt was $1.66 billion, consistent with year-end 2021. Net debt-to-total capital was 14.4%, down from 18.1% at December 31, 2021. The company repurchased 113,529 shares for $17.1 million and declared a second-quarter dividend of $0.8750 per share, up from $0.6875 a year earlier. Management noted that same-store SG&A rose 13.5% on inflationary wage, fuel, freight and packaging costs, and that the Russia-Ukraine conflict and COVID-19 could affect demand and estimates. The company disclosed $695.5 million remaining under its $1.0 billion share repurchase authorization and a 2022 capital expenditure budget raised to $455 million from $350 million.

    May 5, 2022
  16. 2021-Q3

    Reliance Quarterly Report for Q3 Ended Sep 30, 2021

    Reliance Steel & Aluminum Co. reported record financial performance in the third quarter and first nine months of 2021. Net sales for the third quarter were $3.85 billion, up 84.5% from $2.09 billion a year earlier, and nine-month net sales were $10.10 billion, up 51.3% from $6.68 billion. Operating income for the quarter rose to $547.6 million from $160.5 million, and net income attributable to Reliance was $395.7 million, or $6.15 per diluted share, compared with $1.51 per diluted share in the prior-year quarter. Gross profit margins stayed within an approximate range of 31% to 32%, despite LIFO charges of $262.5 million in the quarter and $562.5 million for the nine months. The increase was driven by a record average selling price per ton sold, which rose 77.9% in the quarter, alongside a 5.8% increase in tons sold. Operating cash flow for the nine months was $405.6 million, down from $942.8 million, as higher working capital requirements from rising metals prices absorbed cash, including a $774.6 million increase in accounts receivable. Cash and cash equivalents were $638.4 million at September 30, 2021, and the company had no borrowings outstanding under its $1.5 billion revolving credit facility. Total debt was $1.66 billion, and the net debt-to-total capital ratio was 14.7%. The company repurchased $131.0 million of stock in the third quarter and $155.0 million over the nine months under a $1.0 billion authorization approved July 20, 2021. On October 26, 2021, the Board declared a fourth-quarter dividend of $0.6875 per share. The company also acquired Merfish United, Inc. on October 1, 2021, funded with cash on hand. Merfish United had total assets of approximately $215 million and revenues of approximately $600 million for the twelve months ended September 30, 2021.

    Nov 4, 2021
  17. 2021-Q2

    Reliance Quarterly Report for Q2 Ended Jun 30, 2021

    Reliance Steel & Aluminum Co. reported record second-quarter 2021 results in its Form 10-Q filed July 29, 2021. Net sales for the three months ended June 30, 2021 were $3.42 billion, up 69.3% from $2.02 billion a year earlier, and net sales for the six months were $6.26 billion, up 36.3%. Operating income rose to $460.4 million in the quarter from $118.6 million, and net income attributable to Reliance was $329.1 million, or $5.08 diluted EPS, versus $1.24 in the second quarter of 2020. Management attributed the results to rising metals prices, higher average selling prices per ton, and tons sold up 17.5%, while LIFO charges of $200.0 million in the quarter reduced margins. Cash flow from operations was $263.4 million for the six months, down 59.3% from $646.5 million, driven by significantly higher working capital needs, including a $568.3 million increase in accounts receivable. Liquidity remained strong, with $727.6 million in cash, no borrowings under the $1.5 billion revolving credit facility, and a net debt-to-total capital ratio of 14.0%, down from 15.8% at year-end 2020. After quarter end, on July 20, 2021, the Board declared a third-quarter dividend of $0.6875 per share and authorized a new $1.0 billion share repurchase program, replacing the October 2018 program. Management also noted that commercial aerospace demand declined again in the second quarter, and that metal supply constraints and semiconductor shortages limited tons sold.

    Jul 29, 2021
  18. 2021-Q1

    Reliance Quarterly Report for Q1 Ended Mar 31, 2021

    Reliance Steel & Aluminum Co. reported record first-quarter 2021 financial results, with net sales of $2.84 billion, up $265.5 million, or 10.3%, from $2.57 billion in the first quarter of 2020. Gross profit reached a record $953.7 million, and gross profit margin was a record 33.6%. Net income attributable to Reliance was $266.9 million, and diluted earnings per share were $4.12, compared with $0.92 a year earlier. The first-quarter 2020 results included a $137.5 million impairment and restructuring charge, so the year-over-year comparison is distorted by that item. Management attributed the strength mainly to a 16.0% increase in average selling price per ton, partially offset by a 4.0% decline in tons sold, with carbon steel prices rising 30.1% year over year. Cash flow and liquidity remained solid. Operating cash flow was $161.8 million, slightly below $170.8 million a year earlier, as working capital rose with higher metals prices. The company ended the quarter with $760.3 million of cash and cash equivalents, total debt of $1.66 billion, and no borrowings under its $1.5 billion revolving credit facility. The net debt-to-total capital ratio improved to 14.2% from 15.8% at year-end 2020. No share repurchases occurred in the quarter, and the board declared a second-quarter dividend of $0.6875 per share, up from $0.625 a year earlier. Management noted that COVID-19 remains a source of uncertainty, and that tons sold were still below pre-pandemic levels, mainly in commercial aerospace and energy. Metal supply constraints, supply chain disruptions, and labor and trucking shortages were cited as limiting factors. The company also entered into a reimbursement agreement on April 21, 2021 for standby letters of credit of up to $50.0 million.

    Apr 29, 2021
  19. 2020-Q3

    Reliance Quarterly Report for Q3 Ended Sep 30, 2020

    Reliance Steel & Aluminum Co. reported third-quarter 2020 net sales of $2.09 billion, down $600.3 million, or 22.4%, from $2.69 billion a year earlier, and nine-month net sales of $6.68 billion, down 21.7%. Net income attributable to Reliance was $97.6 million for the quarter, or $1.51 per diluted share, versus $2.40 in the third quarter of 2019. Gross profit margin improved to 32.4% in the quarter from 30.3%, supported by value-added processing and pricing discipline, while same-store tons sold fell 13.2% and same-store average selling price per ton declined 11.6%. Pretax income fell 41.8% in the quarter to $127.0 million, with $31.0 million of non-recurring charges in the quarter and $178.9 million for the nine months. The balance sheet and liquidity improved during the quarter. The company issued $900.0 million of senior unsecured notes in August 2020, entered a $1.5 billion amended and restated credit agreement in September, and used proceeds to repay all outstanding revolver and term loan borrowings. As of September 30, 2020, it had no revolver borrowings, $591.6 million of cash, and a net debt-to-total capital ratio of 17.3%, versus 21.4% at December 31, 2019. Operating cash flow for the nine months was $942.8 million, and free cash flow was $808.1 million. The company repurchased $300.2 million of stock in the nine months and declared a fourth-quarter dividend of $0.625 per share. Management stated that COVID-19 has had, and will continue to have, an adverse effect on net sales and pretax income, and that the duration and severity of the pandemic remain uncertain. Commercial aerospace demand continued to decline, while automotive toll processing volumes rebounded sharply from the second quarter. The company recorded $157.7 million of impairment and restructuring charges in the nine months, mainly tied to its energy-related businesses, and raised its 2020 capital expenditure budget from approximately $190 million to approximately $270 million.

    Oct 29, 2020
  20. 2020-Q2

    Reliance Quarterly Report for Q2 Ended Jun 30, 2020

    Reliance Steel & Aluminum Co. reported a sharp decline in second-quarter 2020 results as COVID-19 reduced demand across most of its end markets. Net sales for the quarter were $2.02 billion, down $864.2 million, or 30.0%, from $2.88 billion a year earlier, and six-month net sales were $4.59 billion, down 21.4%. Same-store tons sold fell 19.7% in the quarter, compared with a 27.4% decline in industry shipments reported by the Metals Service Center Institute. Operating income fell to $118.6 million from $266.6 million, and net income attributable to Reliance dropped to $80.2 million from $183.1 million. Diluted earnings per share were $1.24 versus $2.69 a year earlier. Six-month results were also weighed down by $143.1 million of impairment and restructuring charges, mainly tied to closing three energy-related businesses in the first quarter. The company emphasized cash preservation. Operating cash flow was $475.7 million in the quarter, and free cash flow was $434.7 million after capital expenditures of $41.0 million. Management cut its 2020 capital expenditure budget from approximately $250 million to approximately $190 million and reduced inventory. Liquidity remained ample, with $1.16 billion available on the revolving credit facility and $222.7 million in cash at June 30, 2020. The net debt-to-total capital ratio improved to 20.4% from 21.4% at December 31, 2019, and the company stated it was in compliance with all financial covenants. Shareholder returns continued but were scaled back. The company repurchased about 3.3 million shares for $300.0 million in the first half of 2020, with no repurchases in the second quarter. The Board declared a third-quarter dividend of $0.625 per share on July 21, 2020, unchanged from the prior quarter. Management stated that demand in the third quarter of 2020 is expected to improve slightly compared with the second quarter, but noted that the duration and severity of the pandemic remain uncertain.

    Jul 24, 2020
  21. 2020-Q1

    Reliance Quarterly Report for Q1 Ended Mar 31, 2020

    Reliance Steel & Aluminum Co. reported first-quarter 2020 net sales of $2.57 billion, down $383.7 million, or 13.0%, from $2.96 billion in the first quarter of 2019. Operating income fell to $103.3 million from $280.8 million, reflecting a $137.5 million impairment and restructuring charge tied to the planned closure of three energy-related businesses. Net income attributable to Reliance was $61.7 million, or $0.92 per diluted share, compared with $190.1 million, or $2.80 per diluted share, a year earlier. Excluding the charge, operating income declined $40.0 million, or 14.2%, and the company says its operating margin was only 10 basis points lower than the prior-year quarter. Demand softened as COVID-19 spread. Same-store tons sold decreased 2.3%, and average selling price per ton sold on a same-store basis decreased 11.8%, mainly on lower carbon steel pricing. Management stated that tons sold declined about 20% in the first two-and-a-half weeks of April 2020 compared with the same period of March 2020. The company reduced its 2020 capital expenditure budget from approximately $250 million to approximately $190 million and adjusted capital allocation priorities toward cash preservation, including rightsizing inventory. Cash and equivalents were $172.1 million, with $831.5 million available on the revolving credit facility, and the company was in compliance with its financial covenants at March 31, 2020. During the quarter the company repurchased 3,329,824 shares for $300.0 million, bought out the remaining 49% noncontrolling interest in Feralloy Processing Company for $8.0 million, and reported total debt of $1.84 billion, up from $1.60 billion at December 31, 2019. Its net debt-to-total capital ratio rose to 25.4% from 21.4%. The Board declared a second-quarter dividend of $0.625 per share.

    May 1, 2020
  22. 2019-Q3

    Reliance Quarterly Report for Q3 Ended Sep 30, 2019

    Reliance Steel & Aluminum Co. reported solid third-quarter 2019 results with net sales of $2.69 billion, down $288.6 million, or 9.7%, from $2.97 billion in the third quarter of 2018. Gross profit was $814.7 million, a gross profit margin of 30.3%, which exceeded the company's estimated sustainable range of 27% to 29%. Operating income rose to $241.2 million from $214.4 million, and diluted earnings per share were $2.40, up from $2.03, aided by lower impairment charges compared with 2018. For the nine months, net sales were $8.53 billion, down 2.2%, while net income attributable to Reliance fell to $535.9 million from $548.1 million. The most notable change for investors is the balance sheet and cash flow. Net cash provided by operating activities was $954.1 million for the nine months, up significantly from $233.3 million a year earlier, driven mainly by lower working capital investment. The company used this cash to reduce debt, with total outstanding debt falling to $1.65 billion from $2.21 billion at December 31, 2018, and the net debt-to-total capital ratio declining to 22.6% from 30.8%. Liquidity remained ample, with $1.05 billion available on the revolving credit facility and $166.0 million in cash. Shareholder returns continued, with $113.3 million in dividends and $50.0 million in share repurchases in the nine months. The Board declared a fourth-quarter 2019 dividend of $0.55 per share. Same-store tons sold declined 2.0% in the quarter, outperforming industry shipments that the filing states were down 7.1%, while same-store average selling price per ton fell 8.8%, mainly due to lower carbon steel mill prices.

    Oct 31, 2019
  23. 2019-Q2

    Reliance Quarterly Report for Q2 Ended Jun 30, 2019

    Reliance Steel & Aluminum Co. reported solid second-quarter 2019 results, with net sales of $2.88 billion, down $105.4 million, or 3.5%, from $2.99 billion in the second quarter of 2018, while net sales for the six months ended June 30, 2019 rose $94.1 million, or 1.6%, to $5.84 billion. Gross profit was $853.6 million in the quarter, with a gross profit margin of 29.6%, which the company states exceeded its estimated sustainable range of 27% to 29%. Net income attributable to Reliance was $183.1 million for the quarter, down 20.7%, and diluted earnings per share were $2.69, compared with $3.16 a year earlier. Same-store tons sold fell 5.0% in the quarter, which the company says outpaced industry shipment declines reported by the Metals Service Center Institute. Cash generation improved markedly. Net cash provided by operating activities was $463.2 million for the six months, versus $97.0 million a year earlier, driven by lower working capital investment. The company used the cash to reduce debt, with net debt repayments of $195.0 million in the six months, and total debt fell to $2.02 billion from $2.21 billion at December 31, 2018. The net debt-to-total capital ratio declined to 27.4% from 30.8%. Liquidity included $699.0 million available under the $1.5 billion revolving credit facility and $141.5 million in cash and cash equivalents. Shareholder returns continued, with $76.5 million of dividends paid and $50.0 million of share repurchases in the six months. The Board declared a third-quarter 2019 dividend of $0.55 per share. The company stated it was in compliance with all financial covenants at June 30, 2019, reporting an interest coverage ratio of 10.5 times against a 3.0 times minimum.

    Aug 1, 2019
  24. 2019-Q1

    Reliance Quarterly Report for Q1 Ended Mar 31, 2019

    Reliance Steel & Aluminum Co. reported a strong first quarter of 2019, with net sales of $2.96 billion, up $199.5 million or 7.2% from the first quarter of 2018, and near-record levels. Gross profit reached $866.9 million, with a gross profit margin of 29.3%, which the company said exceeded its estimated sustainable range of 27% to 29%. Operating income rose to $280.8 million from $246.4 million, and net income attributable to Reliance was $190.1 million, or $2.80 per diluted share, compared with $2.30 a year earlier. Management attributed the results mainly to higher metals pricing following Section 232 tariffs, while same-store tons sold decreased 6.0%, in line with the industry decline of 6.1% reported by the MSCI. Cash generation improved substantially, with operating cash flow of $117.2 million versus $13.3 million in the prior-year quarter, driven by higher profitability and lower working capital investment. Total debt was $2.20 billion at March 31, 2019, and the net debt-to-total capital ratio fell to 29.8% from 30.8% at year-end 2018. The company had $535.2 million available under its $1.5 billion revolving credit facility and $133.6 million of cash. Covenant metrics were comfortably within requirements, with an interest coverage ratio of 11.3 times against a 3.0 times minimum and a leverage ratio of 31.6% against a 60% maximum. The company adopted the new lease standard on January 1, 2019, recognizing $186.3 million of operating lease right-of-use assets and $187.1 million of operating lease liabilities. Capital returns continued through a dividend increase to $0.55 per share from $0.50, with a second-quarter dividend declared on April 23, 2019. No share repurchases were made in the first quarter of 2019, compared with $50.0 million in the first quarter of 2018.

    May 2, 2019
  25. 2018-Q3

    Reliance Quarterly Report for Q3 Ended Sep 30, 2018

    Reliance Steel & Aluminum Co. reported strong third-quarter 2018 results, with net sales of $2.97 billion, up 21.4% from $2.45 billion in the third quarter of 2017, and net sales of $8.72 billion for the nine months, up 18.7%. Diluted earnings per share were $2.03 for the quarter and $7.49 for the nine months, increases of 53.8% and 76.7%, respectively. Management attributed the results to higher metals pricing, including the effects of Section 232 tariffs, with same-store average selling price per ton up 22.4% in the quarter. Gross profit margin was 28.0% for the quarter and 29.5% for the nine months. Operating income included a $35.5 million impairment of long-lived assets tied to downsizing one of its energy businesses. Cash flow from operations was $233.3 million for the nine months, up from $198.3 million. Working capital requirements rose with higher metal prices, and the company spent $130.1 million on share repurchases during the nine months. Total debt was $2.08 billion at September 30, 2018, and the net debt-to-total capital ratio rose to 28.2% from 27.2% at year-end 2017. The company reported $706.2 million available on its $1.5 billion revolving credit facility and $112.1 million in cash. It stated it was in compliance with all financial covenants. Subsequent to quarter end, the company declared a fourth-quarter dividend of $0.50 per share and purchased the remaining 40% noncontrolling interest in Acero Prime, a Mexican toll processor, raising its ownership to 100%. The board also expanded the share repurchase authorization by 5.0 million shares and extended the plan through December 31, 2021.

    Nov 1, 2018
  26. 2018-Q2

    Reliance Quarterly Report for Q2 Ended Jun 30, 2018

    Reliance Steel & Aluminum Co., now Reliance, Inc., reported record second-quarter 2018 results in its Form 10-Q. Net sales for the three months ended June 30, 2018 were $2.99 billion, up 20.8% from $2.48 billion a year earlier, and the company said this was its highest quarterly sales in its history. Gross profit margin was 30.7% for the quarter, and operating income rose to $327.3 million from $171.2 million. Net income attributable to Reliance was $230.8 million, or $3.16 per diluted share, compared with $1.40 per diluted share in the second quarter of 2017. The company attributed the results to higher metals pricing, including effects of Section 232 tariffs, and to higher tons sold, with same-store average selling price per ton up 17.7% for the quarter. For the six months ended June 30, 2018, net sales were $5.75 billion, up 17.4%, and pre-tax income was $531.8 million, up $210.9 million, or 65.7%. Cash flow from operations was $97.0 million, compared with $15.2 million a year earlier, although working capital requirements increased significantly. Total debt rose to $2.05 billion from $1.91 billion at December 31, 2017, and the net debt-to-total capital ratio was 27.9%, up from 27.2%. The company reported $760.8 million available on its revolving credit facility and said it was in compliance with all financial covenants. The company also repurchased $50.0 million of common stock in the first half of 2018 and declared a third-quarter 2018 dividend of $0.50 per share. Subsequent to quarter end, on August 1, 2018, it acquired KMS Fab, LLC and KMS South, Inc., whose combined 2017 net sales were $23.3 million. The filing notes that the Tax Cuts and Jobs Act lowered the effective tax rate to 24.0% for the quarter from 31.2% a year earlier.

    Aug 2, 2018
  27. 2018-Q1

    Reliance Quarterly Report for Q1 Ended Mar 31, 2018

    Reliance Steel & Aluminum Co. reported record first-quarter 2018 results, with net sales of $2.76 billion, up 14.0% from $2.42 billion in the first quarter of 2017. Tons sold rose 3.6% to 1,595.7 thousand, and the average selling price per ton increased 10.3% to $1,724. Gross profit was $819.9 million, the highest in the company's history, at a 29.7% gross profit margin, which the filing says exceeded its estimated range of 27% to 29%. Operating income rose to $246.4 million from $190.2 million, and net income attributable to Reliance was $169.0 million, or $2.30 per diluted share, compared with $111.7 million, or $1.52 per diluted share, a year earlier. The effective tax rate fell to 24.0% from 32.7%, helped by Tax Reform. Cash generation improved, with operating cash flow of $13.3 million versus a $20.7 million outflow in the prior-year quarter, though the company noted that working capital build is typical in the first half of the year. Total debt rose to $2.06 billion from $1.91 billion at December 31, 2017, and the net debt-to-total capital ratio increased to 28.6% from 27.2%. The company had $757.1 million available on its revolving credit facility. Management cited Section 232 tariff activity as a factor that drove some pre-buying and higher metal prices. The filing also describes a risk factor on possible downward pressure on U.S. metal prices from imports if tariffs are relaxed. Capital allocation included one acquisition (DuBose, $39.6 million net of cash acquired), $41.8 million of capital expenditures, $50.0 million of share repurchases, and dividends of $0.50 per share, up 11.1% from $0.45. The Board declared a second-quarter dividend of $0.50 per share on April 25, 2018.

    May 2, 2018
  28. 2017-Q3

    Reliance Quarterly Report for Q3 Ended Sep 30, 2017

    Reliance Steel & Aluminum Co. reported net sales of $2.45 billion for the third quarter of 2017, up 12.1% from $2.19 billion a year earlier, and $7.34 billion for the nine months, up 12.1% from $6.55 billion. Net income attributable to Reliance rose to $97.3 million ($1.32 diluted EPS) in the quarter from $49.5 million, and to $312.0 million for the nine months from $242.6 million. Management attributed the improvement to higher metals pricing and tons sold; same-store average selling price per ton rose 6.8% in the quarter and 9.3% for the nine months. Gross profit was $685.5 million in the quarter, with gross margin of 28.0%, within the company's 27% to 29% target range. Cash flow from operations fell to $198.3 million for the nine months from $387.6 million, primarily due to higher working capital requirements from higher metals prices and improved demand. Total debt was $1.99 billion at September 30, 2017, and the net debt-to-total capital ratio was 29.0%, down from 30.3% at year-end 2016. The company had $827.0 million available on its $1.5 billion revolving credit facility and stated it was in compliance with all financial covenants. Subsequent to quarter-end, on October 2, 2017, the company acquired Ferguson Perforating Company, funded with revolver borrowings; Ferguson's 2016 net sales were approximately $31.0 million. The Board declared a fourth-quarter 2017 dividend of $0.45 per share on October 24, 2017.

    Nov 1, 2017
  29. 2017-Q2

    Reliance Quarterly Report for Q2 Ended Jun 30, 2017

    Reliance Steel & Aluminum Co. reported strong second-quarter 2017 results, with net sales of $2.48 billion for the three months ended June 30, 2017, up 12.3% from $2.20 billion a year earlier, and $4.89 billion for the six months, up 12.1% from $4.37 billion. Growth was driven by higher metals pricing and a modest increase in demand. Same-store average selling price per ton rose 11.3% in the quarter and 10.5% for the six months, while same-store tons sold rose 1.1% and 1.6%, respectively. Gross profit reached $702.1 million in the second quarter, the second highest quarterly result in the company's history, though the gross profit margin fell to 28.4% from 31.1% a year earlier. Net income attributable to Reliance was $103.0 million for the quarter and $214.7 million for the six months, compared with $100.9 million and $193.1 million in the prior-year periods. Cash generation weakened in the first half. Net cash provided by operating activities was $15.2 million for the six months, down from $205.2 million in 2016, which the filing attributes mainly to higher working capital needs from higher metal prices and improved demand. Income taxes paid rose to $107.1 million from $58.0 million. Total debt was $2.08 billion at June 30, 2017, up from $1.95 billion at December 31, 2016, and the net debt-to-total capital ratio was 30.7%, compared with 30.3% at year-end 2016. Liquidity remained substantial, with $740.5 million available on the $1.5 billion revolving credit facility, and the company was in compliance with its financial covenants. The Board declared a third-quarter dividend of $0.45 per share. The filing also notes that imports increased in the second quarter of 2017, creating some downward pressure on pricing, and that gross margins were pressured by a competitive pricing environment in the quarter. Management stated that the company's operations have not been materially affected by general inflation and that there were no material changes to risk factors from the 2016 Form 10-K.

    Aug 2, 2017
  30. 2017-Q1

    Reliance Quarterly Report for Q1 Ended Mar 31, 2017

    Reliance Steel & Aluminum Co. reported first-quarter 2017 net sales of $2.42 billion, up 11.9% from $2.16 billion in the first quarter of 2016. Net income attributable to Reliance was $111.7 million, or $1.52 per diluted share, up 21.1% and 19.7% respectively from the prior year. The company described this as its highest net income and diluted EPS since the first quarter of 2012. Gross profit was $721.6 million, which the filing describes as the highest in the company's history, and operating income rose to $190.2 million with an operating margin of 7.9%, compared with $131.1 million and 6.1% a year earlier. Higher metals pricing, with average selling price per ton up 9.7%, and tons sold up 2.5% drove the results. Cash flow was weak in the quarter. Operating activities used $20.7 million, compared with $155.4 million provided in the prior-year quarter, due to higher working capital requirements, mainly accounts receivable and inventory. Inventories rose to $1.68 billion from $1.53 billion at year-end 2016. Total debt increased to $2.04 billion from $1.95 billion, and the net debt-to-total capital ratio rose to 30.8% from 30.3%. The company reported $785.5 million available on its $1.5 billion revolving credit facility and stated it was in compliance with all financial covenants, with an interest coverage ratio of approximately 8.2 times against a minimum of 3.0 times. The company declared a second-quarter 2017 dividend of $0.45 per share, up from $0.40 a year earlier, and made no share repurchases in the quarter. It completed acquisitions of Alaska Steel, Best Manufacturing, and Tubular Steel during 2016, and the filing reports no material changes to risk factors from its 2016 Form 10-K.

    May 3, 2017
  31. 2016-Q3

    Reliance Quarterly Report for Q3 Ended Sep 30, 2016

    Reliance Steel & Aluminum Co. reported net sales of $2.19 billion for the three months ended September 30, 2016, down 4.4% from $2.29 billion a year earlier, and $6.55 billion for the nine months, down 10.5% from $7.32 billion. Management attributed the decline to lower metals pricing and lower tons sold, with same-store tons sold down 4.0% for the quarter and 2.7% for the nine months, outperforming the industry decline reported by MSCI. Gross profit margin rose to 30.0% in the third quarter from 27.9% a year earlier, and 30.2% for the nine months from 26.8%. Operating income fell 8.1% to $93.5 million in the quarter and to $396.4 million for the nine months, and net income attributable to Reliance was $49.5 million for the quarter versus $51.4 million a year earlier, with impairment and restructuring charges of $67.3 million in the quarter. Cash flow from operations was $387.6 million for the nine months, compared with $716.3 million in the prior-year period, mainly due to lower working capital requirements in 2015. The company made three acquisitions in 2016 (Tubular Steel, Best Manufacturing and Alaska Steel) and total debt rose to $2.12 billion from $1.94 billion at year-end 2015. On September 30, 2016, Reliance entered into a $2.1 billion unsecured five-year credit agreement, with a $1.5 billion revolving facility and a $600.0 million term loan, and the company reported compliance with its financial covenants. The filing states that net debt-to-total capital rose to 32.2% from 31.8% at year-end 2015, and that $1.07 billion was available under the revolving facility. The company also declared a fourth-quarter 2016 dividend of $0.425 per share on October 19, 2016.

    Oct 31, 2016
  32. 2016-Q2

    Reliance Quarterly Report for Q2 Ended Jun 30, 2016

    Reliance Steel & Aluminum Co. reported net sales of $2,203.9 million for the three months ended June 30, 2016, down 9.1% from $2,423.7 million a year earlier, and $4,366.6 million for the six months, down 13.3% from $5,038.1 million. Management attributed the decline mainly to lower metals pricing, with average selling price per ton down 10.1% in the quarter. Despite lower sales, gross profit margin rose 400 basis points to 31.1% in the second quarter from 27.1%, and operating income increased to $173.1 million (7.9% of sales) from $160.2 million (6.6%). Net income attributable to Reliance was $100.9 million, or $1.38 per diluted share, compared with $90.2 million, or $1.20 per diluted share, in the prior-year quarter. Balance sheet leverage increased during the period. Total debt rose to $2.18 billion at June 30, 2016 from $1.94 billion at year-end 2015, mainly to fund the 2016 acquisitions of Tubular Steel and Best Manufacturing, which together involved net assets acquired of $322.6 million. The net debt-to-total capital ratio was 33.4%, up from 31.8%. Operating cash flow fell to $205.2 million for the six months from $463.9 million, driven by working capital investment in accounts receivable and inventory. Liquidity remained substantial, with $831.1 million available under the $1.5 billion revolving credit facility, and the company was in compliance with its material debt covenants. The company also declared a third-quarter 2016 dividend of $0.425 per share, up 6.3% from the second-quarter dividend.

    Aug 1, 2016
  33. 2016-Q1

    Reliance Quarterly Report for Q1 Ended Mar 31, 2016

    Reliance Steel & Aluminum Co. reported first-quarter 2016 net sales of $2.16 billion, down 17.3% from $2.61 billion in the first quarter of 2015, as metals pricing fell sharply. Average selling price per ton sold declined 15.6% year over year to $1,425, while tons sold fell 2.7%. Same-store tons sold decreased 3.7%, which the company said outpaced an industry decline of 9.1% reported by MSCI. Operating income fell to $129.8 million from $169.3 million, and net income attributable to Reliance was $92.2 million, or $1.27 per diluted share, versus $101.3 million, or $1.30 per diluted share, a year earlier. The company's FIFO gross profit margin rose to 29.4% from 25.4% in the prior-year quarter, which management described as its highest quarterly level since the 2008 second quarter. The lower effective tax rate of 14.4% (versus 31.7%) partly offset the decline in operating income; the filing states that a one-time re-measurement of an uncertain tax position lowered that rate by 16.1 percentage points. Balance sheet and liquidity changed meaningfully in the quarter. Total debt rose to $2.15 billion from $1.94 billion, funding the January 1, 2016 acquisition of Tubular Steel, Inc. for $290.9 million net of cash acquired. The net debt-to-total capital ratio increased to 33.4% from 31.8%. Management reported $887.1 million of availability under its revolving credit facility and stated it was in compliance with all material debt covenants. Operating cash flow was $155.4 million, and the company paid $0.40 per share in quarterly dividends. No share repurchases were made in the quarter, though the company said it expects to repurchase shares opportunistically in the future. Subsequent to quarter end, the company acquired Best Manufacturing, Inc. on April 1, 2016, and declared a second-quarter dividend of $0.40 per share.

    May 2, 2016
  34. 2015-Q3

    Reliance Quarterly Report for Q3 Ended Sep 30, 2015

    Reliance Steel & Aluminum Co. reported third-quarter 2015 net sales of $2.29 billion, down 15.5% from $2.71 billion a year earlier, and nine-month net sales of $7.32 billion, down 7.0%. Net income attributable to Reliance fell to $51.4 million ($0.69 diluted EPS) from $95.5 million ($1.21) in the prior-year quarter. The decline was driven by lower metals pricing, with same-store average selling price per ton down 14.1% year over year, and by a $53.3 million impairment of long-lived assets tied to continued low crude oil prices and weak energy-market demand. Gross profit margin nonetheless rose to 27.9% in the quarter from 25.1%, helped by net LIFO income of $35.0 million. Cash generation was strong. Net cash provided by operating activities was $716.3 million for the nine months, versus $162.8 million a year earlier, largely from reduced working capital, including FIFO inventory reductions of $239.8 million. Management used the cash to repay $209.1 million of net debt, repurchase $342.3 million of common stock, and pay dividends. Total debt fell to $2.10 billion from $2.30 billion at year-end 2014, and the net debt-to-total capital ratio improved to 33.8% from 34.9%. At September 30, 2015, the company was in compliance with all material debt covenants, with an interest coverage ratio of about 7.3 times against a 3.0 times minimum and a leverage ratio of 35.4% against a 60% maximum. The company also reincorporated from California to Delaware during the second quarter, and on October 20, 2015 its Board declared a $0.40 quarterly dividend and expanded the share repurchase authorization by 7.5 million shares.

    Oct 30, 2015
  35. 2015-Q2

    Reliance Quarterly Report for Q2 Ended Jun 30, 2015

    Reliance Steel & Aluminum Co. reported net sales of $2.42 billion for the three months ended June 30, 2015, down 7.4% from $2.62 billion a year earlier, and $5.04 billion for the six months, down 2.5%. Management attributed the decline to lower metals pricing, driven by high import levels and a strong U.S. dollar, along with weaker demand from the energy (oil and gas) market. Same-store tons sold fell 2.8% in the quarter and 1.4% in the six-month period, which the filing notes compared favorably to industry declines reported by MSCI. Gross profit margin rose to 27.1% in the second quarter from 25.7%, aided by LIFO income, while operating income declined to $160.2 million from $175.7 million. Net income attributable to Reliance was $90.2 million for the quarter, versus $96.5 million a year earlier, and $191.5 million for the six months, up from $183.7 million. Cash flow from operations improved sharply to $463.9 million for the six months, compared with $109.5 million in the prior-year period, reflecting inventory and receivables reductions. The company used $200.0 million for share repurchases in the first half and an additional $71.3 million from July 1 through July 30, 2015, and declared a third-quarter dividend of $0.40 per share. Balance sheet metrics improved, with the net debt-to-total capital ratio at 33.9%, down from 34.9% at year-end 2014, and total debt of $2.20 billion, down from $2.30 billion. The company was in compliance with its material debt covenants, with an interest coverage ratio of approximately 7.3 times against a 3.0 times minimum. The filing also reports that the shareholders approved a reincorporation from California to Delaware, with no change in business or operations.

    Jul 31, 2015
  36. 2015-Q1

    Reliance Quarterly Report for Q1 Ended Mar 31, 2015

    Reliance Steel & Aluminum Co. reported first-quarter 2015 net sales of $2.61 billion, up 2.4% from $2.55 billion in the first quarter of 2014, while net income attributable to Reliance rose to $101.3 million from $87.2 million. Diluted EPS was $1.30 versus $1.11 a year earlier. Same-store tons sold were essentially flat (down 0.1%), and same-store average selling price fell 1.7%, as weak metals pricing from high import levels and a strong U.S. dollar pressured results. Gross profit margin held at 25.7% versus 25.4%, helped by LIFO income of $7.5 million, and operating income increased to $169.3 million. Management expects prices to keep declining in the second quarter of 2015, which may pressure margins and earnings. Cash flow from operations was $171.4 million, compared with $68.8 million a year earlier. Capital returns were significant: the company repurchased 3,187,235 shares for $184.9 million in March 2015, paid $31.7 million in dividends, and raised its quarterly dividend to $0.40 per share from $0.35. Net debt-to-total capital rose to 36.3% from 35.0% at year-end 2014. Total debt was $2.37 billion, and $734.0 million was drawn on the $1.5 billion revolving credit facility. The company stated it was in compliance with all material debt covenants at March 31, 2015. The balance sheet remained substantial, with goodwill of $1.73 billion and intangible assets of $1.22 billion, together representing a large share of Reliance shareholders' equity of $3.98 billion. The company completed three 2014 acquisitions (Fox Metals and Alloys, All Metal Services, and Northern Illinois Steel Supply) that contributed to the year-over-year increase in sales and operating income.

    May 1, 2015
  37. 2014-Q3

    Reliance Quarterly Report for Q3 Ended Sep 30, 2014

    Reliance Steel & Aluminum Co. reported solid third-quarter 2014 results, with net sales of $2.71 billion, a record for the company, up from $2.44 billion in the 2013 third quarter. Operating income was $151.3 million versus $163.1 million a year earlier, and net income attributable to Reliance was $95.5 million, or $1.21 diluted EPS, compared with $95.1 million and $1.22 a year earlier. Results were weighed down by a $13.5 million charge to settle the Texas antitrust litigation, and gross profit margin of 25.1% declined from 26.3% in the prior-year quarter, though it stayed within the company's historical 25% to 27% range. Management cited improving demand, with same-store tons sold up 6.6% year over year, and average selling prices up 4.3% for the quarter. Cash generation weakened in the nine-month period. Net cash provided by operating activities was $162.8 million, down from $513.0 million, as higher working capital, mainly receivables and inventories, absorbed cash. Total debt rose to $2.32 billion from $2.11 billion at year-end 2013, and the net debt-to-capital ratio was 35.1%. The company spent $145.0 million on acquisitions in 2014, including All Metal Services and Northern Illinois Steel Supply, and $134.4 million on capital expenditures. Management also extended its share repurchase program to December 31, 2017, and repurchased about $40.0 million of stock from October 27 to October 30, 2014. The company remained in compliance with its debt covenants. Management expects lower fourth-quarter volume because of seasonality, and it has seen weakness in mill pricing for certain carbon steel products.

    Oct 31, 2014
  38. 2014-Q2

    Reliance Quarterly Report for Q2 Ended Jun 30, 2014

    Reliance Steel & Aluminum Co. reported record second-quarter 2014 net sales of $2.62 billion, up 6.9% from the prior-year quarter, with tons sold up 8.2% and average selling price per ton down 0.9%. Net income attributable to Reliance rose to $96.5 million, or $1.22 per diluted share, compared with $81.0 million, or $1.05 per diluted share, a year earlier. For the six months, net sales were $5.17 billion, up 15.6%, and net income attributable to Reliance was $183.7 million, or $2.34 per diluted share. The filing attributes much of the growth to the April 2013 acquisition of Metals USA Holdings Corp. Gross profit margin was 25.7% in the second quarter, within the company's historical 25%-27% range, and same-store tons sold rose 4.6% in the quarter and 6.5% for the six months. Cash generation weakened in the first half. Operating cash flow was $109.5 million, versus $283.9 million a year earlier, mainly because of a larger working capital investment in receivables and inventories as pricing and demand improved. Capital expenditures were $86.9 million, and the company paid $54.4 million in dividends. Net debt-to-capital improved to 33.3% from 34.3% at year-end 2013. Total debt was $2.13 billion, and the company stated it was in compliance with all debt covenants. The most significant disclosed risk is an antitrust judgment entered April 29, 2014 against Reliance, its subsidiary Chapel Steel Corp., and four co-defendants. The judgment was reduced to $153.5 million on May 27, 2014, and the defendants have appealed to the Fifth Circuit with execution stayed. Reliance estimates its reasonable range of potential loss at $10.0 million to $38.4 million and has recorded a contingent liability at the low end of that range. The six-month period includes $11.5 million of charges related to this litigation.

    Jul 31, 2014
  39. 2014-Q1

    Reliance Quarterly Report for Q1 Ended Mar 31, 2014

    Reliance Steel & Aluminum Co. reported first-quarter 2014 net sales of $2.55 billion, up from $2.03 billion a year earlier, driven mainly by the April 2013 acquisition of Metals USA Holdings Corp. Same-store tons sold rose 8.4%, but the average selling price per ton fell 8.7% to $1,673 (same-store down 4.4%), and gross profit margin narrowed to 25.4% from 26.1%. Operating income rose to $154.3 million from $130.0 million, while net income attributable to Reliance increased to $87.2 million from $83.7 million, held back by higher interest expense of $20.2 million and a higher effective tax rate of 34.5%. Diluted EPS was $1.11 versus $1.09. The balance sheet expanded with total assets of $7.60 billion and total debt of $2.13 billion, and the net debt-to-capital ratio improved to 33.8% from 34.3% at year-end 2013. Operating cash flow was $68.8 million, and capital expenditures were $28.9 million. The company stated it was in compliance with all debt covenants. The Board declared a second-quarter dividend of $0.35 per share, unchanged from the first quarter. The most significant risk flagged is a judgment entered April 29, 2014 in an antitrust lawsuit against the Company and its subsidiary Chapel Steel Corp., trebling a $52 million jury verdict to $156 million. Reliance disagrees with the judgment and intends to pursue appeal. The Company estimates its potential loss at $10 million to $39 million and has accrued the minimum of that range.

    May 2, 2014
  40. 2013-Q3

    Reliance Quarterly Report for Q3 Ended Sep 30, 2013

    Reliance Steel & Aluminum Co. reported third-quarter 2013 net sales of $2.44 billion, up from $2.06 billion a year earlier, and nine-month net sales of $6.92 billion versus $6.55 billion. The growth was driven mainly by the April 2013 acquisition of Metals USA, which contributed $432.3 million of sales in the quarter and $828.8 million for the nine months. Same-store results were weaker: same-store tons sold for the nine months fell 1.7%, and same-store average selling price per ton fell 7.4%, as lower metals pricing from imports and added domestic capacity pressured results. Net income attributable to Reliance was $95.1 million for the quarter (diluted EPS $1.22) versus $98.1 million a year earlier, and $259.8 million for the nine months (diluted EPS $3.35) versus $323.1 million, reflecting higher S,G&A and lower selling prices. The balance sheet and leverage changed materially. Total assets rose to $7.49 billion from $5.86 billion at year-end 2012, and long-term debt rose to $2.11 billion from $1.12 billion. The company financed the Metals USA deal with a $500.0 million term loan, a $500.0 million 4.50% senior notes due 2023, and revolver borrowings. The net debt-to-total capital ratio increased to 34.9% from 23.8% at year-end 2012, and management stated it was in compliance with all debt covenants. Operating cash flow improved to $513.0 million for the nine months from $268.8 million, mainly from lower inventory levels. Management stated that it expects adequate cash flow and revolver capacity to fund debt maturities, working capital, capital expenditures and dividends. The company declared a fourth-quarter 2013 dividend of $0.33 per share, and it completed the November 1, 2013 acquisition of Haskins Steel Co., Inc., which had unaudited 2012 net sales of approximately $31.5 million.

    Nov 1, 2013
  41. 2013-Q2

    Reliance Quarterly Report for Q2 Ended Jun 30, 2013

    Reliance Steel & Aluminum Co. reported net sales of $2.45 billion for the three months ended June 30, 2013, up from $2.21 billion a year earlier, while six-month net sales were $4.47 billion versus $4.50 billion in 2012. Net income attributable to Reliance fell to $81.0 million for the quarter from $108.8 million, and diluted earnings per share were $1.05 compared with $1.44. Operating income declined to $145.5 million from $186.2 million, as warehouse, delivery, selling, general and administrative expense rose to $426.0 million from $346.7 million. The company attributed lower profitability to declining selling prices, with average selling price per ton down 10.9% for the quarter, and to higher S,G&A costs tied to acquisitions. The quarter was shaped by the April 2013 acquisition of Metals USA Holdings Corp. for $766.8 million in cash, with a total transaction value of approximately $1.25 billion including assumed debt. Reliance funded the deal with a new $500.0 million term loan, a $500.0 million senior notes offering due 2023, and borrowings on its revolving credit facility. As a result, total debt rose to $2.33 billion at June 30, 2013 from $1.21 billion at December 31, 2012, and the net debt-to-total capital ratio increased to 37.6% from 23.8%. Operating cash flow improved to $283.9 million for the six months from $21.2 million in the prior-year period, primarily from lower inventory levels. The company remained in compliance with all debt covenants, and its Board declared a third-quarter dividend of $0.33 per share, a 10% increase over the second-quarter dividend. Management described end-market demand as declining slightly, with pricing and volumes under pressure, though aerospace, energy, and auto markets were noted as relatively resilient.

    Aug 2, 2013
  42. 2013-Q1

    Reliance Quarterly Report for Q1 Ended Mar 31, 2013

    Reliance Steel & Aluminum Co. reported first-quarter 2013 net sales of $2,025.3 million, down from $2,288.3 million in the first quarter of 2012, as tons sold fell 5.8% to 1,105.9 thousand and average selling price per ton declined 6.5% to $1,832. Operating income fell to $130.0 million from $184.6 million, and net income attributable to Reliance decreased to $83.7 million, or $1.09 per diluted share, from $116.2 million, or $1.54 per diluted share. Management attributed the decline to lower pricing and demand amid economic uncertainty, though gross profit margin improved to 26.1% of net sales from 25.3%. Cash flow improved markedly, with net cash provided by operating activities of $72.2 million versus cash used of $63.2 million a year earlier, mainly because lower demand required less working capital investment. Total debt fell to $1.15 billion from $1.21 billion at year-end 2012, and the company stated it was in compliance with all debt covenants. The quarterly dividend was raised 20% to $0.30 per share. The filing's most significant subsequent events are the April 12, 2013 acquisition of Metals USA Holdings Corp. for a total transaction value of approximately $1.25 billion, funded partly by a new $500.0 million term loan, a $500.0 million 4.50% senior notes offering due 2023, and revolver borrowings. Management indicated pro forma leverage of approximately 39% after the acquisition, up from a reported 22.4% net debt-to-total capital ratio at March 31, 2013.

    May 3, 2013
  43. 2012-Q3

    Reliance Quarterly Report for Q3 Ended Sep 30, 2012

    Reliance Steel & Aluminum Co. reported third-quarter 2012 net sales of $2,055.3 million, down from $2,138.6 million in the prior-year quarter, while net income attributable to Reliance rose to $98.1 million from $84.9 million. Diluted earnings per share were $1.30 versus $1.13. For the nine months, net sales were $6,553.3 million versus $6,100.8 million, and net income attributable to Reliance was $323.1 million versus $275.9 million, with diluted EPS of $4.28 versus $3.68. The filing attributes the quarterly sales decline mainly to lower same-store average selling prices, which fell 8.4% for the three-month period, even though tons sold rose 2.0%. Gross profit rose to $535.3 million in the quarter (26.0% of net sales versus 23.1%), helped by lower product costs and LIFO income of $27.0 million, against a LIFO charge of $22.5 million a year earlier. Cash flow from operations improved to $268.8 million for the nine months from $17.3 million. Capital expenditures were $137.4 million and acquisitions totaled $83.0 million, funded largely from operating cash flow and revolver borrowings. Total debt rose to $1.37 billion from $1.33 billion at year-end 2011, with $680.0 million drawn on the $1.5 billion revolving credit facility. The company stated it was in compliance with all debt covenants, reporting an interest coverage ratio of about 10.8 times against a 3.0 times minimum and a net debt-to-total capital ratio of 26.4%. The quarterly dividend was raised 67% in July 2012 and the fourth-quarter dividend was declared at $0.25 per share. Subsequent to quarter end, effective October 1, 2012, the company acquired GH Metal Solutions, Inc. through Feralloy Corporation and Sunbelt Steel Texas, LLC, both funded with revolver borrowings. The filing also reports 2012 acquisitions of Airport Metals (Australia), Worthington's Vonore plant, National Specialty Alloys and McKey Perforating, with a combined transaction value of $112.6 million.

    Nov 2, 2012
  44. 2012-Q2

    Reliance Quarterly Report for Q2 Ended Jun 30, 2012

    Reliance Steel & Aluminum Co. reported net sales of $2,209.7 million for the three months ended June 30, 2012, up from $2,049.5 million a year earlier, and $4,498.0 million for the six months, up from $3,962.2 million. Net income attributable to Reliance was $108.8 million for the quarter (diluted EPS $1.44, versus $1.31) and $225.0 million for the six months (diluted EPS $2.98, versus $2.54). Operating income rose to $186.2 million in the quarter and $370.8 million year to date. Growth was supported by acquisitions and higher tons sold, while same-store average selling prices declined, with the carbon steel price down 4.7% in the quarter. Balance sheet debt increased. Total debt was $1.53 billion at June 30, 2012, up from $1.33 billion at December 31, 2011, with $845.0 million outstanding on the $1.5 billion revolving credit facility. Operating cash flow was $21.2 million for the six months, compared with net cash used of $85.5 million a year earlier, as receivables and inventories rose. Net debt-to-total capital was 29.9%, up from 28.4% at year-end 2011. The company stated it was in compliance with all debt covenants. The company also declared a third-quarter 2012 cash dividend of $0.25 per share, up from $0.15, and completed several acquisitions in 2012, including National Specialty Alloys, Precision Strip's Vonore plant and McKey Perforating, plus a subsequent acquisition of Airport Metals in Australia on July 6, 2012.

    Aug 6, 2012
  45. 2012-Q1

    Reliance Quarterly Report for Q1 Ended Mar 31, 2012

    Reliance Steel & Aluminum Co. reported net sales of $2.29 billion for the first quarter of 2012, up from $1.91 billion in the same period of 2011, with net income attributable to Reliance of $116.2 million, or $1.54 per diluted share, compared with $92.3 million, or $1.23 per diluted share, a year earlier. Operating income rose to $184.6 million from $154.8 million, supported by higher tons sold (1,173.7 thousand versus 1,031.7 thousand) and a higher average selling price per ton ($1,953 versus $1,854). Gross profit margin contracted to 25.3% of net sales from 26.5%, which management attributed to a less favorable pricing environment with smaller mill price increases that faced market resistance. Cash flow and balance sheet trends were more mixed. Net cash used in operating activities was $63.2 million, compared with $101.4 million a year earlier, as working capital rose with higher demand and mill prices; accounts receivable grew to $1,044.2 million and inventories to $1,399.4 million from year-end levels. Total debt increased to $1.43 billion from $1.33 billion, with $745.0 million drawn on the $1.5 billion revolving credit facility. The company stated it was in compliance with all debt covenants, with an interest coverage ratio of approximately 10.1 times against a 3.0 times minimum. Quarterly dividends were increased 25% to $0.15 per share. The company continued its acquisition strategy in early 2012, acquiring McKey Perforating Co. effective February 1, 2012, and subsequently acquiring the Worthington Steel Vonore plant (effective April 27, 2012) and National Specialty Alloys, LLC (effective April 4, 2012). The NSA and Vonore acquisitions were funded with approximately $101.9 million of revolver borrowings. The company expects 2012 capital expenditures of approximately $250 million.

    May 4, 2012
  46. 2011-Q3

    Reliance Quarterly Report for Q3 Ended Sep 30, 2011

    Reliance Steel & Aluminum Co. reported net sales of $2.14 billion for the three months ended September 30, 2011, up 29.3% from $1.65 billion a year earlier, and net sales of $6.10 billion for the nine months, up 29.0%. Net income attributable to Reliance rose to $84.9 million for the quarter from $48.7 million, and diluted earnings per share were $1.13 versus $0.65. Operating income increased 58.8% for the quarter to $140.1 million. Gross profit margin, however, slipped to 23.1% of net sales from 24.0%, which the company attributed to mills announcing price decreases during the quarter. Average selling price per ton sold rose 15.4% to $1,973 for the quarter, and tons sold increased 13.0%. The company's balance sheet became more leveraged during the period. It acquired Continental Alloys & Services, Inc. effective August 1, 2011 for net assets acquired of $329.3 million, funded from its revolving credit facility. Total debt reached $1.48 billion at September 30, 2011, up from $941.3 million at December 31, 2010, and the net debt-to-total capital ratio rose to 31.0% from 23.5%. Net cash provided by operating activities for the nine months fell to $17.3 million from $47.7 million, as receivables and inventories grew with higher demand and mill prices. The company stated it was in compliance with all debt covenants. The revolving credit facility was amended in July 2011 to increase the borrowing limit from $1.1 billion to $1.5 billion and extend maturity to July 26, 2016. Management reported that the company's 2011 capital expenditures are expected to come in below the approximately $200 million budget, and the Board declared a fourth-quarter 2011 regular cash dividend of $0.12 per share.

    Nov 4, 2011
  47. 2011-Q2

    Reliance Quarterly Report for Q2 Ended Jun 30, 2011

    Reliance Steel & Aluminum Co. reported higher results for the second quarter and first half of 2011. Net sales for the three months ended June 30, 2011 were $2,049.5 million, up from $1,620.6 million a year earlier, and net sales for the six months were $3,962.2 million versus $3,074.7 million. Operating income rose to $165.6 million for the quarter from $114.6 million, and net income attributable to Reliance was $98.7 million, or $1.31 per diluted share, compared with $61.5 million, or $0.83 per diluted share, in the prior-year quarter. The filing attributes the improvement mainly to a more favorable demand and pricing environment, with tons sold and average selling prices both higher year over year. Gross profit margin slipped slightly in the quarter as softening mill pricing pressured selling prices. Balance sheet and cash flow show a heavier working capital build. Net cash used in operating activities was $85.5 million for the six months, compared with $35.5 million a year earlier, driven by higher receivables and inventories. Total debt rose to $1.11 billion from $941.3 million at December 31, 2010, and the revolving credit facility was amended on July 26, 2011 to increase its limit to $1.5 billion and extend maturity to July 26, 2016. The company stated it was in compliance with all debt covenants at June 30, 2011. Subsequent to quarter end, Reliance acquired Continental Alloys & Services, Inc. effective August 1, 2011, for a total transaction value of approximately $415 million, net of cash acquired, funded through its revolving credit facility. The filing also declared a third-quarter regular cash dividend of $0.12 per share and notes that the 2011 capital expenditure budget is approximately $200 million.

    Aug 5, 2011
  48. 2011-Q1

    Reliance Quarterly Report for Q1 Ended Mar 31, 2011

    Reliance Steel & Aluminum Co. reported first-quarter 2011 net sales of $1.91 billion, up from $1.45 billion in the prior-year quarter, and net income attributable to Reliance of $92.3 million, or $1.23 diluted EPS, versus $44.7 million, or $0.60, a year earlier. Operating income rose to $154.8 million from $79.8 million. The filing attributes the gains to higher selling prices and volumes: tons sold rose 12.3% and average selling price per ton rose 17.6%, with carbon steel prices up 20.8% and stainless steel up 19.5% year over year. Gross profit increased to $506.3 million, and the company noted that its LIFO reserve charge was $20.0 million in the quarter, with a full-year 2011 LIFO estimate of $80.0 million. Working capital absorbed cash. Net cash used in operating activities was $101.4 million, compared with $54.3 million a year earlier, as receivables rose $215.1 million and inventories rose $228.2 million in the cash flow statement. The company funded this with net borrowings of $145.0 million, and total debt reached $1.09 billion at March 31, 2011, up from $941.3 million at December 31, 2010. Borrowings under the $1.1 billion revolving credit facility were $341.0 million. The company stated it was in compliance with all debt covenants, with an interest coverage ratio of approximately 7.0 times against a 3.0 times minimum and a leverage ratio of 27.9% against a 60% maximum. Management declared a 20% increase in the regular quarterly dividend to $0.12 per share and a second-quarter 2011 dividend of $0.12 per share. Capital expenditures for the quarter were $35.8 million, and the 2011 capital expenditure budget is approximately $200 million. The company also reported that no shares were repurchased in 2011 or 2010, with 7,883,033 shares remaining authorized under its repurchase program.

    May 6, 2011
  49. 2010-Q3

    Reliance Quarterly Report for Q3 Ended Sep 30, 2010

    Reliance Steel & Aluminum Co. reported net sales of $1.65 billion for the three months ended September 30, 2010, up 33.0% from $1.24 billion a year earlier, driven by a 10.8% increase in tons sold and a 19.8% increase in average selling price per ton. Operating income was $88.2 million (5.3% margin) versus $74.3 million a year earlier, and net income attributable to Reliance was $48.7 million, or $0.65 diluted EPS, compared with $41.8 million and $0.57 a year earlier. For the nine months, net sales rose 16.9% to $4.73 billion and diluted EPS was $2.08, versus $0.76 in the prior-year period. Gross profit margin narrowed to 24.0% in the third quarter from 28.7% a year earlier, as mill price reductions and higher-cost inventory pressured selling prices, and the filing estimates a full-year 2010 LIFO charge of $33.0 million. Cash flow from operations was weak at $47.7 million for the nine months, compared with $807.2 million in the prior-year period, as receivables and inventories rose with business activity. Total debt increased to $1.10 billion at September 30, 2010 from $935.8 million at year-end 2009, with $270.0 million drawn on the $1.1 billion revolving credit facility. The company stated it was in compliance with all debt covenants, reporting an interest coverage ratio of about 6.6 times against a 3.0 times minimum and a leverage ratio of 29.2% against a 60% maximum. Subsequent to quarter end, Reliance acquired Diamond Consolidated Industries, Inc. and affiliated companies on October 1, 2010, which had combined unaudited net sales of approximately $75 million for the nine months ended September 30, 2010. The company also repaid $78.0 million of senior notes maturing October 15, 2010, and its Board declared a $0.10 per share fourth-quarter dividend on October 20, 2010.

    Nov 5, 2010
  50. 2010-Q2

    Reliance Quarterly Report for Q2 Ended Jun 30, 2010

    Reliance Steel & Aluminum Co. (now Reliance, Inc.) reported a sharp turnaround in its second quarter of 2010. Net sales rose 30.4% to $1.62 billion from $1.24 billion a year earlier, with tons sold up 9.0% and average selling price per ton up 18.9%. Net income attributable to Reliance was $61.6 million, or $0.83 per diluted share, compared with a net loss of $5.8 million, or $(0.08) per share, in the second quarter of 2009. Gross profit margin improved to 25.7% from 22.8%, and operating income was $114.6 million, a 7.1% operating margin, versus $5.4 million a year earlier. For the six months, net sales were $3.07 billion, up 9.7%, and net income attributable to Reliance was $106.2 million, or $1.43 per diluted share. Cash flow and working capital moved the other way. Operating activities used $35.5 million of cash in the first half of 2010, compared with $681.3 million generated in the first half of 2009, as receivables rose $202.9 million and FIFO inventory rose $192.4 million. Working capital increased to $1.18 billion from $973.3 million at December 31, 2009. Total debt was $1.01 billion at June 30, 2010, including $189.0 million drawn on the $1.1 billion revolving credit facility. The company stated it was in compliance with all debt covenants. Management expects continued pressure on metal pricing in the second half of 2010 from levels reached in the second quarter, though it described this volatility as manageable. The company estimates a full-year 2010 LIFO charge of $30.0 million and budgets approximately $140.0 million of 2010 capital expenditures. The Board declared a third-quarter 2010 cash dividend of $0.10 per share.

    Aug 6, 2010