RS · Reliance

333 filings

RS SEC Filings

Reliance - 333 total filings

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

Showing 1–50 of 333 filings

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 8-K

Reliance 8-K Report, Financial Results (Oct 21, 2026)

Reliance, Inc. (NYSE: RS) reported third quarter 2026 results for the quarter ended September 30, 2026, furnishing a press release as Exhibit 99.1. Net sales were $5.21 billion, up 12.6% sequentially and 42.8% year-over-year, with record quarterly tons sold of 1,867.2 thousand, up 4.3% sequentially. Diluted EPS was $7.84 and non-GAAP diluted EPS was $8.02, up 120.3% year-over-year, significantly exceeding management's guidance of $6.40 to $6.60. Pretax income was $531.9 million, and non-GAAP pretax income was $544.2 million. Management attributed results to a favorable market with healthy demand and tight supply, price increases for most carbon steel products, and contributions from the U.S. border wall project, which contributed $0.74 per share. LIFO expense was $2.74 per diluted share, compared with management's expectation of $1.10, which weighed on GAAP gross profit margin of 27.9%. For the fourth quarter of 2026, Reliance expects non-GAAP diluted EPS of $7.40 to $7.60, including approximately $0.70 per share from the border wall project and LIFO expense of $112.5 million, or $1.64 per diluted share. Management expects tons sold including the border wall project to rise 13.5% to 15.5% year-over-year, and average selling price per ton to rise 1.0% to 3.0% sequentially. The company cited ongoing trade policy uncertainty and conflicts in Iran and Ukraine as risks to supply availability and macroeconomic conditions. Balance sheet and capital returns were also highlighted. Cash and cash equivalents were $246.0 million and total debt was $1.6 billion, including $495 million outstanding under its $1.5 billion revolving credit facility. Operating cash flow for the quarter was $212.0 million, and free cash flow was $133.0 million. The Board approved an increase in the share repurchase authorization to $2.5 billion with no set expiration, and declared a quarterly dividend of $1.25 per share payable December 4, 2026.

Oct 21, 2026 10-Q

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 8-K

Reliance 8-K Report, Financial Results (Jul 22, 2026)

Reliance, Inc. (NYSE: RS) reported second quarter 2026 results for the period ended June 30, 2026, in a press release furnished as Exhibit 99.1. Net sales were $4.63 billion, up 15.0% sequentially from $4.03 billion in the first quarter, with record tons sold of 1,790.1 thousand, up 7.0% sequentially. Diluted EPS was $6.29 and non-GAAP diluted EPS was $6.27, up 21.5% sequentially and 42% year-over-year, above the high end of management's $5.15 to $5.35 guidance range. Pretax income was $429.8 million, up 41% year-over-year as reported in the release's commentary. Results absorbed $1.64 per share of LIFO expense versus management's $0.54 expectation, while the U.S. border wall project contributed $0.41 per share. Gross profit margin was 28.1%, down 100 basis points sequentially, mainly from higher LIFO expense and the border wall project. Non-GAAP FIFO gross profit margin rose to 30.5% from 30.1%. Cash provided by operations was $162.2 million and free cash flow was $68.8 million. The company had $235.4 million of cash and total debt of $1.7 billion, with $520 million drawn on its $1.5 billion revolver. No shares were repurchased in the quarter, and about $529 million remained under the repurchase program. The Board declared a quarterly dividend of $1.25 per share on July 17, 2026, payable August 28, 2026. For the third quarter of 2026, management expects non-GAAP EPS of $6.40 to $6.60, including about $0.60 per share from border wall shipments and LIFO expense of $75.0 million, or $1.10 per diluted share. Excluding the border wall project, tons sold are expected to decline 2% to 4% sequentially, with average selling price per ton up 1% to 3%. A conference call is scheduled for July 23, 2026.

Jul 22, 2026 8-K

Reliance 8-K Report, Shareholder Vote Results (May 21, 2026)

Reliance, Inc. held its Annual Meeting of Stockholders on May 20, 2026, and reported the voting results in this Form 8-K. All nine director nominees were elected to hold office until the next Annual Meeting and until their successors are elected and qualified. Lisa L. Baldwin, Karen W. Colonias, Frank J. Dellaquila, James K. Kamsickas, Karla R. Lewis, Robert A. McEvoy, David W. Seeger, Douglas W. Stotlar, and John G. Sznewajs each received more votes for than against. David W. Seeger drew the most opposition, with 6,745,019 votes against and 34,111,575 votes for. Stockholders approved, on an advisory basis, the compensation of the named executive officers, with 39,282,052 votes for, 1,528,970 against, and 68,313 abstentions. They also ratified KPMG LLP as the independent registered public accounting firm for fiscal year 2026, with 45,646,752 votes for, 328,448 against, and 18,548 abstentions. The filing reports 5,114,413 broker non-votes on the director election and say-on-pay items. A stockholder proposal requiring directors to leave the Board within nine months of failing to receive a majority vote was not approved, with 6,419,815 votes for, 34,315,008 against, and 144,512 abstentions. The filing reports the outcome of these votes and does not describe any board or management action arising from them.

May 21, 2026 10-Q

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 8-K

Reliance 8-K Report, Financial Results (Apr 22, 2026)

Reliance, Inc. reported first-quarter 2026 results with net sales of $4.03 billion, up 15.1% sequentially and 15.5% year-over-year. Diluted EPS was $5.10, and non-GAAP diluted EPS was $5.16, up 37% year-over-year and above management's guidance of $4.50 to $4.70. Pretax income rose to $349.5 million, up 33% year-over-year. Management attributed the beat to record tons sold of 1,672.7 thousand, up 9.4% sequentially, and average selling price per ton of $2,414, up 5.3% sequentially. Gross profit margin was 29.1%, up 180 basis points sequentially but down 60 basis points from the prior-year quarter. LIFO expense was $0.54 per diluted share, above management's expectation of $0.36, mainly due to higher carbon steel and aluminum product costs. Cash flow and balance sheet metrics were mixed. Cash provided by operations was $151.4 million, reflecting a seasonal working capital increase, and free cash flow was $87.2 million. Total debt rose to $1.7 billion, including $550 million drawn on the $1.5 billion revolving credit facility. Net debt-to-EBITDA was 1.0x. Reliance returned about $301 million to stockholders in the quarter, including $234 million of share repurchases at an average price of about $299 per share. The Board declared a quarterly dividend of $1.25 per share, and the dividend was raised 4.2% in February. For the second quarter of 2026, Reliance guided to non-GAAP diluted EPS of $5.15 to $5.35, representing year-over-year growth of approximately 16% to 21%. The guidance expects tons sold to rise 1.0% to 3.0% sequentially and average selling price to rise 1.5% to 3.5% sequentially. It also includes an estimated $0.15 to $0.20 of EPS from shipments under the DHS border wall contract, which began in April 2026. The filing cites trade policy uncertainty and the Middle East conflict as risks.

Apr 22, 2026 10-K

Reliance Annual Report, Year Ended Dec 31, 2025

Reliance, Inc. (NYSE: RS) reported 2025 net sales of $14.29 billion, up 3.3% from 2024, driven by record tons sold, which rose 6.2%, while average selling price per ton fell 2.6%. Operating income declined 12.7% to $1.01 billion and diluted EPS fell to $13.98 from $15.56, mainly because LIFO inventory valuation swung from $144.4 million of income in 2024 to $113.7 million of expense in 2025, driven in part by higher aluminum costs. Management states FIFO gross profit margin rose 80 basis points to 29.5%, and excluding significant LIFO impacts, profitability improved. Cash flow from operations fell to $831.4 million from $1.43 billion, mainly due to higher working capital tied to volume and rising metals prices. Shareholder returns totaled $848.8 million, including $594.1 million of share repurchases and $254.7 million of dividends. Net debt-to-total capital rose to 14.4% from 10.2%, and total debt was $1.43 billion at year-end, with $763.5 million remaining under the repurchase authorization. The company flagged tariff volatility as a key risk, noting that Section 232 steel and aluminum tariffs were raised to 50% in June 2025, and that a February 20, 2026 Supreme Court ruling on IEEPA tariffs does not directly affect Section 232 tariffs. In February 2026, the Board raised the quarterly dividend 4.2% to $1.25 per share, the company's 66th consecutive year of dividends.

Feb 26, 2026 8-K

Reliance 8-K Report, Financial Results (Feb 18, 2026)

Reliance, Inc. (NYSE: RS) reported fourth quarter and full year 2025 results in a press release furnished as Exhibit 99.1. Fourth-quarter net sales were $3.5 billion, up 11.9% year-over-year but down 4.2% sequentially from Q3 2025. Record tons sold of 1,528.7 thousand in Q4 rose 5.8% year-over-year, while diluted EPS was $2.22 on a GAAP basis and non-GAAP diluted EPS was $2.40. Management attributed the EPS shortfall versus its $2.65 to $2.85 guidance mainly to a $0.25 per share net unfavorable year-end LIFO and income tax true-up impact. For full year 2025, net sales were $14.3 billion, up 3.3%, with record annual tons sold of 6.4 million, up 6.2%. GAAP diluted EPS declined 10.2% to $13.98, while non-GAAP FIFO diluted EPS rose 13.5% to $15.88 excluding LIFO effects. Capital returns were significant in 2025: the company repurchased $594.1 million of common stock, reducing outstanding shares by 4%, and paid $254.7 million in dividends. On February 13, 2026, the board declared a quarterly dividend of $1.25 per share, a 4.2% increase, payable March 20, 2026. Cash flow from operations for 2025 was $831.4 million, down from $1,429.8 million in 2024, and free cash flow was $502.5 million. Total debt was $1.43 billion at year-end, and net debt-to-total capital rose to 14.4% from 10.2% a year earlier. For the first quarter of 2026, management expects tons sold to rise 5% to 7% and average selling price per ton to rise 3% to 5% versus Q4 2025, with non-GAAP diluted EPS guided to $4.50 to $4.70, including $25 million of LIFO expense. Management cited healthy demand across non-residential construction, manufacturing and defense, while semiconductor demand remained under pressure.

Feb 18, 2026 10-Q

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 8-K

Reliance 8-K Report, Financial Results (Oct 22, 2025)

Reliance, Inc. (NYSE: RS) reported third-quarter 2025 results, with net sales of $3.65 billion, record third-quarter tons sold, and EPS of $3.59 (non-GAAP EPS of $3.64). Net sales were up 6.2% year-over-year in tons sold, while gross profit margin was 28.3%, compared with 29.7% in the second quarter of 2025. LIFO expense was $25.0 million, or $0.35 per share, versus LIFO income of $50.0 million, or $0.68 per share, in the third quarter of 2024. Management said the company outperformed the industry by approximately nine percentage points, but cited trade policy uncertainty, competitive pricing pressure, and weakness in aerospace and semiconductor markets. For the fourth quarter of 2025, Reliance expects tons sold up 3.5% to 5.5% year-over-year and non-GAAP EPS in the range of $2.65 to $2.85. Management reiterated a long-term sustainable gross profit margin range of 29% to 31%. Cash provided by operations was $261.8 million in the quarter, and cash and equivalents were $261.2 million at September 30, 2025, against total debt of $1.39 billion. The company repurchased $60.9 million of stock in the quarter and declared a quarterly dividend of $1.20 per share. The filing also discloses a new Executive Severance Policy, adopted by the independent directors on October 21, 2025, for officers and certain key subsidiary employees. It provides lump-sum severance on termination without cause, including 12 months of base salary, a pro-rata bonus, 50% of target bonus, and up to 12 months of COBRA premiums, subject to a release and a clawback for cause discovered within 24 months.

Oct 22, 2025 8-K

Reliance 8-K Report, Executive Changes (Oct 2, 2025)

Reliance, Inc. (NYSE: RS) filed this Form 8-K on October 2, 2025 to report that its Board of Directors increased in size from eight to nine members and appointed John G. Sznewajs as an independent director, effective October 1, 2025. His term expires at the Company's 2026 Annual Meeting of Stockholders. The filing states that Mr. Sznewajs was also appointed to the Audit Committee, will receive the non-employee director compensation described in the company's April 3, 2025 proxy statement, and has entered into the company's standard indemnification agreement. Mr. Sznewajs, 58, is a partner at Shore Capital, a lower middle-market private equity firm. From 2007 to 2023 he served as Vice President and Chief Financial Officer of Masco Corporation (NYSE: MAS), and he currently sits on the board of CMS Energy Corporation (NYSE: CMS), where he serves on the audit, finance, and executive committees. He holds a Bachelor of Arts in economics from Kalamazoo College and an MBA from The University of Chicago Booth School of Business. The filing states that there are no arrangements or understandings under which he was selected as a director and no material related-party interest under Item 404(a) of Regulation S-K. The press release, furnished as Exhibit 99.1 under Item 7.01 and not filed, states that following the appointment the Board will have nine members, eight of whom are independent. Chairman Douglas Stotlar and CEO Karla Lewis praised his financial and corporate strategy expertise. The filing does not report any change to financial results or guidance.

Oct 2, 2025 8-K

Reliance 8-K Report, Material Agreement (Aug 15, 2025)

Reliance, Inc. (RS) entered into a Term Loan Agreement dated August 14, 2025, with Bank of America N.A. as administrative agent and a syndicate of lenders including Wells Fargo Bank, PNC Bank, U.S. Bank, and JPMorgan Chase Bank as co-syndication agents, documentation agent, and other lenders. The agreement provides a $400 million term loan that was fully drawn at closing and matures on August 14, 2028. The Company used the proceeds to repay its $400 million of senior unsecured notes maturing August 15, 2025. The term loan is unsecured and is not guaranteed by any of the Company's subsidiaries. Borrowings bear interest at either SOFR or a base rate, plus an applicable margin. The SOFR margin starts at 0.75% through delivery of the compliance certificate for the quarter ending September 30, 2025, and thereafter fluctuates between SOFR plus 0.75% and SOFR plus 1.25%, based on the Company's Total Net Leverage Ratio. A maximum Total Net Leverage Ratio is the only financial maintenance covenant. The agreement includes usual and customary representations, affirmative and negative covenants, and events of default, including change of control. The Company may voluntarily prepay the loan in whole or in part without premium or penalty, subject to certain conditions. The filing is a refinancing transaction that replaces maturing senior notes with a bank term loan. The filing does not state the Company's leverage levels or the reasons for choosing a floating-rate facility beyond the stated terms. The complete agreement is filed as Exhibit 10.1.

Aug 15, 2025 10-Q

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 8-K

Reliance 8-K Report, Financial Results (Jul 23, 2025)

Reliance, Inc. (NYSE: RS) reported second-quarter 2025 results for the quarter ended June 30, 2025, in a press release furnished as Exhibit 99.1 to this Form 8-K. Net sales were $3.66 billion, up 5.0% sequentially from $3.48 billion in Q1 2025 and up 0.5% year-over-year from $3.64 billion. Record second-quarter tons sold of 1,615.0 thousand rose 4.0% year-over-year, while average selling price per ton increased 6.1% sequentially to $2,273. Diluted EPS was $4.42 and non-GAAP diluted EPS was $4.43, up 17.5% from Q1 2025. Non-GAAP gross profit margin was 29.9%, within the company's stated sustainable range of 29% to 31%. Cash flow improved sequentially, with cash provided by operations of $229.0 million in Q2 versus $64.5 million in Q1, and free cash flow of $141.4 million. Six-month operating cash flow of $293.5 million fell 40.4% from $492.6 million a year earlier. Reliance repurchased $79.9 million of common stock in the quarter and declared a quarterly dividend of $1.20 per share. Total debt rose to $1.43 billion, and net debt-to-EBITDA was 0.9x. Management guided third-quarter 2025 tons sold down 1.0% to 3.0% sequentially, average selling price per ton down 1.0% to up 1.0%, and non-GAAP diluted EPS of $3.60 to $3.80, including $25.0 million of LIFO expense. Management said it expects some weakness in the third quarter, with carbon steel pricing lower and semiconductor demand still depressed.

Jul 23, 2025 8-K

Reliance 8-K Report, Shareholder Vote Results (May 27, 2025)

Reliance, Inc. (RS) filed this 8-K to report the results of its Annual Meeting of Stockholders, held via live webcast on May 21, 2025. Holders of 47,383,352 shares, or 89.59% of total shares outstanding as of the record date, were represented in person or by proxy. All eight director nominees were elected to serve until the next annual meeting, with Lisa L. Baldwin, Karen W. Colonias, Frank J. Dellaquila, James K. Kamsickas, Karla R. Lewis, Robert A. McEvoy, David W. Seeger and Douglas W. Stotlar receiving more votes for than against. David W. Seeger drew the largest number of against votes at 8,248,956. Stockholders also approved, on an advisory basis, the compensation of the named executive officers, with 41,834,604 votes for, 2,270,934 against and 64,450 abstentions. The selection of KPMG LLP as the independent registered public accounting firm for fiscal year 2025 was ratified with 46,845,533 votes for, 510,088 against and 27,731 abstentions. For investors, the filing reflects routine governance outcomes: board slate elections, a say-on-pay vote, and auditor ratification, all approved by stockholders. The filing itself contains no financial results, guidance or transaction disclosures.

May 27, 2025 10-Q

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 8-K

Reliance 8-K Report, Financial Results (Apr 23, 2025)

Reliance, Inc. (NYSE: RS) reported first quarter 2025 results for the period ended March 31, 2025, in a press release furnished under Item 2.02 as Exhibit 99.1. Net sales were $3.48 billion, up 9.0% year-over-year in tons sold, with a record 1.63 million tons sold (same-store tons sold up 5.6%). Gross profit margin (LIFO) was 29.7%, versus 31.0% in the prior-year quarter. Net income attributable to Reliance was $199.7 million, or diluted EPS of $3.74, compared with $5.23 a year earlier; non-GAAP diluted EPS was $3.77. Management said results were stronger than anticipated on shipment levels and gross profit margin, though LIFO expense of $25.0 million was above its $15.0 million LIFO income estimate. Cash flow and balance sheet items warrant attention. Cash provided by operations was $64.5 million and free cash flow was negative $22.4 million, reflecting a seasonal working capital investment. Total debt rose to $1.48 billion, including $330.0 million of revolver borrowings, and net debt-to-total capital increased to 14.4% from 10.2% at year-end 2024. The company repurchased $253.2 million of common stock in the quarter and declared a quarterly dividend of $1.20 per share. For the second quarter of 2025, Reliance expects tons sold to be down 1.0% to up 1.0% sequentially, average selling price per ton up 1% to 3% sequentially, and non-GAAP diluted EPS in the range of $4.50 to $4.70, including $25.0 million of LIFO expense ($0.35 per diluted share).

Apr 23, 2025 10-K

Reliance Annual Report, Year Ended Dec 31, 2024

Reliance, Inc. (NYSE: RS), formerly Reliance Steel & Aluminum Co., reported net sales of $13.84 billion for 2024, down 6.6% from $14.81 billion in 2023, as lower metals prices offset a 4.0% increase in total tons sold. Operating income fell to $1.16 billion from $1.74 billion, and net income attributable to Reliance was $875.2 million, or $15.56 per diluted share, versus $22.64 in 2023. Gross profit margin was 29.7%, compared with 30.7% a year earlier, which management attributes to lower metals pricing partly mitigated by inventory management, small-order focus and value-added processing. Cash flow from operations was $1.43 billion, down from $1.67 billion, while the company returned $1.34 billion to stockholders, including a record $1.09 billion of share repurchases and $249.7 million of dividends. Capital expenditures were $430.6 million and the company spent $364.6 million on four 2024 acquisitions. Year-end cash was $318.1 million, total debt was about $1.15 billion, and $1.5 billion was available under the revolving credit facility. The Board raised the quarterly dividend 9.1% to $1.20 per share in February 2025. The filing describes a diversified metals service center network of 320 locations in 41 U.S. states and 10 foreign countries, with carbon steel at 53% of gross sales and aluminum at 16%. The auditor KPMG issued an unqualified opinion on both the financial statements and internal control over financial reporting. Risk factors center on metals price volatility, tariff policy under Section 232, cyclical demand and acquisition integration.

Feb 27, 2025 8-K

Reliance 8-K Report, Financial Results (Feb 19, 2025)

Reliance, Inc. (NYSE: RS) reported fourth quarter and full year 2024 results in a press release furnished as Exhibit 99.1. For full year 2024, net sales were $13.84 billion (down from $14.81 billion in 2023), diluted EPS was $15.56 (non-GAAP diluted EPS $15.92), and gross profit margin was 29.7%. Cash flow from operations was $1.43 billion, described as the third highest annual result in the company's history, and free cash flow was $999.2 million. Tons sold rose 4.0% for the year (1.0% on a same-store basis), while average selling price per ton fell 10.4% to $2,303. For the fourth quarter, net sales were $3.13 billion and diluted EPS was $1.93 (non-GAAP $2.22). Management said underlying results were stronger than anticipated, but the quarter absorbed a net unfavorable year-end LIFO and income tax true-up of $0.74 per share relative to the company's guidance assumptions of $2.65 to $2.85 non-GAAP EPS. Capital allocation remained heavily weighted toward shareholder returns: the company repurchased a record $1.09 billion of stock in 2024, reducing outstanding shares by 6% year over year, and declared a quarterly dividend of $1.20 per share, an increase of 9.1%. For the first quarter of 2025, the company expects tons sold to rise 6.0% to 8.0% sequentially and 3.0% to 5.0% year over year, with average selling price per ton expected to be down 1% to up 1% sequentially, and non-GAAP diluted EPS in the range of $3.30 to $3.50. The outlook assumes no significant trade policy disruption to carbon steel, stainless steel and aluminum markets and pricing.

Feb 19, 2025 8-K

Reliance 8-K Report, Executive Changes (Dec 17, 2024)

Reliance, Inc. (RS) disclosed in this Form 8-K, filed December 17, 2024 under Item 5.02, that director Mark V. Kaminski has notified the Company of his intention not to stand for reelection at the Company's 2025 Annual Meeting of Stockholders. Mr. Kaminski will remain a director and keep his committee memberships through that meeting. He has served on the board since 2004. The filing states that Mr. Kaminski's retirement is not due to any disagreement with the Company on matters relating to its operations, policies, or practices. The Company thanked him for his longstanding service. The filing is signed by William A. Smith II, Senior Vice President, General Counsel and Corporate Secretary. For investors, the disclosure is a routine board transition rather than a material change in operations or financial results. It signals a future board vacancy at the 2025 Annual Meeting, and the filing contains no financial figures.

Dec 17, 2024 10-Q

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-K

Reliance 8-K Report, Financial Results (Oct 24, 2024)

Reliance, Inc. (NYSE: RS) reported third-quarter 2024 results in a press release furnished as Exhibit 99.1 to this Form 8-K. Net sales were $3.42 billion, down 5.6% from the prior-year quarter, while tons sold rose 7.1% year over year to 1,521.4 thousand tons. Gross profit margin was 29.4%, and diluted EPS was $3.61 compared with $4.99 a year earlier. Non-GAAP diluted EPS was $3.64. Management attributed the lower results to metals pricing that declined more than anticipated, partly offset by higher volume. Average selling price per ton sold fell 12.0% year over year. Net income attributable to Reliance was $199.2 million, down 32.5% from the prior-year quarter. Cash flow from operations was $463.9 million in the quarter, and free cash flow was $351.1 million. The company repurchased $432.0 million of stock, reducing outstanding shares by nearly 3%, and paid $60.6 million in dividends. Reliance declared a quarterly dividend of $1.10 per share and approved an amendment replenishing its share repurchase authorization to $1.5 billion with no set expiration. At September 30, 2024, cash and cash equivalents were $314.6 million and total outstanding debt was $1.28 billion. The company also completed the FerrouSouth toll processing acquisition on August 16, 2024, using cash on hand. For the fourth quarter of 2024, Reliance expects underlying demand to weaken temporarily across most of its end markets because of uncertainty around U.S. economic policy. It guided tons sold down 6.0% to 8.0% sequentially and up 4.0% to 6.0% year over year, and average selling price down 1.5% to 3.5% sequentially. It expects non-GAAP diluted EPS in the range of $2.65 to $2.85, and it anticipates the FIFO gross profit margin to stabilize.

Oct 24, 2024 8-K

Reliance 8-K Report, Executive Changes (Oct 3, 2024)

Reliance, Inc. (NYSE: RS) filed a Current Report on Form 8-K dated October 3, 2024 to disclose board changes. On October 2, 2024, the Company announced it had increased the size of its Board of Directors from eight to nine members and appointed James K. Kamsickas as an independent director, effective October 1, 2024. Mr. Kamsickas, 57, is chairman and chief executive officer of Dana Incorporated (NYSE: DAN). His term expires at the 2025 Annual Meeting of Stockholders, and he has not yet been named to any Board committee. He will receive the standard compensation for non-employee directors and has entered into the Company's standard indemnification agreement. The filing also discloses a leadership transition. Mark Kaminski will step down as non-executive Chairman of the Board effective January 1, 2025, and will remain a Board member. On October 1, 2024, the Board unanimously appointed Douglas W. Stotlar, a director since October 2016, as independent non-executive Chairman effective January 1, 2025. Following Mr. Kamsickas's appointment, the Board will have nine members, eight of whom are independent. The announcement is primarily a governance update rather than a financial disclosure. The filing does not report financial results or guidance. The Company describes the chairman transition as part of its long-term succession plan and corporate governance best practices.

Oct 3, 2024 8-K

Reliance 8-K Report, Material Agreement (Sep 16, 2024)

Reliance, Inc. (RS) entered into a Second Amended and Restated Credit Agreement dated September 10, 2024, with Bank of America N.A. as Administrative Agent and a group of other lenders. The agreement amends and restates the company's existing credit agreement dated September 3, 2020. It provides a five-year, senior unsecured revolving credit facility of $1.5 billion, including a $150 million letter of credit sublimit and a $50 million swing line loan sublimit. As of September 10, 2024, the company had approximately $82 million of borrowings outstanding. Proceeds may be used for general corporate purposes, growth and stockholder return activities. Pricing is set at SOFR plus 1.00% initially, rising to a range of SOFR plus 1.00% to 1.50% based on the Total Net Leverage Ratio after delivery of the compliance certificate for the quarter ending September 30, 2024. The unused commitment fee is 0.10% initially, ranging from 0.10% to 0.20% per annum based on the same leverage ratio. The facility is not guaranteed by subsidiaries and is unsecured. The agreement removes the interest coverage ratio covenant from the existing agreement, leaving a maximum total net leverage ratio as the only financial maintenance covenant. The filing describes the new facility as a refinancing and modification of existing revolving credit terms, with customary representations, covenants, and events of default, including a change of control default. Borrowings may be prepaid at any time without premium. The full agreement is filed as Exhibit 10.1.

Sep 16, 2024 10-Q

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 8-K

Reliance 8-K Report, Financial Results (Jul 25, 2024)

Reliance, Inc. reported second quarter 2024 results for the quarter ended June 30, 2024, in a press release furnished as Exhibit 99.1. Net sales were $3.64 billion, essentially flat sequentially (0.0%) and down 6.1% year over year from $3,880.3 million. Diluted EPS was $4.67 versus $5.23 in the first quarter 2024 and $6.49 in the second quarter 2023, while non-GAAP diluted EPS was $4.65. Management attributed the decline mainly to lower carbon steel pricing, which reduced gross profit margin to 29.8% from 31.0% in the prior quarter. Tons sold rose 4.0% sequentially to 1,553.5 thousand, helped by the April 1, 2024 acquisitions of American Alloy Steel, Inc. and Mid-West Materials, Inc. Cash flow from operations was $366.3 million in the quarter, and the company repurchased $519.3 million of stock in the second quarter and $165.4 million in July 2024. Cash and cash equivalents were $350.8 million at June 30, 2024, against total debt of $1.15 billion, with no borrowings under its $1.5 billion revolving credit facility. The Board declared a quarterly dividend of $1.10 per share payable August 30, 2024. For the third quarter of 2024, Reliance expects tons sold to decline 2.5% to 4.5% sequentially and average selling price per ton to fall 2% to 4%, with gross profit margin under some pressure. Non-GAAP diluted EPS is expected in the range of $3.60 to $3.80.

Jul 25, 2024 8-K

Reliance 8-K Report, Executive Changes (May 16, 2024)

On May 15, 2024, Reliance, Inc. held its Annual Meeting of Stockholders by live webcast, with 50,921,721 shares represented in person or by proxy, or 88.67% of total shares outstanding as of the record date. Stockholders elected all eight nominees to the Board of Directors, approved on an advisory basis the compensation of the named executive officers, and ratified KPMG LLP as the independent registered public accounting firm for fiscal 2024. Stockholders also approved Amendment No. 2 to the Reliance, Inc. Second Amended and Restated 2015 Incentive Award Plan, which extends the plan's duration by five years through 2030. The material terms of the amended plan were described under Proposal No. 4 in the company's April 3, 2024 proxy statement, and the full amended plan is filed as Exhibit 10.1 to this report. For investors, the filing is primarily a governance update: director elections and the say-on-pay vote were approved, and the incentive plan now runs through 2030. The filing does not report financial results or operating performance.

May 16, 2024 10-Q

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 8-K

Reliance 8-K Report, Financial Results (Apr 25, 2024)

Reliance, Inc. reported first quarter 2024 results for the period ended March 31, 2024, with net sales of $3.64 billion, a gross profit margin of 31.0%, diluted EPS of $5.23 and non-GAAP diluted EPS of $5.30. Net sales were up 9.2% sequentially from the fourth quarter of 2023 but down 8.1% year over year from $3,965.3 million in Q1 2023. Tons sold rose 10.3% sequentially to 1,494.0 thousand, while average selling price per ton fell 1.0% sequentially to $2,442. Management described a more challenging pricing environment than it had anticipated, while noting that its diversified end markets and value-added processing supported gross margin at the high end of its sustainable range. Cash generation weakened in the quarter. Cash provided by operations was $126.3 million, down from $525.6 million in the prior quarter and $384.6 million a year earlier, and free cash flow was $17.6 million. Reliance ended the quarter with $934.9 million of cash and cash equivalents, total debt of $1.15 billion, and no borrowings under its $1.5 billion revolving credit facility. The company paid $65.3 million in dividends and made no share repurchases in the quarter, while completing the Cooksey Iron & Metal acquisition on February 1, 2024 and, effective April 1, 2024, the American Alloy Steel and Mid-West Materials acquisitions. For the second quarter of 2024, Reliance expects tons sold to rise 2.5% to 4.5% sequentially, with about 2% of that growth from acquisitions, and expects average selling price per ton to fall 1% to 3%. It also anticipates short-term gross margin pressure as higher-cost inventory works through, and guided non-GAAP EPS to a range of $4.70 to $4.90. The board declared a quarterly dividend of $1.10 per share payable June 7, 2024.

Apr 25, 2024 10-K

Reliance Annual Report, Year Ended Dec 31, 2023

Reliance, Inc. (formerly Reliance Steel & Aluminum Co.; NYSE: RS) reported 2023 net sales of $14.81 billion, down 13.0% from $17.03 billion in 2022, as the average selling price per ton sold fell 16.4% while tons sold rose 3.7%. Diluted earnings per share were $22.64, compared with a record $29.92 in 2022. Operating income declined to $1.74 billion from $2.51 billion, and gross profit margin held steady at 30.7% versus 30.8%. Net income attributable to Reliance was $1.34 billion. The filing describes the company as the largest metals service center company in North America based on revenues, with operations in over 315 locations across 40 U.S. states and 12 foreign countries. Cash flow from operations was $1.67 billion, the second highest in the company's history, compared with $2.12 billion in 2022. The company spent $468.8 million on capital expenditures and returned $717.6 million to stockholders through $238.1 million of dividends and $479.5 million of share repurchases. Cash and cash equivalents were $1.08 billion at year-end, and the net debt-to-total capital ratio was 0.8%, down from 6.3%. The board raised the quarterly dividend 10.0% to $1.10 per share in February 2024. In early 2024 the company completed the acquisition of Cooksey Iron & Metal Company and agreed to acquire American Alloy Steel, Inc., subject to regulatory approval. Combined unaudited revenues for the two businesses were approximately $400 million for the twelve months ended December 31, 2023.

Feb 29, 2024 8-K

Reliance 8-K Report, Financial Results (Feb 15, 2024)

Reliance, Inc. (filed under the name Reliance Steel & Aluminum Co.) reported fourth quarter and full year 2023 results on February 15, 2024, and announced a corporate name change effective February 14, 2024. For full year 2023, net sales were $14,805.9 million, down from $17,025.0 million in 2022, and diluted EPS was $22.64, compared with $29.92 a year earlier. Net income attributable to Reliance was $1,335.9 million versus $1,840.1 million. Fourth quarter diluted EPS was $4.70, against $4.99 in the prior quarter and $5.88 in the fourth quarter of 2022. Tons sold rose 3.7% for the full year to 5,779.2 thousand tons, while average selling price per ton fell 16.4% to $2,570. Cash flow from operations for 2023 was $1,671.3 million, and free cash flow was $1,202.5 million. The company repurchased $479.5 million of stock during 2023 and raised its quarterly dividend 10.0% to $1.10 per share. At December 31, 2023, cash and cash equivalents were $1.08 billion, total debt was $1.15 billion, and there were no borrowings under the $1.5 billion revolving credit facility. Net debt-to-EBITDA was 0.0x. The company completed the acquisition of Cooksey Iron & Metal Company on February 1, 2024, with annual net sales of approximately $90 million, and entered into a definitive agreement to acquire American Alloy Steel, Inc., with annual net sales of approximately $310 million, expected to close within 60 days subject to regulatory approval. For the first quarter of 2024, the company expects tons sold to rise 9% to 11% compared with the fourth quarter of 2023, average selling price per ton to rise 1.0% to 3.0%, and non-GAAP diluted EPS of $5.30 to $5.50. The stock continues to trade on the NYSE under ticker RS, with trading under the Reliance, Inc. name beginning February 26, 2024.

Feb 15, 2024 10-Q

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 8-K

Reliance 8-K Report, Financial Results (Oct 26, 2023)

Reliance Steel & Aluminum Co. reported third quarter 2023 results on October 26, 2023 (Exhibit 99.1). Net sales were $3.62 billion, down 14.7% from Q3 2022 and 6.6% from Q2 2023. Tons sold rose 1.1% year-over-year to 1,420.8 thousand but fell 4.3% sequentially, while average selling price per ton declined 16.0% year-over-year and 2.8% sequentially. Gross profit margin was 29.7%, GAAP diluted EPS was $4.99 and non-GAAP diluted EPS was $5.00. Net income attributable to Reliance was $295.0 million, versus $393.5 million a year earlier. Cash provided by operations was $466.0 million, and free cash flow was $340.5 million. Capital returns remained significant. The company repurchased $126.4 million of common stock in the quarter and replenished its share repurchase authorization to $1.5 billion with no set expiration date. Its board also declared a quarterly dividend of $1.00 per share, payable December 1, 2023. At September 30, 2023, cash and cash equivalents were $976.9 million, total debt was $1.15 billion, and the $1.5 billion revolving credit facility had no outstanding borrowings. Net debt-to-EBITDA was 0.1x. For the fourth quarter of 2023, the company expects non-GAAP diluted EPS of $3.70 to $3.90, tons sold growth of 3.5% to 5.5% year-over-year, a sequential tons decline of 4% to 6%, and a 4% to 6% sequential decline in average selling price per ton. Management cited a cautious outlook for automotive toll processing due to the ongoing UAW strike. The filing also discloses that director James D. Hoffman will retire from the board at the 2024 Annual Meeting of Stockholders, having informed the board on October 24, 2023.

Oct 26, 2023 10-Q

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 8-K

Reliance 8-K Report, Financial Results (Jul 27, 2023)

Reliance Steel & Aluminum Co. reported second quarter 2023 results in Exhibit 99.1, a press release dated July 27, 2023. Net sales were $3.88 billion, down from $4.68 billion in the second quarter of 2022, while gross profit margin was 31.5% and diluted EPS was $6.49, compared with $9.15 a year earlier. Tons sold rose 1.9% year-over-year but fell 2.4% sequentially. Pretax income was $510.9 million and net income attributable to Reliance was $385.1 million. Cash flow from operations was $295.1 million in the quarter, and free cash flow was $164.9 million. Reliance ended the quarter with $816.3 million of cash and cash equivalents and total debt of $1.15 billion, with no borrowings under its $1.5 billion revolving credit facility. The company returned $132.5 million to stockholders through dividends and share repurchases, and completed the acquisition of Southern Steel Supply, LLC on May 1, 2023. The board declared a quarterly dividend of $1.00 per share. For the third quarter of 2023, the company expects tons sold to decline 2% to 4% sequentially but rise 1.5% to 3.5% year-over-year, and average selling price per ton to fall 2% to 4% sequentially. It anticipates non-GAAP diluted EPS of $4.90 to $5.10, with temporary pressure on gross profit margin from selling into a declining metal price environment.

Jul 27, 2023 8-K

Reliance 8-K Report, Shareholder Vote Results (May 18, 2023)

Reliance Steel & Aluminum Co. held its Annual Meeting of Stockholders on May 17, 2023, via live webcast, with 52,890,411 shares represented in person or by proxy, or 89.89% of the total shares outstanding as of the record date. Stockholders elected all nine nominees to the Board of Directors to serve until the next Annual Meeting, with each nominee receiving substantially more votes for than against. Lisa L. Baldwin, Karen W. Colonias, Frank J. Dellaquila, James D. Hoffman, Mark V. Kaminski, Karla R. Lewis, Robert A. McEvoy, David W. Seeger and Douglas W. Stotlar were the nominees listed in the filing. Stockholders approved, on an advisory basis, the compensation of the named executive officers with 48,227,575 votes for, 915,399 against and 42,259 abstentions. They also ratified KPMG LLP as the independent registered public accounting firm for fiscal year 2023 with 52,463,018 votes for, 395,818 against and 31,575 abstentions. On the frequency of future say-on-pay votes, one year received 45,038,989 votes, two years received 13,638 and three years received 2,443,643, and the Board determined that advisory compensation votes will be held annually until the next required frequency vote. A stockholder proposal calling for a Board policy requiring separation of the Chairman and Chief Executive Officer roles was not approved, receiving 6,402,184 votes for, 41,995,519 against and 787,530 abstentions. The filing reports 3,705,178 broker non-votes on the director, compensation and proposal items where applicable.

May 18, 2023 10-Q

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 8-K

Reliance 8-K Report, Financial Results (Apr 27, 2023)

Reliance Steel & Aluminum Co. reported first quarter 2023 results in a press release furnished as Exhibit 99.1 to this Form 8-K. Net sales were $3.97 billion ($3,965.3 million), up 9.8% from the prior quarter and down 11.6% from the first quarter of 2022. Tons sold rose 17.7% sequentially to 1,520.1 thousand tons, while average selling price per ton fell 6.3% sequentially to $2,623. Gross profit margin was 30.9%, pretax income was $508.5 million (down 27.1% year over year), and diluted EPS was $6.43, compared with $8.33 a year earlier. Non-GAAP diluted EPS was $6.37. Management said results were well ahead of its expectations. Cash flow from operations was $384.6 million, compared with $808.7 million in the fourth quarter of 2022, and free cash flow was $281.7 million. At March 31, 2023, cash and cash equivalents were $816.2 million, total debt was $1.16 billion, and there were no borrowings under the $1.5 billion revolving credit facility. The company redeemed all $500 million of senior unsecured notes on January 15, 2023. Net debt-to-EBITDA was 0.1x and total debt-to-EBITDA was 0.5x. Capital returns continued during the quarter. The company paid dividends of $62.0 million and repurchased $38.9 million of stock. On April 25, 2023, the Board declared a quarterly dividend of $1.00 per share, payable June 9, 2023. For the second quarter of 2023, the company expects tons sold to be flat to down 2% sequentially and average selling price to be flat to up 2%, with non-GAAP diluted EPS in the range of $6.40 to $6.60.

Apr 27, 2023 10-K

Reliance Annual Report, Year Ended Dec 31, 2022

Reliance Steel & Aluminum Co. reported record financial performance for 2022, with net sales of $17.03 billion, up from $14.09 billion in 2021, and diluted earnings per share of $29.92, compared with $21.97 in 2021. Gross profit was $5.25 billion, with a gross profit margin of 30.8%, versus 31.9% in 2021. Operating income rose to $2.51 billion from $1.95 billion, and net income attributable to Reliance was $1.84 billion. Management attributes the results to record average selling prices per ton sold of $3,073, up 18.5%, while tons sold rose 1.8% to 5,570.8 thousand. Gross profit margin declined from the 2021 record as metals pricing peaked in the second quarter of 2022 and fell over the rest of the year. Cash generation and shareholder returns were also strong. Net cash provided by operations was $2.12 billion, compared with $799.4 million in 2021, aided by reduced working capital investment. The company returned $847.4 million to stockholders through $217.1 million of dividends and $630.3 million of share repurchases. The quarterly dividend was raised 14.3% to $1.00 per share in February 2023. Capital expenditures were $341.8 million in 2022, and the 2023 capital expenditure budget is $500 million. Net debt-to-total capital fell to 6.3% from 18.1%, and the company had $1.2 billion in cash and cash equivalents at year end. The filing also highlights risks tied to metals price volatility, inflation, the Russia-Ukraine conflict, tariffs and foreign imports, and dependence on a limited number of suppliers. The company does not use derivatives to hedge metal prices. Total debt was $1.66 billion at December 31, 2022, reduced to $1.16 billion in January 2023 after the redemption of $500.0 million of senior notes. The company had $1.5 billion available under its revolving credit facility.

Feb 28, 2023 8-K

Reliance 8-K Report, Financial Results (Feb 16, 2023)

Reliance Steel & Aluminum Co. reported record full-year 2022 results in its Item 2.02 filing dated February 16, 2023, attaching a press release (Exhibit 99.1) for the quarter and year ended December 31, 2022. For full-year 2022, net sales were a record $17.03 billion, up 20.8% from 2021, and pretax income was a record $2.43 billion with a 14.3% pretax margin. Diluted EPS was a record $29.92, and non-GAAP diluted EPS was $30.03. Fourth-quarter net sales were $3.61 billion, down 15.0% sequentially, on tons sold down 8.2% from the third quarter. Fourth-quarter diluted EPS was $5.88, compared with $6.45 in the third quarter. Cash flow and balance sheet were strong. Cash from operations was a record $2.12 billion for 2022, and free cash flow was $1.78 billion. Cash and cash equivalents ended the year at $1.17 billion, and total debt was $1.66 billion with no borrowings under the $1.5 billion revolver. The company repurchased $630.3 million of stock in 2022, and its Board declared a quarterly dividend of $1.00 per share, an increase of 14.3%. The company also guided to first-quarter 2023 tons sold up 11% to 13% sequentially and non-GAAP diluted EPS of $5.40 to $5.60. The filing also reports that Director John G. Figueroa will retire from the Board and will not stand for reelection at the 2023 Annual Meeting, with no disagreement with the Company cited. He will continue to serve until the meeting as a member of the Compensation and Nominating and Governance Committees.

Feb 16, 2023 8-K

Reliance 8-K Report, Corporate Update (Jan 19, 2023)

Reliance Steel & Aluminum Co. filed this Form 8-K under Item 8.01 (Other Events) to report that on January 15, 2023 it completed the previously announced redemption of all of its outstanding 4.500% Senior Notes due April 15, 2023. The aggregate principal amount redeemed was $500,000,000 (i.e., $500 million). The notes were redeemed under the terms of an Indenture dated April 12, 2013, at a price equal to 100% of principal amount, plus accrued and unpaid interest, if any, up to but excluding January 15, 2023. For investors, the filing is a routine debt-retirement notice rather than a change in operating results or guidance. It confirms that the company eliminated the full $500 million of these senior notes ahead of their scheduled April 2023 maturity, with no premium payable beyond accrued interest. The filing does not state the company's cash position, funding source for the redemption, or any effect on leverage or earnings. The report was signed by Arthur Ajemyan, Senior Vice President and Chief Financial Officer, and dated January 19, 2023.

Jan 19, 2023 10-Q

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 8-K

Reliance 8-K Report, Financial Results (Oct 27, 2022)

Reliance Steel & Aluminum Co. reported third quarter 2022 results with net sales of $4.25 billion, up 10.4% year-over-year but down 9.3% sequentially from $4.68 billion in the second quarter. Diluted EPS was $6.45 versus $6.15 a year earlier, and net income attributable to Reliance was $393.5 million. Management attributed the margin pressure to declining metal prices, which pushed gross profit margin to 29.2% from 31.9% in the prior quarter. Tons sold fell 3.4% sequentially, and average selling price per ton sold dropped 6.2% sequentially to $3,039. Cash flow from operations was a record $635.7 million for the quarter and $1.31 billion for the first nine months, and free cash flow for the quarter was $540.2 million. The company repurchased approximately 1.9 million shares for $336.7 million in the quarter, under a $1 billion repurchase plan authorized on July 26, 2022. It also declared a quarterly dividend of $0.875 per share, equal to an annual rate of $3.50 per share. Total debt was $1.66 billion and cash was $643.7 million at September 30, 2022, with no borrowings under the $1.5 billion revolving credit facility. For the fourth quarter of 2022, the company expects tons sold to fall 6.5% to 8.5% sequentially and average selling price per ton sold to fall 6.0% to 8.0%, with non-GAAP diluted EPS estimated at $4.30 to $4.50. Management also expects gross profit margin pressure in the fourth quarter, which it described as temporary, and announced that CEO James D. Hoffman will step down on December 31, 2022, with Karla R. Lewis succeeding him effective January 1, 2023.

Oct 27, 2022 8-K

Reliance 8-K Report, Executive Changes (Oct 11, 2022)

Reliance Steel & Aluminum Co. announced on October 11, 2022 a planned CEO succession. James D. Hoffman will step down as Chief Executive Officer at the end of fiscal year 2022 (December 31, 2022). He will remain on the Board of Directors and serve as Senior Advisor to the CEO through December 31, 2023. Karla R. Lewis, currently President, will succeed him as CEO effective January 1, 2023. The company describes the change as a deliberate, long-planned leadership succession process, and the Board's Chairman, Mark V. Kaminski, described it as the result of a strategic, long-term succession planning process. The filing sets out compensation terms for both executives. Lewis will receive an annual base salary of $1,200,000, with a non-equity incentive plan target of 150% of base salary, and equity awards as determined by the Compensation Committee. Hoffman's base salary will be reduced to $1,100,000 in 2023. He will not receive an equity award in 2023 but will be eligible for a non-equity incentive plan target of 150% of his base salary. Lewis, age 56, has been with the company since 1992, has served as a director and President since January 2021, and sits on the board of The Goodyear Tire & Rubber Company. The press release highlights Hoffman's tenure during the pandemic, including record revenues, profitability and earnings per share, and describes the company as the largest metals service center company in North America, with approximately 315 locations. The filing includes standard forward-looking statement cautions covering inflation, economic recession, supply chain disruptions, and the Russia-Ukraine conflict.

Oct 11, 2022 10-Q

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 8-K

Reliance 8-K Report, Financial Results (Jul 28, 2022)

Reliance Steel & Aluminum Co. reported record second-quarter 2022 results in a press release furnished as Exhibit 99.1 to this Form 8-K. Net sales were $4.68 billion, gross profit was $1.50 billion at a 31.9% gross profit margin, pretax income was $762.6 million (a 16.3% margin), and diluted EPS was $9.15. Tons sold rose 2.7% sequentially, while average selling price per ton rose 1.7% sequentially. Management cited healthy demand in most end markets, continued elevated pricing for most products, and resilience amid inflation, recession concerns and supply pressures. Cash flow from operations was $270.2 million in the quarter, down from $404.0 million in the first quarter, driven by over $400 million in additional working capital requirements, according to the filing. Cash and equivalents stood at $504.5 million at June 30, 2022, total debt at $1.66 billion, and net debt-to-EBITDA at 0.4x, with no borrowings under the $1.5 billion revolving credit facility. The company repurchased about 1.1 million shares for $193.9 million in the quarter, and its board refreshed the share repurchase authorization to $1 billion with no set expiration. Looking ahead, the company estimates third-quarter 2022 tons sold will be down 3% to 5% and average selling price per ton down 5% to 7% versus the second quarter, with non-GAAP diluted EPS expected in the range of $6.00 to $6.20. The company also declared a quarterly dividend of $0.875 per share, payable September 2, 2022.

Jul 28, 2022 8-K

Reliance 8-K Report, Executive Changes (May 20, 2022)

Reliance Steel & Aluminum Co. filed this Form 8-K on May 20, 2022 to report executive leadership changes. Michael P. Shanley, Senior Vice President, Operations, notified the Company on May 18, 2022 of his intended retirement effective December 31, 2022. He will move to the role of Special Advisor effective July 1, 2022, reporting directly to CEO Jim Hoffman, and will continue receiving his current base salary through December 31, 2022 and remain eligible for a non-equity incentive award with a target of 150% of base salary for 2022. Effective July 1, 2022, Stephen P. Koch, currently Senior Vice President, Operations, will be promoted to Executive Vice President and Chief Operating Officer and will serve as the Company's principal operating officer. Koch's annual base salary will be $687,500, with a non-equity incentive target of 150% of base salary and eligibility for annual equity awards set by the Compensation Committee. Michael R. Hynes, currently President of Phoenix Corporation, will be promoted to Senior Vice President, Operations, effective the same date. The filing also reports results of the May 18, 2022 Annual Meeting of Stockholders. All ten director nominees were elected, the advisory say-on-pay proposal and the ratification of KPMG LLP as the 2022 independent registered public accounting firm were approved, and a stockholder proposal to remove the size limit on the stockholder nominating group in the proxy access bylaw was not approved. The filing states that 55,964,784 shares, or 90.34% of shares outstanding on the record date, were represented at the meeting.

May 20, 2022 10-Q

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 8-K

Reliance 8-K Report, Financial Results (Apr 28, 2022)

Reliance Steel & Aluminum Co. reported first quarter 2022 results in a press release furnished as Exhibit 99.1 to this Form 8-K, dated April 28, 2022. Net sales were a record $4.49 billion ($4,485.8 million), up 58.0% year over year and 12.5% sequentially. Gross profit was a record $1.39 billion with a 30.9% gross profit margin, pretax income was $697.2 million, and diluted EPS was a record $8.33 (non-GAAP diluted EPS $8.42). Tons sold rose 10.7% sequentially to 1,417.7 thousand, and average selling price per ton was $3,186, up 1.5% sequentially. Cash flow from operations was $404.0 million, the highest first quarter in the company's history, despite over $200 million in additional working capital requirements. At March 31, 2022, cash was $548.0 million, total debt was $1.66 billion, and net debt-to-EBITDA was 0.4x, with no borrowings under the $1.5 billion revolving credit facility. Management raised its 2022 capital expenditure budget to $455 million from $350 million, citing semiconductor and other organic growth opportunities. For the second quarter of 2022, the company estimates tons sold will be flat to up 2.0% and average selling price per ton flat to up 2.0% versus the first quarter, with non-GAAP diluted EPS expected in a range of $9.00 to $9.10. The board declared a quarterly dividend of $0.875 per share, and the company repurchased about 114,000 shares for $17.1 million in the quarter, with $695.5 million remaining under its repurchase authorization.

Apr 28, 2022