Core Viewpoint - Reliance, Inc. reported a decline in profits and net sales for the first quarter of 2024, missing consensus estimates, but anticipates a seasonal recovery in demand for the upcoming quarter [1][5]. Financial Performance - The company posted profits of $302.9 million or $5.23 per share, down from $383.1 million or $6.43 per share year-over-year [1]. - Net sales were $3,644.8 million, reflecting an 8.1% decrease year-over-year and falling short of the Zacks Consensus Estimate of $3,733.1 million [1]. - Barring one-time items, earnings were $5.30 per share, which also lagged behind the Zacks Consensus Estimate of $5.51 [1]. Volumes and Pricing - Shipments decreased by 1.7% year-over-year to 1,494 thousand tons sold, surpassing the estimate of 1,480.4 [2]. - The average selling price per ton dropped by 6.9% year-over-year to $2,442, lower than the estimate of $2,509 [2]. - Demand for non-residential construction is expected to remain strong, particularly in public infrastructure, manufacturing, and energy sectors [2]. Industry Trends - The broader manufacturing sector experienced a slight decline in demand, primarily due to downturns in agricultural equipment and consumer products, although industrial machinery activities rose [3]. - The semiconductor market showed seasonal improvement but remained below early 2023 levels, with a positive long-term outlook supported by the CHIPS Act [3]. Financial Position - At the end of Q1 2024, Reliance had $934.9 million in cash and cash equivalents and $1.15 billion in total outstanding debt, with no borrowings under its $1.5 billion revolving credit facility [4]. - The company generated cash flow from operations of $126.3 million in the first quarter [4]. Outlook - Reliance anticipates a stronger-than-usual seasonal recovery in demand for Q2 2024, projecting a 2.5-4.5% increase in tons sold, with about 2% growth from new acquisitions [5]. - The average selling price per ton is expected to decline by 1-3%, leading to short-term gross profit margin pressure [5]. - Adjusted earnings per share for Q2 2024 are forecasted to range between $4.70 and $4.90 [5]. Price Performance - Reliance's shares have increased by 21.6% over the past year, outperforming the industry average rise of 10.7% [6].

Financial Data and Key Metrics Changes - The company reported non-GAAP earnings per diluted share of $5.30 for Q1 2024, which was at the low end of the guided range due to softer pricing than anticipated [15][5] - The gross profit margin for Q1 2024 was 31%, supported by a higher-than-expected LIFO benefit and better alignment of costs [16][6] - Operating cash flow for Q1 was $126.3 million, funding $108.7 million in capital expenditures and $65.3 million in dividends [18][6] Business Line Data and Key Metrics Changes - Tons sold increased by 10.3% compared to Q4 2023, but were down 1.7% year-over-year, outperforming the service center industry decrease of 4.2% [9][10] - Carbon steel tubing, plate, and structurals represented about one-third of sales, showing solid volume growth [11] - Aerospace products accounted for about 9% of total sales, with stable demand year-over-year [12] Market Data and Key Metrics Changes - The average selling price per ton sold was $2,442, a decline of 1% compared to Q4 2023, with carbon steel prices increasing by 1% but trending down in Q2 [10][11] - Demand in the semiconductor industry has stabilized but remains down year-over-year, with a positive long-term outlook due to the CHIPS Act [13] Company Strategy and Development Direction - The company completed three acquisitions in 2024, adding nearly $500 million in annualized sales based on 2023 results, and continues to evaluate future acquisition opportunities [6][7] - The capital expenditure budget for 2024 is $440 million, with two-thirds allocated for growth projects [6][7] Management's Comments on Operating Environment and Future Outlook - Management expects a better-than-normal seasonal recovery in demand for Q2 2024, with shipping volumes anticipated to increase by 2.5% to 4.5% sequentially [19] - The company anticipates non-GAAP earnings per diluted share in the range of $4.70 to $4.90 for Q2 2024, reflecting short-term pressure on gross profit margins [20] Other Important Information - The company has a strong M&A pipeline and has completed 75 acquisitions since its IPO in 1994 [7] - The LIFO reserve on the balance sheet was $529 million, which will benefit future operating results [17] Q&A Session Summary Question: Expectations for FIFO gross margins in Q3 - Management expects FIFO gross margins to improve in Q3 as prices level out [22][23] Question: Operating expenses higher than anticipated - Management noted that increased operating expenses were due to higher volumes and ongoing infrastructure expansions [24][26] Question: Same-store volumes in Q2 and Q3 of last year - Management indicated that same-store volumes were relatively stable, with minor acquisitions not significantly affecting the numbers [31][32] Question: Impact of acquisitions on growth rates - Management confirmed that acquisitions would contribute positively to growth rates, with expectations of around 4% growth year-on-year [34][35] Question: Repurchase activity and acquisition pipeline - Management stated that no share repurchases occurred in Q1 due to ongoing acquisition activities, but they remain open to future repurchases [39][40] Question: Aerospace and defense market outlook - Management sees strong demand in the defense sector, while commercial aerospace faces near-term pressure due to supply chain adjustments [54][56]

Reliance (RS) came out with quarterly earnings of $5.30 per share, missing the Zacks Consensus Estimate of $5.51 per share. This compares to earnings of $6.37 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -3.81%. A quarter ago, it was expected that this metals service-center company would post earnings of $3.86 per share when it actually produced earnings of $4.73, delivering a surprise of 22.54%.Over the last four quarters, ...

[Executive Summary & Financial Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Financial%20Highlights) [First Quarter 2024 Financial Overview](index=1&type=section&id=First%20Quarter%202024%20Financial%20Overview) Reliance, Inc. reported **$3.64 billion** in Q1 2024 net sales, a 10.3% sequential volume increase, a 31.0% gross margin, and diluted EPS of **$5.23**, completing three acquisitions - Net sales for Q1 2024 were **$3.64 billion**, with volume increasing by **10.3%** compared to Q4 2023[1](index=1&type=chunk) - Gross profit margin reached **31.0%**, with diluted EPS at **$5.23** and non-GAAP diluted EPS at **$5.30**[1](index=1&type=chunk) - Acquisitions of Cooksey Iron & Metal Company (February 1, 2024), American Alloy Steel, Inc. (April 1, 2024), and Mid-West Materials, Inc. (April 1, 2024) were completed[1](index=1&type=chunk) [Key Financial and Business Metrics](index=1&type=section&id=Key%20Financial%20and%20Business%20Metrics) Q1 2024 saw sequential growth in net sales and gross profit, with improved EPS, but operating and free cash flow significantly declined year-over-year and sequentially Key Financial Data for Q1 2024 (million USD, except per share amounts) | Metric | Q1 2024 | Q4 2023 | Sequential Change (%) | Q1 2023 | YOY Change (%) | | :----------------------------- | :------------- | :------------- | :------------- | :------------- | :------------- | | Net Sales | 3,644.8 | 3,337.3 | 9.2% | 3,965.3 | (8.1%) | | Gross Profit | 1,128.2 | 1,021.6 | 10.4% | 1,226.0 | (8.0%) | | Gross Margin | 31.0% | 30.6% | 0.4% | 30.9% | 0.1% | | Non-GAAP Gross Margin | 31.0% | 30.6% | 0.4% | 30.9% | 0.1% | | Diluted EPS | 5.23 | 4.70 | 11.3% | 6.43 | (18.7%) | | Non-GAAP Diluted EPS | 5.30 | 4.73 | 12.1% | 6.37 | (16.8%) | | Cash Flow from Operations | 126.3 | 525.6 | (76.0%) | 384.6 | (67.2%) | | Free Cash Flow | 17.6 | 415.4 | (95.8%) | 281.7 | (93.8%) | | Volume (thousand tons) | 1,494.0 | 1,354.2 | 10.3% | 1,520.1 | (1.7%) | | Average Selling Price per Ton | 2,442 | 2,466 | (1.0%) | 2,623 | (6.9%) | [Management Commentary](index=2&type=section&id=Management%20Commentary) CEO Karla Lewis highlighted strong Q1 performance despite pricing challenges, driven by diversified markets, above-industry shipments, and strategic acquisitions, while anticipating continued pricing headwinds - Non-GAAP diluted EPS for Q1 2024 was **$5.30**, driven by increased shipments and pricing discipline[4](index=4&type=chunk) - Three acquisitions were completed, projected to add nearly **$500 million** in annualized net sales, with **$108.7 million** invested in capital expenditures[4](index=4&type=chunk) - Dividends of **$65.3 million** were distributed to shareholders, with optimism for long-term benefits from government stimulus and reshoring initiatives[4](index=4&type=chunk) [End Market Commentary](index=2&type=section&id=End%20Market%20Commentary) Reliance's Q1 2024 volume increased by 10.3% sequentially, meeting expectations, with healthy demand across most end markets, particularly in non-residential construction and automotive processing - Q1 2024 volume increased **10.3%** sequentially, aligning with management's 9% to 11% expectation, with healthy demand across most end markets[5](index=5&type=chunk) [Non-Residential Construction](index=2&type=section&id=Non-Residential%20Construction) Demand in non-residential construction, Reliance's largest end market, improved in Q1 2024, driven by new public infrastructure, manufacturing, and energy projects, with strong demand expected to continue into Q2 - Non-residential construction demand improved compared to Q1 2023, with strong demand anticipated to continue into Q2 2024[6](index=6&type=chunk) - The company continues to serve new construction projects across diverse sectors including public infrastructure, manufacturing, and energy infrastructure[6](index=6&type=chunk) [Commercial Aerospace](index=2&type=section&id=Commercial%20Aerospace) Commercial aerospace demand remained relatively stable in Q1 2024 compared to Q1 2023, with stability expected in Q2, while military and space-related aerospace business is projected to remain strong - Commercial aerospace demand remained relatively stable compared to Q1 2023, with stability expected in Q2 2024[7](index=7&type=chunk) - Military and space-related aerospace business is projected to maintain strong levels in Q2 2024[7](index=7&type=chunk) [Automotive Market](index=2&type=section&id=Automotive%20Market) Demand for Reliance's automotive processing services improved in Q1 2024 due to enhanced processing capabilities from continuous investment, with strong demand expected to persist in Q2 - Automotive processing service demand improved compared to Q1 2023, benefiting from enhanced processing capabilities[8](index=8&type=chunk) - Strong automotive processing demand is anticipated to continue in Q2 2024[8](index=8&type=chunk) [Broader Manufacturing Sectors](index=2&type=section&id=Broader%20Manufacturing%20Sectors) Demand in broader manufacturing sectors, including industrial machinery and consumer products, slightly declined in Q1 2024 compared to Q1 2023, primarily due to weakness in agricultural equipment and consumer goods - Demand in broader manufacturing sectors slightly decreased compared to Q1 2023, primarily impacted by weaker demand for agricultural equipment and consumer products[9](index=9&type=chunk) - Demand in this sector is expected to remain relatively stable in Q2 2024[9](index=9&type=chunk) [Semiconductor Market](index=2&type=section&id=Semiconductor%20Market) The semiconductor market saw seasonal improvement in Q1 2024 after stabilizing in Q4 2023, though still below Q1 2023 levels, with a positive long-term outlook driven by the CHIPS Act - The semiconductor market saw seasonal improvement in Q1 2024 after stabilizing in Q4 2023, though still below Q1 2023 levels[10](index=10&type=chunk) - Demand is expected to be relatively stable in Q2 2024, with a positive long-term outlook due to the CHIPS Act and U.S. semiconductor manufacturing expansion[11](index=11&type=chunk) [Financial Position & Capital Allocation](index=3&type=section&id=Financial%20Position%20%26%20Capital%20Allocation) [Balance Sheet & Cash Flow](index=3&type=section&id=Balance%20Sheet%20%26%20Cash%20Flow) As of March 31, 2024, Reliance held **$934.9 million** in cash, **$1.15 billion** in total debt, and generated **$126.3 million** in cash flow from operations in Q1 2024 - As of March 31, 2024, cash and cash equivalents totaled **$934.9 million**, with total debt at **$1.15 billion**[12](index=12&type=chunk) - The **$1.5 billion** revolving credit facility had no outstanding borrowings[12](index=12&type=chunk) - Cash flow from operations in Q1 2024 generated **$126.3 million**[12](index=12&type=chunk) [Stockholder Return Activity](index=3&type=section&id=Stockholder%20Return%20Activity) Reliance increased its quarterly dividend by **10.0%** to **$1.10** per share in February 2024, marking its 31st increase since IPO and 65 consecutive years of cash dividends - On February 13, 2024, the company increased its regular quarterly dividend by **10.0%** to **$1.10** per share, an annualized rate of **$4.40** per share[13](index=13&type=chunk) - This marks the **31st dividend increase** since the company's 1994 IPO[13](index=13&type=chunk) - The company has paid regular quarterly cash dividends for **65 consecutive years** without reduction or suspension[13](index=13&type=chunk) [Acquisitions](index=3&type=section&id=Acquisitions) Reliance completed three acquisitions—American Alloy Steel, Mid-West Materials, and Cooksey Iron & Metal—to enhance processing capabilities, expand product portfolios, and strengthen market presence, collectively contributing **$487 million** in 2023 net sales - Acquisition of American Alloy Steel, Inc., a leading distributor of specialty carbon and alloy steel plate and round bar, was completed on April 1, 2024, with approximately **$310 million** in 2023 net sales[14](index=14&type=chunk) - Acquisition of Mid-West Materials, Inc., a flat-rolled steel service center serving North American OEMs, was completed on April 1, 2024, with approximately **$87 million** in 2023 net sales[15](index=15&type=chunk) - Acquisition of Cooksey Iron & Metal Company, which processes and distributes finished steel products, was completed on February 1, 2024, with approximately **$90 million** in 2023 net sales[16](index=16&type=chunk) [Business Outlook](index=3&type=section&id=Business%20Outlook) Reliance anticipates a stronger-than-normal seasonal recovery in Q2 2024, with volume growth of **2.5% to 4.5%**, but expects average selling prices to decline, leading to non-GAAP diluted EPS between **$4.70** and **$4.90** - Q2 2024 volume is projected to increase **2.5% to 4.5%** sequentially, with approximately **2%** attributed to recent acquisitions[17](index=17&type=chunk) - Average selling price per ton is expected to decrease **1% to 3%** sequentially in Q2 2024, potentially pressuring short-term gross margins[17](index=17&type=chunk) - Non-GAAP diluted EPS for Q2 2024 is anticipated to be between **$4.70** and **$4.90**[17](index=17&type=chunk) [Conference Call Details](index=3&type=section&id=Conference%20Call%20Details) Reliance, Inc. held a conference call and webcast on April 25, 2024, to discuss Q1 2024 financial results and business outlook, with replay information available for review - A conference call and webcast were held on April 25, 2024, to discuss Q1 2024 financial results and business outlook[18](index=18&type=chunk) - A replay of the conference call is available on the company's investor website for 90 days[19](index=19&type=chunk) [About Reliance, Inc.](index=4&type=section&id=About%20Reliance%2C%20Inc.) Founded in 1939, Reliance, Inc. is a leading global diversified metals solutions provider and North America's largest metals service center company, serving over 125,000 customers through 320+ locations - Founded in 1939, the company is a leading global diversified metals solutions provider and North America's largest metals service center company[20](index=20&type=chunk) - It serves over **125,000 customers** through **over 320 locations** across 40 states and 12 countries, offering value-added processing and over **100,000 metal products**[20](index=20&type=chunk) - Focusing on small-batch, quick-turnaround, and value-added processing, the average order size in 2023 was **$3,210**, with approximately **51%** of orders including value-added processing and **40%** delivered within 24 hours[20](index=20&type=chunk) [Forward-Looking Statements](index=4&type=section&id=Forward-Looking%20Statements) This press release contains forward-looking statements regarding Reliance's industry, business strategy, acquisitions, future growth, and profitability, subject to known and unknown risks and uncertainties - Forward-looking statements cover industry, business strategy, acquisitions, future growth and profitability, demand, and metal pricing[21](index=21&type=chunk) - Actual results may differ materially from projections due to significant factors, including unrealized acquisition benefits, labor constraints, supply chain disruptions, and macroeconomic conditions like inflation and recession[22](index=22&type=chunk) - The company undertakes no obligation to publicly update or revise any forward-looking statements, except as required by law[23](index=23&type=chunk) [Detailed Financial Statements](index=4&type=section&id=Detailed%20Financial%20Tables) This section presents unaudited consolidated financial statements, including income statements, balance sheets, cash flow statements, and non-GAAP reconciliations, providing a comprehensive view of the company's financial performance [First Quarter 2024 Major Commodity Metrics](index=4&type=section&id=First%20Quarter%202024%20Major%20Commodity%20Metrics) In Q1 2024, all major commodities, including carbon steel, aluminum, stainless steel, and alloy, saw sequential volume growth, but average selling prices per ton decreased year-over-year across all categories Volume (thousand tons; % change) | Commodity | Q1 2024 | Q4 2023 | Sequential Change (%) | Q1 2023 | YOY Change (%) | | :---------- | :------------- | :------------- | :------------- | :------------- | :------------- | | Carbon Steel | 1,214.8 | 1,100.5 | 10.4% | 1,232.0 | (1.4%) | | Aluminum | 81.8 | 76.3 | 7.2% | 86.1 | (5.0%) | | Stainless Steel | 75.5 | 65.5 | 15.3% | 76.8 | (1.7%) | | Alloy | 33.0 | 29.2 | 13.0% | 36.3 | (9.1%) | Average Selling Price per Ton (% change) | Commodity | Q1 2024 ($) | Q4 2023 ($) | Sequential Change (%) | Q1 2023 ($) | YOY Change (%) | | :---------- | :----------------- | :----------------- | :------------- | :----------------- | :------------- | | Carbon Steel | 2,012.9 | 1,805.2 | 11.5% | 2,128.5 | (5.4%) | | Aluminum | 596.1 | 553.9 | 7.6% | 670.2 | (11.1%) | | Stainless Steel | 559.9 | 517.9 | 8.1% | 657.3 | (14.8%) | | Alloy | 171.9 | 152.3 | 12.9% | 191.4 | (10.2%) | [Sales by Product](index=5&type=section&id=Sales%20by%20Product) Carbon steel products dominated Q1 2024 sales at **53%**, followed by aluminum (**16%**) and stainless steel (**15%**), with sales proportions remaining relatively stable across product categories Sales by Product (Percentage of Total Net Sales) | Product Category | Q1 2024 | Q4 2023 | Q1 2023 | | :-------------------------------- | :------------- | :------------- | :------------- | | Carbon Steel | 53% | 52% | 52% | | Aluminum | 16% | 16% | 16% | | Stainless Steel | 15% | 15% | 16% | | Alloy | 5% | 5% | 5% | | Miscellaneous | 5% | 6% | 5% | | Processing & Logistics | 4% | 4% | 4% | | Copper & Brass | 2% | 2% | 2% | | Other | 11% | 12% | 11% | | **Total** | **100%** | **100%** | **100%** | [Unaudited Consolidated Statements of Income](index=6&type=section&id=Unaudited%20Consolidated%20Statements%20of%20Income) Reliance's Q1 2024 net sales decreased **8.1%** year-over-year to **$3.6448 billion**, resulting in reduced operating income and net income attributable to Reliance, with diluted EPS falling to **$5.23** Unaudited Consolidated Statements of Income (For the Three Months Ended March 31, million USD, except per share amounts) | Metric | 2024 | 2023 | | :---------------------------------------------------- | :----- | :----- | | Net Sales | 3,644.8 | 3,965.3 | | Cost of Sales | 2,516.6 | 2,739.3 | | Warehousing, Delivery, Selling, General & Administrative Expenses (SG&A) | 671.5 | 651.3 | | Depreciation and Amortization | 63.6 | 61.1 | | Operating Income | 393.1 | 513.6 | | Earnings Before Interest and Taxes (EBIT) | 396.2 | 508.5 | | Net Income Attributable to Reliance | 302.9 | 383.1 | | Diluted EPS | 5.23 | 6.43 | | Cash Dividends Per Share | 1.10 | 1.00 | [Unaudited Consolidated Balance Sheets](index=7&type=section&id=Unaudited%20Consolidated%20Balance%20Sheets) As of March 31, 2024, Reliance's total assets increased to **$10.7122 billion** from **$10.4803 billion** at December 31, 2023, driven by higher accounts receivable and inventory, while total equity also grew Unaudited Consolidated Balance Sheets (million USD, except share amounts) | Metric | March 31, 2024 | December 31, 2023 | | :------------------------------------ | :------------- | :------------- | | Cash and Cash Equivalents | 934.9 | 1,080.2 | | Accounts Receivable, Net | 1,686.0 | 1,472.4 | | Inventories | 2,166.9 | 2,043.2 | | Total Current Assets | 4,923.4 | 4,771.8 | | Property, Plant & Equipment, Net | 2,309.3 | 2,248.4 | | Goodwill | 2,125.3 | 2,111.1 | | Total Assets | 10,712.2 | 10,480.3 | | Total Current Liabilities | 857.4 | 843.6 | | Long-Term Debt | 1,142.6 | 1,141.9 | | Total Liabilities | 2,769.5 | 2,747.5 | | Total Equity Attributable to Reliance Stockholders | 7,932.4 | 7,722.3 | | Total Equity | 7,942.7 | 7,732.8 | [Unaudited Consolidated Statements of Cash Flows](index=8&type=section&id=Unaudited%20Consolidated%20Statements%20of%20Cash%20Flows) Cash flow from operations in Q1 2024 significantly decreased to **$126.3 million** from **$384.6 million** in Q1 2023, primarily due to changes in accounts receivable and inventory, while financing activities used less cash Unaudited Consolidated Statements of Cash Flows (For the Three Months Ended March 31, million USD) | Metric | 2024 | 2023 | | :------------------------------------------ | :----- | :----- | | Net Cash Provided by Operating Activities | 126.3 | 384.6 | | Net Cash Used in Investing Activities | (177.4) | (102.6) | | Net Cash Used in Financing Activities | (90.3) | (639.2) | | Decrease in Cash and Cash Equivalents | (145.3) | (357.2) | | Cash and Cash Equivalents at End of Period | 934.9 | 816.2 | [Non-GAAP Reconciliation](index=9&type=section&id=Non-GAAP%20Reconciliation) This section reconciles GAAP to non-GAAP financial measures, including net income, diluted EPS, pre-tax income, and gross margin, by adjusting for restructuring, settlement, and non-core asset sale items to provide a comparable view of operating performance Non-GAAP Net Income and Diluted EPS Reconciliation (For the Three Months Ended March 31, million USD, except per share amounts) | Metric | Q1 2024 ($M) | Q4 2023 ($M) | Q1 2023 ($M) | Q1 2024 EPS | Q4 2023 EPS | Q1 2023 EPS | | :------------------------------------ | :------------------ | :------------------ | :------------------ | :----------------- | :----------------- | :----------------- | | Net Income Attributable to Reliance | 302.9 | 272.7 | 383.1 | 5.23 | 4.70 | 6.43 | | Restructuring Charges | 0.3 | 1.2 | — | 0.01 | 0.02 | — | | Non-Recurring Settlement Charges | 4.6 | — | — | 0.08 | — | — | | Gain (Loss) on Sale of Non-Core Assets | — | 1.0 | (4.8) | — | 0.02 | (0.08) | | Income Tax (Benefit) Expense Related to Above Items | (1.2) | (0.5) | 1.2 | (0.02) | (0.01) | 0.02 | | **Non-GAAP Net Income Attributable to Reliance** | **306.6** | **274.4** | **379.5** | **5.30** | **4.73** | **6.37** | Non-GAAP Pre-Tax Income Reconciliation (For the Three Months Ended March 31, million USD) | Metric | Q1 2024 ($M) | Q4 2023 ($M) | Q1 2023 ($M) | | :------------------------------------ | :------------------ | :------------------ | :------------------ | | Income Before Income Taxes | 396.2 | 333.3 | 508.5 | | Restructuring Charges | 0.3 | 1.2 | — | | Non-Recurring Settlement Charges | 4.6 | — | — | | Gain (Loss) on Sale of Non-Core Assets | — | 1.0 | (4.8) | | **Non-GAAP Pre-Tax Income** | **401.1** | **335.5** | **503.7** | Non-GAAP Gross Profit and Gross Margin Reconciliation (For the Three Months Ended March 31) | Metric | Q1 2024 | Q4 2023 | Q1 2023 | | :-------------------------- | :------------- | :------------- | :------------- | | Gross Profit - LIFO | $1,128.2 | $1,021.6 | $1,226.0 | | Non-GAAP Gross Profit | $1,128.2 | $1,021.8 | $1,226.0 | | LIFO Income | $(50.0) | $(59.5) | $(15.0) | | Non-GAAP Gross Profit - FIFO | $1,078.2 | $962.3 | $1,211.0 | | Gross Margin - LIFO | 31.0% | 30.6% | 30.9% | | Non-GAAP Gross Margin | 31.0% | 30.6% | 30.9% | | LIFO Income as a Percentage of Net Sales | (1.4%) | (1.8%) | (0.4%) | | Non-GAAP Gross Margin - FIFO | 29.6% | 28.8% | 30.5% | [Footnotes](index=11&type=section&id=Footnotes) This section defines and explains non-GAAP financial measures used in the report, including gross profit, gross margin, free cash flow, and leverage ratios, clarifying their calculation and management's rationale for their use - Gross profit and gross margin are non-GAAP financial measures as they exclude depreciation and amortization expenses related to sales[41](index=41&type=chunk) - Free cash flow is calculated as cash provided by operating activities less capital expenditures[42](index=42&type=chunk) - Net debt to total capital ratio and net debt to total debt to EBITDA ratio are leverage measures used by management to monitor debt levels[42](index=42&type=chunk)[43](index=43&type=chunk)

SCOTTSDALE, Ariz., April 11, 2024 (GLOBE NEWSWIRE) -- Reliance, Inc. (NYSE:RS) announced today that it will report first quarter 2024 financial results for the period ended March 31, 2024, on Thursday, April 25, 2024, at 6:50 a.m. Eastern Time. Reliance management will host a conference call that same day at 11:00 a.m. Eastern Time. The call will be broadcast live over the Internet hosted on the Investors section of the Company's website at reliance.com. Reliance, Inc. First Quarter 2024 Conference Call Det ...

Core Points - Reliance, Inc. will report its first quarter 2024 financial results on April 25, 2024, at 6:50 a.m. Eastern Time [1] - A conference call will be held on the same day at 11:00 a.m. Eastern Time, which will be broadcast live on the company's website [1][2] - A replay of the conference call will be available from 2:00 p.m. Eastern Time on April 25, 2024, until 11:59 p.m. Eastern Time on May 9, 2024 [2] Company Overview - Reliance, Inc. is a leading global diversified metal solutions provider and the largest metals service center company in North America [3] - The company operates over 320 locations across 40 states and 12 countries, providing value-added metals processing services and distributing over 100,000 metal products to more than 125,000 customers [3] - In 2023, the average order size was $3,210, with approximately 51% of orders including value-added processing and about 40% delivered within 24 hours [3]

Reliance, Inc.'s (RS) shares touched a new 52-week high of $342.20 on Apr 8, before closing the session at $337.08.RS has a market capitalization of roughly $19.4 billion and carries a Zacks Rank #3 (Hold) at present.The company’s shares have rallied 37.1% over the past year, outperforming the 4.4% rise of its industry. Image Source: Zacks Investment Research What’s Driving RS?Reliance is benefiting from strong underlying demand in its major markets. It anticipates continued healthy demand trends in the fir ...

Reliance, Inc. (RS) has successfully acquired all outstanding equity interests of Mid-West Materials, Inc., a leading flat-rolled steel service center primarily catering to North American OEMs. Established in 1952 and headquartered in Perry, OH, MidWest Materials offers a diverse range of steel products, including hot-rolled, high-strength hot-rolled, coated and cold-rolled varieties. These products serve various industries, such as trailer manufacturing, agriculture, metal fabrication and building products ...

Core Insights - Reliance, Inc. has completed the acquisition of American Alloy Steel, Inc. effective April 1, 2024, enhancing its processing capabilities and product portfolio [1][2] - American Alloy reported annual net sales of approximately $310 million for the year ending December 31, 2023 [2] Company Overview - Reliance, Inc. is a leading global diversified metal solutions provider and the largest metals service center company in North America, with over 315 locations across 40 states and 12 countries [3] - The company distributes over 100,000 metal products to more than 125,000 customers, focusing on small orders with quick turnaround and value-added processing services [3] - In 2023, Reliance's average order size was $3,210, with approximately 51% of orders including value-added processing and about 40% delivered within 24 hours [3]

Group 1 - Reliance, Inc. has acquired Mid-West Materials, a flat-rolled steel service center, enhancing its presence in North American OEM markets [1][2] - Mid-West Materials reported annual net sales of approximately $87 million for the year ending December 31, 2023 [1] - The acquisition aligns with Reliance's strategy of acquiring well-run companies that are immediately accretive to earnings and expand customer offerings [2] Group 2 - Reliance, Inc. is the largest metals service center company in North America, with over 315 locations across 40 states and 12 countries [3] - The company distributes over 100,000 metal products to more than 125,000 customers, focusing on small orders with quick turnaround [3] - In 2023, approximately 51% of Reliance's orders included value-added processing, and about 40% were delivered within 24 hours [3]