Core Insights - Reliance, Inc. reported its second highest annual earnings per share (EPS) of $22.64 and a fourth quarter EPS of $4.70 [1] - The company achieved a second highest annual cash flow from operations of $1.67 billion [1] - Reliance completed the acquisition of Cooksey Iron & Metal Company and announced a pending acquisition of American Alloy Steel, Inc. [1][17][18] - The company rebranded to Reliance, Inc. to reflect its evolution beyond just steel and aluminum [1][19] Financial Performance - Net sales for Q4 2023 were $3,337.3 million, a decrease of 7.9% from Q3 2023 and a 13.0% decline year-over-year [2] - Gross profit for Q4 2023 was $1,021.6 million, down 5.1% sequentially and 13.4% year-over-year [2] - The gross profit margin for Q4 2023 was 30.6%, slightly up from 29.7% in Q3 2023 but down from 31.3% in Q4 2022 [2] - Net income attributable to Reliance for Q4 2023 was $272.7 million, a decrease of 7.6% from Q3 2023 and 22.2% from Q4 2022 [3] Cash Flow and Capital Allocation - Cash provided by operations in Q4 2023 was $525.6 million, a 12.8% increase from Q3 2023 but a 21.1% decrease year-over-year [4] - Free cash flow for 2023 was $1,202.5 million, down 32.3% from 2022 [5] - The company repurchased $479.5 million of common stock in 2023 and increased its quarterly dividend by 10.0% to $1.10 per share [1][15][16] Acquisitions - The acquisition of Cooksey Iron & Metal Company was completed on February 1, 2024, with annual net sales of approximately $90 million [17] - Reliance has entered into a definitive agreement to acquire American Alloy Steel, Inc., which had annual net sales of approximately $310 million [18] Market Demand and Outlook - Tons sold in Q4 2023 were 1,354.2 thousand, a decrease of 4.7% from Q3 2023 but an increase of 4.9% year-over-year [7] - The company expects tons sold to increase by 9% to 11% in Q1 2024, with average selling prices projected to rise by 1.0% to 3.0% [21] - Demand in non-residential construction and commercial aerospace remained strong, with expectations for continued growth in these sectors [10][11]

Core Viewpoint - Reliance Steel & Aluminum Co. has announced a definitive agreement to acquire American Alloy Steel, enhancing its capabilities in specialty carbon and alloy steel distribution and processing [1][2]. Company Overview - Reliance Steel & Aluminum Co. is a leading global diversified metal solutions provider and the largest metals service center company in North America, with over 315 locations in 40 states and 12 countries [3]. - The company distributes more than 100,000 metal products to over 125,000 customers across various industries, focusing on small orders with quick turnaround and value-added processing services [3]. Acquisition Details - The acquisition of American Alloy, which reported annual net sales of approximately $310 million for the year ending December 31, 2023, is expected to close within 60 days, pending regulatory approval [1][2]. - American Alloy operates five service centers in the U.S. and has a joint venture in Canada, serving customers in military, infrastructure, power generation, and other sectors [1][2]. - The addition of American Alloy will enhance Reliance's value-added processing capabilities, including burning, cutting, rolling, and beveling [1][2]. Strategic Implications - The acquisition is anticipated to strengthen Reliance's product portfolio by adding specialty carbon steel plate and new fabrication capabilities [2]. - Reliance aims to leverage collaboration between American Alloy and its existing companies to expand product and service offerings [2].

Core Viewpoint - Reliance Steel & Aluminum Co. has acquired Cooksey Iron & Metal Co., enhancing its presence in the Southeastern market and expanding its service capabilities [1][2]. Company Overview - Cooksey Iron & Metal Co. is a metals service center that processes and distributes finished steel products, with annual net sales of approximately $90 million for the 12 months ending December 31, 2023 [1]. - Cooksey operates in multiple states including Georgia, Florida, Alabama, and South Carolina, serving a diverse customer base [1]. Market Position and Performance - The acquisition of Cooksey strengthens Reliance Steel's position in the fast-growing Southeastern market, known for premium customer service and high-quality products [2]. - Reliance Steel's shares have increased by 24.3% over the past year, contrasting with a 2.7% decline in its industry [2]. Demand and Sales Projections - Reliance Steel anticipates healthy underlying demand in its end markets for the fourth quarter of 2023, projecting year-over-year growth in tons sold between 3.5% and 5.5% [2]. - A sequential decline of 4-6% in tons sold is expected, consistent with typical seasonal patterns [2]. Pricing and Profit Margins - The company expects average selling prices per ton sold in the fourth quarter of 2023 to decrease by 4% to 6% compared to the third quarter [3]. - A temporary and modest reduction in gross profit margin is projected due to declining price trends [3]. Earnings Forecast - Reliance Steel projects adjusted earnings per share in the range of $3.70 to $3.90 for the fourth quarter [3].

SCOTTSDALE, Ariz., Feb. 02, 2024 (GLOBE NEWSWIRE) -- Reliance Steel & Aluminum Co. (NYSE:RS) announced that it has acquired all the outstanding equity interests of Cooksey Iron & Metal Co., Inc. ("Cooksey"), a metals service center that processes and distributes finished steel products, including tubing, beams, plates and bars. Headquartered in Tifton, Georgia and founded in 1917, Cooksey operates three locations, servicing a diverse range of customers including trailer manufacturers, metal building fabrica ...

SCOTTSDALE, Ariz., Feb. 01, 2024 (GLOBE NEWSWIRE) -- Reliance Steel & Aluminum Co. (NYSE:RS) announced today that it will report fourth quarter and full year 2023 financial results for the period ended December 31, 2023, on Thursday, February 15, 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 www.rsac.com. Reliance Steel & A ...

SCOTTSDALE, Ariz., Feb. 01, 2024 (GLOBE NEWSWIRE) -- Reliance Steel & Aluminum Co. (NYSE:RS) announced today that it will report fourth quarter and full year 2023 financial results for the period ended December 31, 2023, on Thursday, February 15, 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 www.rsac.com. Reliance Steel & A ...

Here at Zacks, we focus on our proven ranking system, which places an emphasis on earnings estimates and estimate revisions, to find winning stocks. But we also understand that investors develop their own strategies, so we are constantly looking at the latest trends in value, growth, and momentum to find strong companies for our readers.Of these, perhaps no stock market trend is more popular than value investing, which is a strategy that has proven to be successful in all sorts of market environments. Value ...

Reliance Steel & Aluminum Co.’s (RS) shares have shot up 31.8% over the past year. The company has also outperformed its industry’s rise of 3.6% over the same time frame. Moreover, it has topped the S&P 500’s roughly 22.4% rise over the same period.Let’s dive into the factors behind this Zacks Rank #2 (Buy) stock’s price appreciation. Image Source: Zacks Investment Research What’s Going in RS’s Favor?Reliance Steel is gaining from strong underlying demand in its major markets. It expects demand to remain he ...

Reliance Steel & Aluminum Co. (RS) has been benefiting from healthy demand across its major end-use markets, a diversified product base and strategic acquisitions.We are optimistic about its prospects and believe that the time is right to add the stock to one's portfolio as it looks poised to carry the momentum ahead.Reliance Steel carries a Zacks Rank #2 (Buy) and has a VGM Score of A. Our research shows that stocks with a VGM Score of A or B, combined with a Zacks Rank #1 (Strong Buy) or 2, offer the best ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 95-1142616 (I.R.S. Employer Identification No.) 16100 N. 71st Street, Suite 400 Scottsdale, Arizona 85254 (Address of principal executive offices, including zip code) (480) 564-5700 (Registrant's telephone number, including area code) OR ☐ TRANSITION REPORT PUR ...