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Reliance(RS) - 2024 Q2 - Quarterly Report
2024-08-01 13:58
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q For the quarterly period ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-13122 Reliance, Inc. (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation or organization) 95-1142616 (I.R.S. Employer Identification No.) (Mark One) ☒ QU ...
Reliance's (RS) Earnings Miss, Revenues Beat Estimates in Q2
ZACKS· 2024-07-26 13:45
Reliance, Inc. (RS) posted profits of $267.8 million or $4.67 per share in the second quarter of 2024, down from $385.1 million or $6.49 per share in the year-ago quarter.Barring one-time items, the company recorded earnings of $4.65 per share. It lagged the Zacks Consensus Estimate of $4.73.The company recorded net sales of $3,643.3 million, down around 6.1% year over year. The top line beat the Zacks Consensus Estimate of $3,603.9 million. Volumes and PricingReliance reported a 4.7% year-over-year increas ...
Reliance(RS) - 2024 Q2 - Earnings Call Transcript
2024-07-25 21:14
Reliance, Inc. (NYSE:RS) Q2 2024 Earnings Conference Call July 25, 2024 11:00 AM ET Company Participants Kim Orlando - ADDO Investor Relations Karla Lewis - President and Chief Executive Officer Steve Koch - Executive Vice President and Chief Operating Officer Arthur Ajemyan - Senior Vice President and Chief Financial Officer Conference Call Participants Martin Englert - Seaport Research Partners Philip Gibbs - KeyBanc Capital Markets Timna Tanners - Wolfe Research Katja Jancic - BMO Capital Markets Lawson ...
Reliance (RS) Q2 Earnings Miss Estimates
ZACKS· 2024-07-25 13:05
Reliance (RS) came out with quarterly earnings of $4.65 per share, missing the Zacks Consensus Estimate of $4.73 per share. This compares to earnings of $6.49 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -1.69%. A quarter ago, it was expected that this metals service-center company would post earnings of $5.51 per share when it actually produced earnings of $5.30, delivering a surprise of -3.81%.Over the last four quarters, ...
Reliance(RS) - 2024 Q2 - Quarterly Results
2024-07-25 10:55
EXHIBIT 99.1 Reliance, Inc. Reports Second Quarter 2024 Financial Results - Net sales of $3.64 billion with tons sold up 4.0% from Q1 2024 - Gross profit margin of 29.8% - EPS of $4.67, non-GAAP EPS of $4.65 - Cash flow from operations of $366.3 million - $519.3 million of share repurchases in Q2 and $165.4 million in July - Completed acquisition of American Alloy Steel, Inc. on April 1, 2024 - Completed acquisition of Mid-West Materials, Inc. on April 1, 2024 | | | | | | | | | | Year | | | Year | | --- | - ...
Earnings Preview: Reliance (RS) Q2 Earnings Expected to Decline
ZACKS· 2024-07-18 15:10
Company Overview - Reliance is expected to report a year-over-year decline in earnings due to lower revenues, with the earnings report anticipated on July 25, 2024 [1] - The consensus EPS estimate for Reliance is $5.51, with a projected earnings decline of -27.1% year-over-year [2][5] - The company has a Zacks Rank of 3, indicating a hold position, which complicates predictions of an earnings beat [5][6] Earnings Estimates and Trends - The Most Accurate Estimate for Reliance is lower than the Zacks Consensus Estimate, resulting in an Earnings ESP of -0.42%, suggesting bearish sentiment among analysts [5] - Over the last 30 days, the consensus EPS estimate has remained unchanged, reflecting a stable outlook from covering analysts [2] Historical Performance - In the last reported quarter, Reliance had an earnings surprise of -3.81%, with actual earnings of $5.30 per share compared to the expected $5.51 [7] - Reliance has only beaten consensus EPS estimates once in the last four quarters, indicating a challenging earnings history [7] Industry Context - In the Zacks Mining - Miscellaneous industry, Teck Resources Ltd is expected to report earnings of $0.46 per share, reflecting a year-over-year decline of -49.5% [9] - Teck Resources has an Earnings ESP of 13.22%, suggesting a higher likelihood of beating the consensus EPS estimate, despite a recent downward revision of 12.7% in the consensus EPS estimate [9]
Reliance (RS) Buys FerrouSouth Assets, Ups Tolling Operations
ZACKS· 2024-07-16 16:00
Reliance, Inc. (RS) signed an agreement to acquire certain assets of FerrouSouth, a division of Ferragon Corporation based in Iuka, MS. FerrouSouth is renowned for its high-quality flat-rolled steel processing and provides logistics services, including shipping and warehousing, to the rapidly expanding Southeastern market.Post-acquisition, FerrouSouth operations will function as a division of Feralloy Corporation, a wholly-owned subsidiary of Reliance. For the 12 months ending Dec 31, 2023, FerrouSouth’s to ...
Reliance, Inc. Agrees to Acquire Tolling Assets from FerrouSouth
Newsfilter· 2024-07-15 10:50
SCOTTSDALE, Ariz., July 15, 2024 (GLOBE NEWSWIRE) -- Reliance, Inc. (NYSE:RS) announced that it has reached an agreement to purchase certain assets of the FerrouSouth division of Ferragon Corporation ("FerrouSouth"), a premier toll processing operation headquartered in Iuka, Mississippi. In addition to offering high quality flat-rolled steel processing, FerrouSouth provides logistics services including shipping and warehousing solutions within the rapidly growing Southeastern market. The FerrouSouth operati ...
Reliance, Inc. to Announce Second Quarter 2024 Results on Thursday, July 25th
Newsfilter· 2024-07-11 10:50
SCOTTSDALE, Ariz., July 11, 2024 (GLOBE NEWSWIRE) -- Reliance, Inc. (NYSE:RS) announced today that it will report second quarter 2024 financial results for the period ended June 30, 2024, on Thursday, July 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. Second Quarter 2024 Conference Call Det ...
Reasons to Retain Reliance (RS) Stock in Your Portfolio Now
ZACKS· 2024-06-13 13:47
Reliance, Inc. (RS) is gaining from demand strength in its major end-use markets, a diversified product base and strategic acquisitions amid pricing headwinds.Shares of Reliance, a Zacks Rank #3 (Hold) stock, have gained 10.2% in the past year compared with a 4.5% rise of the industry. Image Source: Zacks Investment Research Strong Demand, Acquisitions Drive RSReliance is benefiting from strong underlying demand in its major markets. RS saw an uptick in demand for non-residential construction in the first q ...