Core Viewpoint - Reliance, Inc. is benefiting from a diversified business model, strategic acquisitions, and strong liquidity despite facing pricing and demand challenges [1][2]. Group 1: Acquisitions and Liquidity - Reliance has adopted an aggressive acquisition strategy, completing 76 acquisitions since its IPO in 1994, enhancing product diversification and processing capabilities [3]. - Recent acquisitions, including Rotax Metals, Admiral Metals, and Nu-Tech Precision Metals, align with its strategy to invest in high-quality businesses and expand its market reach [4]. - The acquisition of FerrouSouth's toll processing assets in August 2024 enhances Reliance's toll processing capabilities and capacity in the Southeastern United States [5]. - In Q3 2024, Reliance returned $60.6 million to shareholders in cash dividends and repurchased shares worth $432 million, with a cash and cash equivalents balance of $314.6 million [6]. - The company generated $463.9 million in cash flow from operations during the same quarter, supported by solid profitability and effective working capital management [6]. - Reliance entered into a five-year unsecured revolving credit facility worth $1.5 billion, strengthening its liquidity position and capital allocation strategies [7]. Group 2: Pricing and Demand Challenges - Reliance faced pricing pressure in Q3 2024, with an average selling price per ton sold declining approximately 12% year over year [8]. - The company anticipates a further decline in average selling prices by 1.5-3.5% sequentially in Q4 2024 due to ongoing pricing pressures across carbon steel products [8]. - Reliance expects a 6-8% decrease in tons sold in Q4 2024 compared to Q3 2024, influenced by seasonal trends and increased macroeconomic and political uncertainty [9].

TORONTO, Dec. 20, 2024 (GLOBE NEWSWIRE) -- Real Estate Split Corp. (TSX: RS and RS.PR.A) is pleased to announce that a distribution for December 2024 will be payable to Class A shareholders as follows: Record DatePayable DateDistribution Per Equity ShareDecember 31, 2024January 15, 2025$0.13 The Fund also announces the fourth quarter distribution of 2024 will be payable to preferred shareholders as follows: Record DatePayable Date ...

[PART I — FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20%E2%80%94%20FINANCIAL%20INFORMATION) Presents Reliance, Inc.'s unaudited consolidated financial statements and management's discussion for Q3 and YTD 2024 [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) Presents unaudited consolidated financial statements for Reliance, Inc. for Q3 and YTD 2024 and 2023, with notes [Unaudited Consolidated Statements of Income](index=3&type=section&id=Unaudited%20Consolidated%20Statements%20of%20Income) Details Reliance's net sales, operating income, net income, and EPS for the three and nine months ended September 30, 2024 and 2023 Consolidated Statements of Income (in millions, except per share amounts) | Metric | Three Months Ended Sep 30, 2024 | Three Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2024 | Nine Months Ended Sep 30, 2023 | | :---------------------------------------- | :------------------------------ | :------------------------------ | :----------------------------- | :----------------------------- | | Net sales | $3,420.3 | $3,623.0 | $10,708.4 | $11,468.6 | | Operating income | $273.4 | $389.5 | $1,018.2 | $1,414.4 | | Income before income taxes | $260.5 | $388.0 | $1,006.4 | $1,407.4 | | Net income attributable to Reliance | $199.2 | $295.0 | $769.9 | $1,063.2 | | Basic EPS attributable to Reliance | $3.64 | $5.05 | $13.68 | $18.13 | | Diluted EPS attributable to Reliance | $3.61 | $4.99 | $13.55 | $17.92 | - Net sales decreased by **5.6%** for the three months ended September 30, 2024, and by **6.6%** for the nine months ended September 30, 2024, compared to the respective prior year periods. Net income attributable to Reliance decreased by **32.4%** for the three months and **27.6%** for the nine months[4](index=4&type=chunk) [Unaudited Consolidated Statements of Comprehensive Income](index=3&type=section&id=Unaudited%20Consolidated%20Statements%20of%20Comprehensive%20Income) Presents net income and other comprehensive income components, including foreign currency translation and postretirement adjustments Consolidated Statements of Comprehensive Income (in millions) | Metric | Three Months Ended Sep 30, 2024 | Three Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2024 | Nine Months Ended Sep 30, 2023 | | :------------------------------------------------ | :------------------------------ | :------------------------------ | :----------------------------- | :----------------------------- | | Net income | $199.9 | $296.0 | $772.0 | $1,066.7 | | Foreign currency translation gain (loss) | $19.3 | $(11.9) | $(3.8) | $(10.7) | | Postretirement benefit plan adjustments, net of tax | $(0.9) | $(0.9) | $(2.6) | $(2.4) | | Total other comprehensive income (loss) | $18.4 | $(12.8) | $(6.4) | $(13.1) | | Comprehensive income attributable to Reliance | $217.6 | $282.2 | $763.5 | $1,050.1 | - Comprehensive income attributable to Reliance decreased by **22.8%** for the three months ended September 30, 2024, and by **27.3%** for the nine months ended September 30, 2024, compared to the respective prior year periods. This was primarily driven by lower net income, despite a positive foreign currency translation gain in the current quarter[5](index=5&type=chunk) [Unaudited Consolidated Balance Sheets](index=5&type=section&id=Unaudited%20Consolidated%20Balance%20Sheets) Outlines Reliance's financial position, including assets, liabilities, and equity, as of September 30, 2024, and December 31, 2023 Consolidated Balance Sheets (in millions) | Asset/Liability/Equity | Sep 30, 2024 | Dec 31, 2023* | | :-------------------------------------- | :----------- | :------------ | | **ASSETS:** | | | | Cash and cash equivalents | $314.6 | $1,080.2 | | Accounts receivable, net | $1,566.7 | $1,472.4 | | Inventories | $2,205.8 | $2,043.2 | | Total current assets | $4,212.5 | $4,771.8 | | Property, plant and equipment, net | $2,503.0 | $2,248.4 | | Goodwill | $2,170.9 | $2,111.1 | | Intangible assets, net | $1,031.5 | $981.1 | | Total assets | $10,300.8 | $10,480.3 | | **LIABILITIES AND EQUITY:** | | | | Accounts payable | $440.9 | $410.3 | | Current maturities of long-term debt | $399.5 | $0.3 | | Total current liabilities | $1,272.5 | $843.6 | | Long-term debt | $867.8 | $1,141.9 | | Total liabilities | $2,939.6 | $2,747.5 | | Total Reliance stockholders' equity | $7,350.5 | $7,722.3 | | Total equity | $7,361.2 | $7,732.8 | | Total liabilities and equity | $10,300.8 | $10,480.3 | - Total assets decreased by **1.7%** from December 31, 2023, to September 30, 2024, primarily due to a significant decrease in cash and cash equivalents. Total liabilities increased by **6.9%**, mainly driven by a substantial increase in current maturities of long-term debt[8](index=8&type=chunk) [Unaudited Consolidated Statements of Cash Flows](index=7&type=section&id=Unaudited%20Consolidated%20Statements%20of%20Cash%20Flows) Summarizes cash flows from operating, investing, and financing activities for the nine months ended September 30, 2024 and 2023 Consolidated Statements of Cash Flows (in millions) | Activity | Nine Months Ended Sep 30, 2024 | Nine Months Ended Sep 30, 2023 | | :---------------------------------------- | :----------------------------- | :----------------------------- | | Net cash provided by operating activities | $956.5 | $1,145.7 | | Net cash used in investing activities | $(673.4) | $(367.8) | | Net cash used in financing activities | $(1,048.7) | $(970.7) | | Decrease in cash and cash equivalents | $(765.6) | $(196.5) | | Cash and cash equivalents at end of period| $314.6 | $976.9 | - Net cash provided by operating activities decreased by **16.5%** year-over-year. Net cash used in investing activities significantly increased by **83.1%**, primarily due to higher acquisition spending in 2024. Net cash used in financing activities increased by **8.0%**, driven by increased share repurchases[11](index=11&type=chunk) [Unaudited Consolidated Statements of Equity](index=8&type=section&id=Unaudited%20Consolidated%20Statements%20of%20Equity) Details changes in Reliance's equity, including net income, dividends, and share repurchases, for 2024 and 2023 Consolidated Statements of Equity (in millions, except per share amounts) | Equity Component | Nine Months Ended Sep 30, 2024 | Nine Months Ended Sep 30, 2023 | | :---------------------------------------------- | :----------------------------- | :----------------------------- | | Total equity, beginning balances | $7,732.8 | $7,095.9 | | Net income attributable to Reliance | $769.9 | $1,063.2 | | Cash dividends and dividend equivalents | $(188.5) | $(179.3) | | Repurchase of common shares | $(926.8) | $(202.3) | | Total Reliance stockholders' equity, ending balances | $7,350.5 | $7,724.3 | | Cash dividends declared per common share | $3.30 | $3.00 | - Total Reliance stockholders' equity decreased by **4.8%** from the beginning of the year to September 30, 2024, primarily due to significant share repurchases totaling **$926.8 million**, partially offset by net income[13](index=13&type=chunk) [Notes to Unaudited Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Unaudited%20Consolidated%20Financial%20Statements) Provides detailed explanations and disclosures supporting the unaudited consolidated financial statements [Note 1. Summary of Significant Accounting Policies](index=8&type=section&id=Note%201.%20Summary%20of%20Significant%20Accounting%20Policies) Outlines Reliance's key accounting principles, including inventory valuation and recently issued accounting standards - Reliance, Inc. (formerly Reliance Steel & Aluminum Co.) consolidated financial statements are prepared in accordance with U.S. GAAP for interim financial information. The majority of inventory is valued using the LIFO method. Recently issued accounting standards on segment reporting and income tax disclosures will be effective for fiscal years beginning January 1, 2024 (segment reporting for quarterly periods beginning Jan 1, 20

Reliance, Inc. (RS) posted profits of $199.2 million or $3.61 per share in the third quarter of 2024, down from $295 million or $4.99 per share in the year-ago quarter. Barring one-time items, RS recorded earnings of $3.64 per share, down from $5.00 a year ago. It lagged the Zacks Consensus Estimate of $3.69. Find the latest EPS estimates and surprises on Zacks Earnings Calendar. The company recorded net sales of $3,420.3 million, down around 6% year over year. The top line beat the Zacks Consensus Estimate ...

Reliance, Inc. (NYSE:RS) Q3 2024 Earnings Conference Call October 24, 2024 11:00 AM ET Company Participants Kimberly Orlando - ADDO Investor Relations Karla Lewis - President and Chief Executive Officer Stephen Koch - Executive Vice President and Chief Operating Officer Arthur Ajemyan - Senior Vice President and Chief Financial Officer Conference Call Participants Katja Jancic - BMO Capital Markets Philip Gibbs - KeyBanc Capital Markets Operator Ladies and gentlemen, good morning, and welcome to the Relian ...

Financial Data and Key Metrics Changes - The company reported non-GAAP earnings per diluted share of $3.64, which is a 21.7% decrease compared to Q2 2024 [18] - Cash flow from operations was $463.9 million, slightly down from $466 million in Q3 2023, indicating strong profitability and effective working capital management [21] - Gross profit margin declined from 29.8% in Q2 to 29.4% in Q3 due to pricing headwinds [19] Business Line Data and Key Metrics Changes - Tons sold increased by 7.1% year-over-year, outperforming the service center industry decrease of 1.2% [10] - The average selling price per ton sold decreased by 4.3% compared to Q2 2024, reflecting a decline in carbon steel product prices [11] - The non-residential construction market, which includes carbon steel tubing, plate, and structural products, represented about one-third of sales and showed significant year-over-year growth [12] Market Data and Key Metrics Changes - Demand in the aerospace sector remains stable, with commercial aerospace demand being fundamentally healthy despite production challenges [14] - The semiconductor industry is experiencing subdued demand but shows signs of stabilization in certain areas [16] - The automotive market, particularly through toll processing operations, has not shown a slowdown, with stable demand expected [31] Company Strategy and Development Direction - The company continues to focus on acquisitions that align with its growth strategy, having completed four acquisitions in 2024 [6] - A $1.5 billion refresh of the share repurchase plan was approved, indicating a commitment to returning value to shareholders [23] - The company aims to maintain its competitive edge through diversified product offerings and value-added processing capabilities [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in long-term growth despite short-term uncertainties, citing potential economic activity increases in 2025 [28] - The company anticipates a decline in tons sold of 6% to 8% in Q4 compared to Q3, but an increase of 4% to 6% compared to Q4 2023 [24] - Management noted that the upcoming presidential election and lower interest rates could positively impact demand in the future [29] Other Important Information - The company celebrated its 85th anniversary and 30th anniversary as a publicly traded company [9] - The board of directors will see a change in leadership, with Doug Stottler succeeding Mark Kaminsky as independent Non-Executive Chair effective January 1, 2025 [8] Q&A Session Summary Question: Impact of temporary factors on Q4 demand - Management noted increased uncertainty at the customer level, particularly due to the presidential election, but remains confident in long-term growth [27][28] Question: Slowdown in the automotive market - Management indicated stable demand in the automotive toll processing business, with no significant pullback observed [30][31] Question: LIFO reserve and pricing dynamics - Management explained that unique inventory characteristics are shifting LIFO income realization to 2025, affecting current estimates [38][40] Question: Gross margins and Q4 expectations - Management suggested that Q4 could be a trough for gross margins, depending on pricing trends in Q1 2025 [42][43] Question: Semiconductor market stabilization - Management acknowledged some activity in the semiconductor consumables sector but noted ongoing challenges in the infrastructure side [46]

Reliance (RS) came out with quarterly earnings of $3.64 per share, missing the Zacks Consensus Estimate of $3.69 per share. This compares to earnings of $5 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -1.36%. A quarter ago, it was expected that this metals service-center company would post earnings of $4.73 per share when it actually produced earnings of $4.65, delivering a surprise of -1.69%.Over the last four quarters, th ...

EXHIBIT 99.1 Balance Sheet and Cash Flow Data: Reliance, Inc. Reports Third Quarter 2024 Financial Results — Net sales of $3.42 billion with tons sold up 7.1% from Q3 2023 — Gross profit margin of 29.4% — EPS of $3.61, non-GAAP EPS of $3.64 — Cash flow from operations of $463.9 million — Share repurchases of $432.0 million reduced outstanding shares by 3%; replenished existing share repurchase program to $1.5 billion — Amended and restated $1.5 billion credit agreement for a new five-year term — Completed a ...

— Net sales of $3.42 billion with tons sold up 7.1% from Q3 2023 — Gross profit margin of 29.4% — EPS of $3.61, non-GAAP EPS of $3.64 — Cash flow from operations of $463.9 million — Share repurchases of $432.0 million reduced outstanding shares by 3%; replenished existing share repurchase program to $1.5 billion — Amended and restated $1.5 billion credit agreement for a new five-year term — Completed acquisition of FerrouSouth toll processing assets on August 16, 2024 SCOTTSDALE, Ariz., Oct. 24, 2024 (GLOBE ...

The market expects Reliance (RS) to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended September 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on ...