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Reliance, Inc. (NYSE: RS) is the largest metals service center company in North America, headquartered in Los Angeles, California. Founded in 1939, the company has evolved into a global diversified metal solutions provider with a network of over 320 locations in 40 states and 12 countries outside the United States. Reliance offers value-added metals processing services and distributes over 100,000 metal products including galvanized, hot-rolled and cold-finished steel, stainless steel, aluminum, brass, copper, titanium, and alloy steel. These products are utilized by more than 125,000 customers across a broad range of industries.
Reliance focuses on small orders with quick turnaround and value-added processing services, ensuring approximately 40% of orders are delivered within 24 hours. As of 2023, the company's average order size was $3,210, with around 51% of orders including value-added processing. Recent achievements include the acquisition of Cooksey Iron & Metal Company, Mid-West Materials, and American Alloy Steel, which have collectively added nearly $500 million in annualized net sales to Reliance.
Under the leadership of President and CEO Karla Lewis, Reliance has maintained strong financial performance, delivering annual earnings per diluted share of $22.64 in 2023, the second highest in the company's history. The company generated significant cash flow from operations, totaling $1.67 billion in 2023, which was allocated towards growth opportunities, capital expenditures, and returning value to stockholders through dividends and share repurchases.
Reliance serves a diverse range of end markets including non-residential construction, aerospace, automotive, industrial machinery, consumer products, and heavy equipment. The company's strategic investments in organic growth and acquisitions continue to bolster its market share and enhance its value-added processing capabilities. In response to evolving market conditions and customer needs, Reliance remains committed to providing exceptional service and leveraging its strong balance sheet to fund profitable growth initiatives.
With a long-term positive outlook on the semiconductor market and other growth opportunities arising from government initiatives such as the Infrastructure Bill and the CHIPS Act, Reliance is well-positioned to benefit from these developments. The company also focuses on maintaining a strong balance sheet, with cash and cash equivalents totaling $934.9 million as of March 31, 2024, and no outstanding borrowings under its $1.5 billion revolving credit facility.
Reliance (NYSE: RS) announced its participation in the Baird 2024 Global Industrial Conference on November 13, 2024, in Chicago. Key executives including CEO Karla Lewis, CFO Arthur Ajemyan, and COO Stephen Koch will represent the company. The presentation is scheduled for 4:40 p.m. CT and will be available via live webcast on the company's investor relations website, with a replay accessible for 90 days afterward.
Reliance (NYSE: RS) reported Q3 2024 financial results with net sales of $3.42 billion, down 5.6% year-over-year, while tons sold increased 7.1%. The company achieved a gross profit margin of 29.4% and EPS of $3.61 ($3.64 non-GAAP). Cash flow from operations was $463.9 million. Reliance completed strategic initiatives including $432.0 million in share repurchases, reducing outstanding shares by 3%, amended its $1.5 billion credit agreement, and acquired FerrouSouth toll processing assets. The company expects Q4 2024 tons sold to decrease 6-8% sequentially due to seasonal trends and market uncertainty, with non-GAAP EPS guidance of $2.65-$2.85.
Reliance, Inc. (NYSE:RS) has announced it will report its third quarter 2024 financial results on Thursday, October 24, 2024, at 6:50 a.m. Eastern Time. The company will host a conference call on the same day at 11:00 a.m. Eastern Time. The call will be broadcast live over the Internet on the Investors section of Reliance's website at reliance.com.
Conference call details include:
- Date: Thursday, October 24, 2024
- Time: 8:00 a.m. Pacific Time / 10:00 a.m. Central Time / 11:00 a.m. Eastern Time
- Dial-in: (877) 407-0792 (U.S. and Canada) / (201) 689-8263 (International)
- Conference ID: 13749249
A replay of the call will be available from 2:00 p.m. Eastern Time on October 24 until 11:59 p.m. Eastern Time on November 7, 2024. The webcast will remain on Reliance's website for 90 days.
Reliance (NYSE: RS) has appointed James K. Kamsickas as an independent director, effective October 1, 2024. Kamsickas, 57, brings strategic leadership and industrial operating expertise to the board. His term will expire at the 2025 Annual Meeting of Stockholders. With this addition, Reliance's Board now comprises nine members, eight of whom are independent.
In a planned succession move, Douglas W. Stotlar will become the new independent, non-executive Chairman of the Board effective January 1, 2025, replacing Mark Kaminski. Kaminski, who has served as Chairman since July 2016, will continue as a board member.
Kamsickas is currently the chairman and CEO of Dana Incorporated (NYSE: DAN), a global leader in propulsion and energy-management solutions. He previously held leadership positions at International Automotive Components and Lear
Reliance (NYSE: RS) has secured an amended and restated $1.5 billion five-year unsecured revolving credit facility, effective September 10, 2024. The company plans to use the funds for general corporate purposes, growth, and stockholder return activities. CEO Karla Lewis highlighted that Reliance's improved financial condition and upgraded credit ratings since 2020 have led to more favorable pricing and fewer restrictive covenants. The new facility is expected to strengthen Reliance's liquidity position and enhance its capacity to pursue capital allocation priorities. Bank of America N.A. serves as the Administrative Agent, with JPMorgan Chase and Wells Fargo as Co-Syndication Agents, and PNC Bank and Toronto-Dominion Bank as Co-Documentation Agents.
Reliance (NYSE: RS) is set to commemorate its 30th anniversary as a public company by ringing the closing bell at the New York Stock Exchange on September 19, 2024. CEO Karla Lewis will lead the ceremony, which will be live-streamed at 3:55 p.m. ET. Since its 1994 IPO at $14.50 per share, Reliance has grown from $450 million in annual sales to over $14.8 billion in 2023, becoming North America's largest metals service center company.
The company's stock closed at $272.22 on September 11, 2024, yielding a total compound annual growth rate of approximately 17.1%, outperforming the S&P 500. Reliance attributes its success to its dedicated team, commitment to customer value, employee safety, and strong stockholder returns. As it celebrates 85 years in business, the company remains focused on executing and improving its unique and resilient business model.
Reliance, Inc. (NYSE: RS) reported Q2 2024 financial results with net sales of $3.64 billion and tons sold up 4.0% from Q1 2024. The company achieved a gross profit margin of 29.8% and EPS of $4.67. Cash flow from operations was $366.3 million. Reliance completed two acquisitions: American Alloy Steel and Mid-West Materials. The company repurchased $519.3 million of shares in Q2 and an additional $165.4 million in July. Despite challenges in carbon steel pricing, Reliance maintained a strong gross profit margin within its long-term sustainable range. The company expects Q3 2024 tons sold to be down 2.5% to 4.5% due to seasonal patterns, with average selling price per ton sold projected to decrease by 2% to 4%.
Reliance, Inc. (NYSE: RS) has announced an agreement to acquire certain assets of FerrouSouth, a division of Ferragon FerrouSouth, based in Iuka, Mississippi, offers high-quality flat-rolled steel processing and logistics services in the growing Southeastern market. The acquired operations will become part of Reliance's subsidiary, Feralloy FerrouSouth's annual net sales for 2023 were approximately $15 million. The transaction, with undisclosed terms, is expected to close within 30 days, subject to customary conditions.
Karla Lewis, President and CEO of Reliance, stated that this acquisition will expand Feralloy's toll processing capabilities and capacity in the Southeastern United States. The integration is expected to drive growth for FerrouSouth's operations, leveraging Reliance's scale, customer relationships, and industry expertise.
Reliance, Inc. (NYSE: RS) has announced it will release its second quarter 2024 financial results on Thursday, July 25, 2024. The results will cover the period ending June 30, 2024, and will be made public at 6:50 a.m. Eastern Time.
Following the release, Reliance's management will host a live conference call at 11:00 a.m. Eastern Time to discuss the results. The call can be accessed via web broadcast on the Investors section of the company's website.
For those unable to join live, a replay will be available from 2:00 p.m. Eastern Time on the same day until August 8, 2024. The webcast will remain on the company's website for 90 days.
Reliance, Inc. (NYSE: RS) announced its participation in several investor conferences, including The BofA Securities 2024 Global Metals, Mining & Steel Conference, KeyBanc 2024 Industrials & Basic Materials Conference, and Wolfe Research 2nd Annual Small and Mid-Cap Conference. The management team, including President and CEO Karla Lewis, will present and meet with investors, with webcasts available on the Company's website.
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