Welcome to our dedicated page for Reliance news (Ticker: RS), a resource for investors and traders seeking the latest updates and insights on Reliance stock.
Reliance Inc (NYSE: RS), North America's premier metals service center, delivers essential updates through this dedicated news hub. Track official announcements, operational developments, and strategic initiatives from the leader in value-added metal processing and distribution.
Investors and industry professionals access curated updates including earnings reports, facility expansions, sustainability efforts, and supply chain innovations. Our coverage spans RS's core markets: construction materials, aerospace alloys, automotive-grade metals, and specialized industrial applications.
This resource simplifies monitoring of critical business activities through verified press releases and market analyses. Discover how RS maintains its leadership across 300+ global locations while adapting to evolving industry demands and material science advancements.
Bookmark this page for real-time insights into Reliance's operational milestones, partnership announcements, and technological investments that shape the metals distribution landscape.
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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