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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 Steel & Aluminum Co. (RS) reported robust Q1 2023 results with net sales of $3.97 billion, a 9.8% increase from Q4 2022. Tons sold surged by 17.7%, highlighting strong demand. Gross profit margin stood at 30.9%, while pretax income reached $508.5 million, marking a 13.9% increase quarter-over-quarter. EPS was reported at $6.43, demonstrating a 9.4% increase from the previous quarter. Cash flow from operations was strong at $384.6 million, although free cash flow decreased by 60.7%. The company continues to return capital to shareholders through dividends and stock repurchases.
The outlook for Q2 indicates stability in demand but expects tons sold to be flat to down 2% due to operational factors.
Reliance Steel & Aluminum Co. (NYSE: RS) will release its first quarter 2023 financial results on April 27, 2023, at 6:50 a.m. Eastern Time. The company will hold a conference call at 11:00 a.m. Eastern Time that same day, which will be accessible via its website. A replay of the call will be available from 2:00 p.m. Eastern Time on April 27 until May 11, 2023. Reliance Steel & Aluminum Co., established in 1939, is North America's largest metals service center company, with approximately 315 locations in 40 states and 12 countries. The company serves over 125,000 customers, offering more than 100,000 metal products. In 2022, the average order size was $3,670, with 50% of orders including value-added processing.
On March 9, 2023, Reliance Steel & Aluminum Co. (NYSE:RS) donated $1 million to Ronald McDonald House Charities (RMHC). The donation was presented by CEO Karla Lewis during the Reliance Managers’ Meeting. This contribution marks a significant enhancement of the Reliance Cares program, which supports employee engagement and local communities. RMHC provides vital healthcare access to families with sick children, reinforcing Reliance's commitment to community wellbeing. The donation is intended to foster in-person and virtual connections for Reliance employees with RMHC's mission, covering 12 countries and 40 U.S. states.
Reliance Steel & Aluminum Co. (NYSE: RS) will participate in the BMO Global Metals, Mining & Critical Minerals Conference on March 1, 2023, in Hollywood, Florida. CEO Karla Lewis and CFO Arthur Ajemyan are scheduled to present at 8:00 a.m. ET and engage in investor meetings throughout the day. The presentation will be available via live webcast on the Company’s website, with a replay accessible for 90 days post-event. Founded in 1939, Reliance is the largest metals service center company in North America, operating around 315 locations globally and distributing over 100,000 metal products to over 125,000 customers.
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