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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. (NYSE: RS) announced the retirement of Executive Vice President, Operations, William K. Sales, effective January 2022. He will transition to Special Advisor starting July 1, 2021. The company also promoted Sean M. Mollins to Senior Vice President, Operations, and Brian Yamaguchi to Vice President, Supplier Development. These changes support a robust succession plan aimed at fostering continuous growth in the metals service center industry, according to CEO Jim Hoffman.
Reliance Steel & Aluminum Co. (NYSE: RS) will participate in several upcoming virtual conferences. Key executives, including CEO James Hoffman and President Karla Lewis, will present at:
- The Goldman Sachs Industrials and Materials Conference on May 13, 2021, at 11:20 a.m. ET.
- The BofA Securities Global Metals, Mining & Steel Conference on May 18, 2021, at 2:20 p.m. ET.
- The KeyBanc Industrials & Basic Materials Conference on June 2, 2021, at 2:00 p.m. ET.
All presentations will be webcast live on the Company’s website, with replays available for 90 days.
Reliance Steel & Aluminum Co. (NYSE: RS) achieved record financial results for Q1 2021, reporting net sales of $2,838.4 million, a 33% increase sequentially. Gross profit reached $953.7 million with a gross margin of 33.6%. The company reported pretax income of $359.0 million and EPS of $4.12, reflecting increases of 116.1% and 105.0%, respectively. Cash flow from operations stood at $161.8 million, despite a $182.8 million working capital investment. The strong performance is attributed to robust demand and high metals pricing, with expectations for continued strength in Q2.
Reliance Steel & Aluminum Co. (NYSE: RS) will report its first quarter 2021 financial results on April 22, 2021, at 6:50 a.m. ET. A conference call with management will follow at 11:00 a.m. ET, accessible via the company's website. Interested participants can join through dial-in numbers provided or listen to a live webcast. For those unable to attend, a replay will be available from the same day at 2:00 p.m. ET until May 6, 2021. Reliance Steel, founded in 1939, is a leading metal solutions provider, operating approximately 300 locations globally.
Reliance Steel & Aluminum Co. (NYSE: RS) will participate in the J.P. Morgan 2021 Industrials Conference on March 16, 2021. Key executives, including CEO James Hoffman and President Karla Lewis, will present virtually at 5:20 p.m. ET and engage in investor meetings throughout the day. The presentation will be available for live streaming and on-demand viewing for 90 days on their website. Reliance is recognized as a leading global metal solutions provider with over 100,000 products and a network of 300 locations.
Reliance Steel & Aluminum Co. (RS) reported strong financial results for Q4 and FY 2020, achieving a record gross profit margin of 33.0% in Q4 and 31.5% for the year. Annual EPS was $5.66, with a non-GAAP EPS of $7.71. The company generated $1.17 billion in cash flow from operations and repurchased $337.3 million in shares. A quarterly dividend was increased by 10% to $0.6875 per share. For Q1 2021, Reliance expects a 10%-12% increase in tons sold and a 12%-14% rise in average selling prices, with anticipated non-GAAP EPS of $3.40 to $3.50.
Reliance Steel & Aluminum Co. (NYSE:RS) announced it will disclose its fourth quarter and full year 2020 financial results on February 18, 2021, at 6:50 a.m. ET. A conference call hosted by management will follow at 11:00 a.m. ET, available via the company's investor website. For those unable to attend live, a replay will be accessible starting 2:00 p.m. ET the same day until March 4, 2021. Reliance, founded in 1939, operates over 300 locations globally and offers a wide range of over 100,000 metal products and value-added services.
Reliance Steel & Aluminum Co. (NYSE: RS) announced executive leadership changes on January 18, 2021. Karla R. Lewis has been appointed President and joined the Board of Directors, effective January 15, 2021. She previously served as Senior Executive VP and CFO and has been with Reliance since 1992. Arthur Ajemyan was promoted to Vice President and CFO, overseeing financial operations. Meanwhile, David H. Hannah will retire from the Board at the 2021 Annual Meeting, after a notable tenure contributing to Reliance's growth.
Reliance Steel & Aluminum Co. (NYSE: RS) announced participation in two upcoming virtual conferences. The first is the Goldman Sachs Global Metals & Mining Virtual Conference on November 18, 2020, featuring CEO James Hoffman and CFO Karla Lewis presenting and engaging with investors. The second event is the Citi 2020 Basic Materials Virtual Conference on December 2, 2020, where Karla Lewis and SVP Stephen Koch will conduct investor meetings. The Goldman Sachs presentation will be available as a live webcast on their website, with a replay accessible for 90 days.
Reliance Steel & Aluminum Co. (NYSE: RS) reported strong Q3 2020 results, achieving a gross profit margin of 32.4% and diluted EPS of $1.51, up 21.8% sequentially. The company generated $676.1 million in gross profit, a 10.0% increase from Q2 2020. However, net sales totaled $2,085.6 million, reflecting a decline of 21.7% year-over-year. The company declared a quarterly dividend of $0.625 per share and reported cash flow from operations of $296.3 million.
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