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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 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.
Reliance Steel & Aluminum Co. (NYSE:RS) will announce its third quarter 2020 financial results on October 22, 2020, at 6:50 a.m. ET. A conference call will follow at 11:00 a.m. ET, accessible via the Company's investor website. For those unable to join live, a replay will be available from 2:00 p.m. ET on the same day until November 5, 2020. The company, a leading global diversified metal solutions provider, is headquartered in Los Angeles and operates over 300 locations across North America and beyond.
Reliance Steel & Aluminum Co. (NYSE: RS) will participate in the Morgan Stanley Virtual 8th Annual Laguna Conference on September 17, 2020. The company's CEO, James Hoffman, and CFO, Karla Lewis, are scheduled to present at 4:30 p.m. ET and engage in virtual meetings with investors. The presentation will be available via a live webcast on the company's website, with a replay accessible for 90 days post-event.
Reliance Steel & Aluminum Co. (NYSE: RS) has announced an amended and restated $1.5 billion unsecured revolving credit facility, set to replace the existing credit agreement. This facility includes an option to increase the amount by $1 billion and allows for prepayments, without any current outstanding balance. CEO Jim Hoffman highlighted that the favorable terms enhance liquidity, enabling the company to pursue growth and shareholder returns amidst challenging market conditions. The announcement follows the recent $900 million senior notes offering, further strengthening the company's financial position.
Reliance Steel & Aluminum Co. (NYSE: RS) announced CEO James Hoffman and CFO Karla Lewis will speak at the Jefferies Virtual Industrials Conference on August 5, 2020. The presentation is scheduled for 3:00 p.m. ET and will be accessible via a live webcast on the company’s investor website. A replay will be available for 90 days post-event. Founded in 1939, Reliance is a leading global metals solutions provider with over 300 locations and a diverse product line, focusing on small orders with quick turnaround and value-added processing.
Reliance Steel & Aluminum Co. (NYSE: RS) has announced the pricing of a public offering of $400 million in 1.300% Senior Notes due 2025, and $500 million in 2.150% Senior Notes due 2030. The proceeds will be used to repay existing debt under its unsecured revolving credit facility and term loan, and for general corporate purposes. The offering is expected to close on August 3, 2020, subject to customary conditions. J.P. Morgan, BofA Securities, and Wells Fargo are the joint book-running managers for the offering.
Reliance Steel & Aluminum Co. (NYSE: RS) reported Q2 2020 financial results, showing a strong gross profit margin of 30.4% on net sales of $2.02 billion. The company generated cash flow from operations of $475.7 million and declared a quarterly dividend of $0.625 per share. While net sales fell 21.5% year-over-year, diluted EPS increased 34.8% to $1.24. The company is cautiously optimistic about demand recovery in the second half of 2020, particularly in non-residential construction, despite ongoing challenges due to COVID-19.
Reliance Steel & Aluminum Co. (NYSE: RS) will report its second quarter 2020 financial results on July 23, 2020, at 6:50 a.m. Eastern Time. A conference call will follow at 11:00 a.m. Eastern Time, accessible via the Company's website. Participants can dial (877) 407-0792 for U.S. and Canadian callers or (201) 689-8263 internationally. A replay will be available from 2:00 p.m. Eastern Time that same day until August 6, 2020. Reliance Steel, founded in 1939, is a leading diversified metal solutions provider and the largest metals service center company in North America.
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