Reliance, Inc. Reports First Quarter 2025 Financial Results
Reliance (NYSE: RS) reported strong Q1 2025 financial results with net sales of $3.48 billion and record tons sold up 9.0% year-over-year. The company achieved a gross profit margin of 29.7% and EPS of $3.74 (non-GAAP EPS of $3.77).
Key highlights include record shipments of 1.63 million tons, reflecting solid organic growth and contributions from 2024 acquisitions. The company's performance exceeded expectations due to strong shipment levels and improved gross profit margin. Reliance repurchased $253.2 million of common stock during the quarter and increased its quarterly dividend by 9.1% to $1.20 per share.
Looking ahead to Q2 2025, Reliance expects tons sold to range between -1.0% to +1.0% compared to Q1 2025, with average selling prices projected to increase 1% to 3%. The company forecasts non-GAAP earnings per diluted share of $4.50 to $4.70 for Q2 2025.
Reliance (NYSE: RS) ha riportato solidi risultati finanziari per il primo trimestre 2025 con vendite nette pari a 3,48 miliardi di dollari e un volume record di tonnellate vendute, in crescita del 9,0% rispetto all'anno precedente. L'azienda ha raggiunto un margine di profitto lordo del 29,7% e un utile per azione (EPS) di 3,74 dollari (EPS non-GAAP di 3,77 dollari).
I punti salienti includono spedizioni record di 1,63 milioni di tonnellate, a testimonianza di una solida crescita organica e dei contributi derivanti dalle acquisizioni del 2024. Le performance aziendali hanno superato le aspettative grazie a livelli di spedizione elevati e a un miglioramento del margine di profitto lordo. Reliance ha riacquistato azioni ordinarie per un valore di 253,2 milioni di dollari durante il trimestre e ha aumentato il dividendo trimestrale del 9,1%, portandolo a 1,20 dollari per azione.
Guardando al secondo trimestre 2025, Reliance prevede che le tonnellate vendute varieranno tra -1,0% e +1,0% rispetto al primo trimestre 2025, con un aumento previsto dei prezzi medi di vendita tra l'1% e il 3%. L'azienda stima un utile per azione diluito non-GAAP compreso tra 4,50 e 4,70 dollari per il secondo trimestre 2025.
Reliance (NYSE: RS) reportó sólidos resultados financieros en el primer trimestre de 2025 con ventas netas de 3.48 mil millones de dólares y un récord en toneladas vendidas, aumentando un 9.0% interanual. La compañía logró un margen bruto del 29.7% y una ganancia por acción (EPS) de 3.74 dólares (EPS no-GAAP de 3.77 dólares).
Los aspectos destacados incluyen envíos récord de 1.63 millones de toneladas, reflejando un sólido crecimiento orgánico y aportes de adquisiciones realizadas en 2024. El desempeño de la empresa superó las expectativas gracias a los altos niveles de envíos y a la mejora en el margen bruto. Reliance recompró acciones comunes por 253.2 millones de dólares durante el trimestre y aumentó su dividendo trimestral en un 9.1%, hasta 1.20 dólares por acción.
De cara al segundo trimestre de 2025, Reliance espera que las toneladas vendidas oscilen entre -1.0% y +1.0% en comparación con el primer trimestre de 2025, con precios de venta promedio que se proyectan aumenten entre un 1% y 3%. La compañía pronostica ganancias por acción diluidas no-GAAP de entre 4.50 y 4.70 dólares para el segundo trimestre de 2025.
Reliance (NYSE: RS)는 2025년 1분기 강력한 재무 실적을 보고했으며, 순매출액은 34억 8천만 달러, 판매 톤수는 전년 동기 대비 9.0% 증가한 기록적인 수치를 기록했습니다. 회사는 29.7%의 총이익률과 주당순이익(EPS) 3.74달러(비-GAAP EPS 3.77달러)를 달성했습니다.
주요 내용으로는 163만 톤의 기록적인 출하량이 포함되어 있으며, 이는 견고한 유기적 성장과 2024년 인수합병의 기여를 반영합니다. 강력한 출하 수준과 개선된 총이익률 덕분에 회사의 실적은 기대를 뛰어넘었습니다. Reliance는 분기 동안 2억 5,320만 달러 상당의 보통주를 자사주 매입했으며, 분기 배당금을 9.1% 인상하여 주당 1.20달러로 조정했습니다.
2025년 2분기를 전망하며, Reliance는 판매 톤수가 2025년 1분기 대비 -1.0%에서 +1.0% 사이일 것으로 예상하며, 평균 판매 가격은 1%에서 3% 증가할 것으로 예상합니다. 회사는 2025년 2분기 비-GAAP 희석 주당순이익을 4.50달러에서 4.70달러 사이로 전망하고 있습니다.
Reliance (NYSE : RS) a annoncé de solides résultats financiers pour le premier trimestre 2025 avec un chiffre d'affaires net de 3,48 milliards de dollars et un volume record de tonnes vendues, en hausse de 9,0 % sur un an. La société a réalisé une marge brute de 29,7 % et un bénéfice par action (BPA) de 3,74 dollars (BPA non-GAAP de 3,77 dollars).
Les points forts incluent des expéditions record de 1,63 million de tonnes, reflétant une solide croissance organique et les contributions des acquisitions de 2024. Les performances de l'entreprise ont dépassé les attentes grâce à des niveaux d'expédition élevés et à une marge brute améliorée. Reliance a racheté pour 253,2 millions de dollars d'actions ordinaires au cours du trimestre et a augmenté son dividende trimestriel de 9,1 %, le portant à 1,20 dollar par action.
Pour le deuxième trimestre 2025, Reliance prévoit que les tonnes vendues varieront entre -1,0 % et +1,0 % par rapport au premier trimestre 2025, avec une augmentation prévue des prix de vente moyens de 1 % à 3 %. La société prévoit un bénéfice par action dilué non-GAAP compris entre 4,50 et 4,70 dollars pour le deuxième trimestre 2025.
Reliance (NYSE: RS) meldete starke Finanzergebnisse für das erste Quartal 2025 mit Nettoumsätzen von 3,48 Milliarden US-Dollar und einem Rekordverkaufsvolumen, das im Jahresvergleich um 9,0 % gestiegen ist. Das Unternehmen erzielte eine Bruttogewinnmarge von 29,7 % und einen Gewinn je Aktie (EPS) von 3,74 US-Dollar (Non-GAAP EPS von 3,77 US-Dollar).
Zu den wichtigsten Highlights zählen Rekordlieferungen von 1,63 Millionen Tonnen, die ein solides organisches Wachstum und Beiträge aus den Übernahmen von 2024 widerspiegeln. Die Unternehmensleistung übertraf die Erwartungen dank hoher Liefermengen und einer verbesserten Bruttogewinnmarge. Reliance kaufte im Quartal Aktien im Wert von 253,2 Millionen US-Dollar zurück und erhöhte seine Quartalsdividende um 9,1 % auf 1,20 US-Dollar pro Aktie.
Für das zweite Quartal 2025 erwartet Reliance, dass die verkauften Tonnen im Vergleich zum ersten Quartal 2025 zwischen -1,0 % und +1,0 % liegen, wobei die durchschnittlichen Verkaufspreise voraussichtlich um 1 % bis 3 % steigen werden. Das Unternehmen prognostiziert einen Non-GAAP-Gewinn je verwässerter Aktie von 4,50 bis 4,70 US-Dollar für das zweite Quartal 2025.
- Record tons sold of 1.63 million, up 9.0% year-over-year
- Strong gross profit margin of 29.7%, expanding 140 basis points quarter-over-quarter
- Increased quarterly dividend by 9.1% to $1.20 per share
- Healthy demand in non-residential construction market
- Q2 2025 guidance projects higher selling prices and earnings growth
- Net sales declined 4.4% year-over-year to $3.48 billion
- Net income decreased 34.1% year-over-year to $199.7 million
- Free cash flow turned negative at -$22.4 million
- Average selling price per ton declined 12.2% year-over-year
- Semiconductor market demand remains depressed
Insights
Reliance reports strong Q1 with record tons sold and positive Q2 outlook, despite year-over-year declines amid market uncertainty.
Reliance's Q1 2025 performance demonstrates resilience in a challenging market environment. The company achieved record shipment volume of 1.63 million tons, representing a 9.0% year-over-year increase and 5.6% same-store growth - significantly outperforming the industry's 0.5% decline reported by the Metals Service Center Institute.
The financial results present a mixed picture with notable sequential improvements despite year-over-year declines. Net sales of
The company's capital allocation strategy signals strong management confidence, with a
End-market performance was generally positive, with improvement in non-residential construction (Reliance's largest market) and increased demand across broader manufacturing sectors, particularly in data centers, energy infrastructure, and industrial machinery. This diversification provides resilience amid varying sector performance.
Looking forward, management's Q2 2025 guidance is encouraging: projected tons sold up
The balance sheet remains solid with
Reliance's volume growth and margin expansion highlight operational excellence amid challenging metal pricing environment.
The standout metric in Reliance's Q1 results is the company's extraordinary volume performance. Achieving record tons sold that surpassed industry performance by nearly
The pricing environment remains challenging, with average selling price per ton of
Reliance's commentary on end markets provides valuable insights into metal consumption patterns. Non-residential construction demand improvement reflects continued strength in data center development and energy infrastructure projects. The noted strength in industrial machinery, military applications, shipbuilding, and rail sectors indicates diversified growth drivers across manufacturing. The mention of potential demand pull-forward due to anticipated tariff actions suggests market participants are preparing for possible trade policy changes.
For metal market participants, the company's Q2 outlook signals continued momentum in both pricing and demand fundamentals. The projected
Reliance's performance demonstrates the value of its unique business model in the metals distribution space - combining high-volume capability with value-added processing and maintaining pricing discipline through market cycles. The company's ability to source material through strong domestic mill relationships proved particularly advantageous this quarter, enabling them to capture additional business as customers accelerated purchases ahead of anticipated price increases.
-- Net sales of
-- Strong gross profit margin of
-- EPS of
-- Repurchased
SCOTTSDALE, Ariz., April 23, 2025 (GLOBE NEWSWIRE) -- Reliance, Inc. (NYSE: RS) today reported its financial results for the first quarter ended March 31, 2025.
| (in millions, except tons sold which are in thousands, per ton and per share amounts) | |||||||||||||||||
| Sequential Quarter | Year-Over- Year | ||||||||||||||||
| Q1 2025* | Q4 2024 | % Change | Q1 2024 | % Change | |||||||||||||
| Income Statement Data: | |||||||||||||||||
| Net sales | $ | 3,484.7 | $ | 3,126.6 | 11.5 | % | $ | 3,644.8 | (4.4 | %) | |||||||
| Gross profit1 | $ | 1,033.3 | $ | 886.1 | 16.6 | % | $ | 1,128.2 | (8.4 | %) | |||||||
| Gross profit margin1 | 1.4 | % | (1.3 | %) | |||||||||||||
| Non-GAAP gross profit margin1,2 | 1.1 | % | (1.3 | %) | |||||||||||||
| LIFO expense (income) | $ | 25.0 | $ | 5.6 | $ | (50.0 | ) | ||||||||||
| LIFO expense (income) as a % of net sales | 0.5 | % | ( | ) | 2.1 | % | |||||||||||
| LIFO expense (income) per diluted share, net of tax | $ | 0.35 | $ | 0.08 | $ | (0.64 | ) | ||||||||||
| Non-GAAP pretax expense adjustments2 | $ | 2.3 | $ | 21.3 | $ | 4.9 | |||||||||||
| Pretax income | $ | 262.4 | $ | 133.5 | 96.6 | % | $ | 396.2 | (33.8 | %) | |||||||
| Non-GAAP pretax income2 | $ | 264.7 | $ | 154.8 | 71.0 | % | $ | 401.1 | (34.0 | %) | |||||||
| Pretax income margin | 3.2 | % | (3.4 | %) | |||||||||||||
| Net income attributable to Reliance | $ | 199.7 | $ | 105.3 | 89.6 | % | $ | 302.9 | (34.1 | %) | |||||||
| Diluted EPS | $ | 3.74 | $ | 1.93 | 93.8 | % | $ | 5.23 | (28.5 | %) | |||||||
| Non-GAAP diluted EPS2 | $ | 3.77 | $ | 2.22 | 69.8 | % | $ | 5.30 | (28.9 | %) | |||||||
| Balance Sheet and Cash Flow Data: | |||||||||||||||||
| Cash provided by operations | $ | 64.5 | $ | 473.3 | (86.4 | %) | $ | 126.3 | (48.9 | %) | |||||||
| Free cash flow2 | $ | (22.4 | ) | $ | 362.4 | (106.2 | %) | $ | 17.6 | (227.3 | %) | ||||||
| Net debt-to-total capital2 | |||||||||||||||||
| Net debt-to-EBITDA2 | 0.9x | 0.6x | 0.1x | ||||||||||||||
| Total debt-to-EBITDA2 | 1.1x | 0.8x | 0.6x | ||||||||||||||
| Capital Allocation Data: | |||||||||||||||||
| Acquisitions, net | $ | — | $ | (2.1 | ) | $ | 53.7 | ||||||||||
| Capital expenditures | $ | 86.9 | $ | 110.9 | $ | 108.7 | |||||||||||
| Dividends | $ | 65.2 | $ | 61.2 | $ | 65.3 | |||||||||||
| Share repurchases | $ | 253.2 | $ | 142.4 | $ | — | |||||||||||
| Key Business Metrics: | |||||||||||||||||
| Tons sold | 1,628.9 | 1,444.3 | 12.8 | % | 1,494.0 | 9.0 | % | ||||||||||
| Tons sold (same-store) | 1,565.7 | 1,390.9 | 12.6 | % | 1,483.3 | 5.6 | % | ||||||||||
| Average selling price per ton sold | $ | 2,143 | $ | 2,170 | (1.2 | %) | $ | 2,442 | (12.2 | %) | |||||||
| Average selling price per ton sold (same-store) | $ | 2,166 | $ | 2,194 | (1.3 | %) | $ | 2,449 | (11.6 | %) | |||||||
| * Q1 2025 includes one more shipping day compared to Q4 2024 and one less shipping day compared to Q1 2024. | |||||||||||||||||
| Please refer to the footnotes at the end of this press release for additional information. | |||||||||||||||||
First Quarter 2025 Financial Highlights
Operating results for the first quarter of 2025 were stronger than anticipated due to better-than-expected shipment levels and gross profit margin. The Company’s record 1.63 million tons sold in the first quarter of 2025, representing increases of
LIFO gross profit margin increased to
Management Commentary
“We delivered stronger than expected results in the first quarter due to our targeted focus on smart, profitable growth, once again demonstrating the resilience of our proven business model and ability of our teams to provide solutions to our customers in a backdrop of significant market uncertainty,” said Karla Lewis, President and Chief Executive Officer of Reliance. “By maintaining our commitment to growth and profitability, we shipped record tons, well in excess of industry shipment trends, while increasing our gross profit margin that expanded 140 basis points quarter-over-quarter, which drove non-GAAP earnings per share well ahead of our expectations.”
Mrs. Lewis continued, “Despite ongoing uncertainty in both domestic and international economic policy, we are encouraged by the positive pricing momentum and continuing stable demand conditions, most notably in our non-residential construction market. We applaud our team for their ability to execute on our strategic profitable growth efforts in a disruptive market. Our model of both buying and selling metal primarily in the U.S. market are positive for Reliance, and our employees, customers and suppliers. We remain confident in our ability to maximize earnings power, while maintaining our consistent focus on increasing value for our stockholders.”
End Market Commentary
Reliance provides a diverse range of metal products and value-added processing services to a wide variety of end markets, generally in small quantities on an as-needed basis. The Company’s tons sold in the first quarter of 2025 increased
Demand for non-residential construction (including infrastructure), Reliance’s largest end market by tons, improved from the first quarter of 2024. The Company expects non-residential construction demand to remain at healthy levels in the second quarter of 2025, supported by continued new construction projects across diverse sectors including data centers, energy infrastructure, manufacturing, and public infrastructure.
Demand across the broader manufacturing sectors Reliance serves increased compared to the first quarter of 2024 led by strength in industrial machinery, military, shipbuilding, rail, and heavy construction equipment. Demand in the consumer products and heavy agricultural equipment sectors was up marginally year-over-year, but comparatively weaker than in other segments. Management believes a component of realized demand in the first quarter of 2025 was attributable to demand pull-forward in anticipation of price increases, including tariff actions. Reliance anticipates that demand for its products across the broader manufacturing sector will remain relatively stable in the second quarter of 2025, subject to trade policy action.
Demand in aerospace was stable compared to the first quarter of 2024. Reliance anticipates mildly weaker commercial aerospace demand in the second quarter of 2025, due to excess inventory build in the supply chain and subject to changes in build rates. Demand in the military and space related portions of Reliance’s aerospace business is expected to remain consistent at strong levels in the second quarter of 2025.
Demand for the toll processing services Reliance provides to the automotive market was down slightly compared to the first quarter of 2024. The Company expects demand for automotive toll processing to remain stable in the second quarter of 2025, subject to significant uncertainty on North American trade policy. Reliance’s toll processing operations are flexible and able to quickly adapt to changes in the market.
Demand in the semiconductor market remained depressed compared to the first quarter of 2024. The Company anticipates semiconductor demand will remain under pressure in the second quarter of 2025 due to continued excess inventory in the supply chain.
Balance Sheet & Cash Flow
At March 31, 2025, Reliance’s cash and cash equivalents totaled
Reliance generated cash flow from operations of
Stockholder Return Activity
On February 18, 2025, Reliance increased its regular quarterly dividend by
In the first quarter of 2025, outstanding shares were reduced approximately
Ronald McDonald House Charities Nourishing Families Grant Program
Reliance is pleased to announce expansion of its relationship with Ronald McDonald House Charities® (“RMHC®”) with a commitment to donate
Business Outlook
Reliance anticipates demand in the second quarter of 2025 will remain stable across the diversified end markets it serves, despite ongoing uncertainty regarding domestic and international economic policy. Accordingly, the Company estimates its tons sold in the second quarter of 2025 will be down
Conference Call Details
A conference call and simultaneous webcast to discuss Reliance’s first quarter 2025 financial results and business outlook will be held on Thursday, April 24, 2025 at 11:00 a.m. Eastern Time / 8:00 a.m. Pacific Time. To listen to the live call by telephone, please dial (877) 407-0792 (U.S. and Canada) or (201) 689-8263 (International) approximately 10 minutes prior to the start time and use conference ID: 13752652. The call will also be broadcast live over the Internet hosted on the Investors section of the Company's website at investor.reliance.com.
For those unable to participate during the live broadcast, a replay of the call will also be available beginning that same day at 2:00 p.m. Eastern Time until 11:59 p.m. Eastern Time on May 8, 2025, by dialing (844) 512-2921 (U.S. and Canada) or (412) 317-6671 (International) and entering the conference ID: 13752652. The webcast will remain posted on the Investors section of Reliance’s website at reliance.com for 90 days.
About Reliance, Inc.
Founded in 1939, Reliance, Inc. (NYSE: RS) is a leading global diversified metal solutions provider and the largest metals service center company in North America. Through a network of 320 locations in 41 states and 10 countries outside of the United States, Reliance provides value-added metals processing services and distributes a full-line of over 100,000 metal products to more than 125,000 customers in a broad range of industries. Reliance focuses on small orders with quick turnaround and value-added processing services. In 2024, Reliance’s average order size was
Forward-Looking Statements
This press release contains certain statements that are, or may be deemed to be, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may include, but are not limited to, discussions of Reliance’s industry and end markets, business strategies, acquisitions, and expectations concerning the Company’s future growth and profitability and its ability to generate industry leading returns for its stockholders, as well as future demand and metals pricing and the Company’s results of operations, margins, profitability, taxes, liquidity, macroeconomic conditions, including inflation and the possibility of an economic recession or slowdown, litigation matters and capital resources. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “preliminary,” “range,” “intend” and “continue,” the negative of these terms, and similar expressions.
These forward-looking statements are based on management's estimates, projections and assumptions as of today’s date that may not prove to be accurate. Forward-looking statements involve known and unknown risks and uncertainties and are not guarantees of future performance. Actual outcomes and results may differ materially from what is expressed or forecasted in these forward-looking statements as a result of various important factors, including, but not limited to, actions taken by Reliance, as well as developments beyond its control, including, but not limited to, changes in domestic and worldwide political and economic conditions due to, among other factors, U.S. and foreign trade policies and the impact on economic conditions, inflation and the increasing likelihood of an economic recession that could materially impact us, our customers and suppliers, metals pricing, and demand for our products and services; U.S. and foreign trade policies affecting metals product markets and pricing specifically; the possibility that the expected benefits of acquisitions and capital expenditures may not materialize as expected; and the impacts of labor constraints and supply chain disruptions. Deteriorations in economic conditions, including as a result of tariffs or trade barriers, economic policies, inflation, economic recession, slowing growth, outbreaks of infectious disease, or geopolitical conflicts such as in Ukraine and the Middle East, could lead to a decline in demand for the Company’s products and services and negatively impact its business, and may also impact financial markets and corporate credit markets which could adversely impact the Company’s access to financing or the terms of any financing. The Company cannot at this time predict all of the impacts of domestic and foreign tariffs and trade policies, inflation, product price fluctuations, economic recession, outbreaks of infectious disease, or geopolitical conflicts and related economic effects, but these factors, individually or in any combination, could have a material adverse effect on the Company’s business, financial position, results of operations and cash flows.
The statements contained in this press release speak only as of the date hereof, and Reliance disclaims any and all obligations to publicly update or revise any forward-looking statements, whether as a result of new information, future events or for any other reason, except as may be required by law. Important risks and uncertainties about Reliance’s business can be found in “Item 1A. Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and in other documents Reliance files or furnishes with the United States Securities and Exchange Commission.
CONTACT:
(213) 576-2428
investor@reliance.com
or Addo Investor Relations
(310) 829-5400
(Tables to follow)
| First Quarter 2025 Major Commodity Metrics | ||||||||||||||||||||||||||
| Tons Sold (tons in thousands; % change) | Average Selling Price per Ton Sold (% change) | |||||||||||||||||||||||||
| Q1 2025 | Q4 2024 | Sequential Quarter Change | Q1 2024 | Year-Over-Year Change | Sequential Quarter Change | Year-Over-Year Change | ||||||||||||||||||||
| Carbon steel | 1,344.4 | 1,185.0 | 13.5 | % | 1,214.8 | 10.7 | % | (0.1 | %) | (14.5 | %) | |||||||||||||||
| Aluminum | 84.1 | 75.8 | 10.9 | % | 81.8 | 2.8 | % | 2.3 | % | (1.2 | %) | |||||||||||||||
| Stainless steel | 76.0 | 67.7 | 12.3 | % | 75.5 | 0.7 | % | (5.3 | %) | (10.7 | %) | |||||||||||||||
| Alloy | 31.5 | 27.8 | 13.3 | % | 33.0 | (4.5 | %) | (2.4 | %) | (3.4 | %) | |||||||||||||||
| Sales ($'s in millions; % change) | ||||||||||||||||||||||||||
| Q1 2025 | Q4 2024 | Sequential Quarter Change | Q1 2024 | Year-Over-Year Change | ||||||||||||||||||||||
| Carbon steel | $ | 1,904.2 | $ | 1,680.8 | 13.3 | % | $ | 2,012.9 | (5.4 | %) | ||||||||||||||||
| Aluminum | $ | 605.6 | $ | 534.2 | 13.4 | % | $ | 596.1 | 1.6 | % | ||||||||||||||||
| Stainless steel | $ | 503.2 | $ | 473.2 | 6.3 | % | $ | 559.9 | (10.1 | %) | ||||||||||||||||
| Alloy | $ | 158.4 | $ | 143.1 | 10.7 | % | $ | 171.9 | (7.9 | %) | ||||||||||||||||
| Sales by Product ($'s as a % of total sales) | ||||||||||||||||||||||||||
| Q1 2025 | Q4 2024 | Q1 2024 | ||||||||||||||||||||||||
| Carbon steel structurals | 12 | % | 12 | % | 11 | % | ||||||||||||||||||||
| Carbon steel plate | 12 | % | 11 | % | 11 | % | ||||||||||||||||||||
| Carbon steel tubing | 9 | % | 9 | % | 10 | % | ||||||||||||||||||||
| Hot-rolled steel sheet & coil | 8 | % | 8 | % | 9 | % | ||||||||||||||||||||
| Carbon steel bar | 5 | % | 5 | % | 5 | % | ||||||||||||||||||||
| Galvanized steel sheet & coil | 5 | % | 5 | % | 5 | % | ||||||||||||||||||||
| Cold-rolled steel sheet & coil | 2 | % | 2 | % | 2 | % | ||||||||||||||||||||
| Carbon steel | 53 | % | 52 | % | 53 | % | ||||||||||||||||||||
| Aluminum bar & tube | 5 | % | 5 | % | 5 | % | ||||||||||||||||||||
| Heat-treated aluminum plate | 5 | % | 5 | % | 5 | % | ||||||||||||||||||||
| Common alloy aluminum sheet & coil | 5 | % | 4 | % | 4 | % | ||||||||||||||||||||
| Common alloy aluminum plate | 1 | % | 1 | % | 1 | % | ||||||||||||||||||||
| Heat-treated aluminum sheet & coil | 1 | % | 1 | % | 1 | % | ||||||||||||||||||||
| Aluminum | 17 | % | 16 | % | 16 | % | ||||||||||||||||||||
| Stainless steel bar & tube | 7 | % | 8 | % | 8 | % | ||||||||||||||||||||
| Stainless steel sheet & coil | 5 | % | 5 | % | 5 | % | ||||||||||||||||||||
| Stainless steel plate | 2 | % | 2 | % | 2 | % | ||||||||||||||||||||
| Stainless steel | 14 | % | 15 | % | 15 | % | ||||||||||||||||||||
| Alloy bar & rod | 4 | % | 3 | % | 4 | % | ||||||||||||||||||||
| Alloy tube | — | 1 | % | 1 | % | |||||||||||||||||||||
| Alloy | 4 | % | 4 | % | 5 | % | ||||||||||||||||||||
| Miscellaneous* | 6 | % | 6 | % | 5 | % | ||||||||||||||||||||
| Toll processing & logistics | 4 | % | 5 | % | 4 | % | ||||||||||||||||||||
| Copper & brass | 2 | % | 2 | % | 2 | % | ||||||||||||||||||||
| Other | 12 | % | 13 | % | 11 | % | ||||||||||||||||||||
| Total | 100 | % | 100 | % | 100 | % | ||||||||||||||||||||
| * Includes titanium, fabricated parts, PVC pipe and scrap. | ||||||||||||||||||||||||||
| RELIANCE, INC. | ||||||
| UNAUDITED CONSOLIDATED STATEMENTS OF INCOME | ||||||
| (in millions, except number of shares which are reflected in thousands and per share amounts) | ||||||
| Three Months Ended | ||||||
| March 31, | ||||||
| 2025 | 2024 | |||||
| Net sales | $ | 3,484.7 | $ | 3,644.8 | ||
| Costs and expenses: | ||||||
| Cost of sales (exclusive of depreciation and amortization shown below) | 2,451.4 | 2,516.6 | ||||
| Warehouse, delivery, selling, general and administrative (“SG&A”) | 690.2 | 671.5 | ||||
| Depreciation and amortization | 68.7 | 63.6 | ||||
| 3,210.3 | 3,251.7 | |||||
| Operating income | 274.4 | 393.1 | ||||
| Other (income) expense: | ||||||
| Interest expense | 11.5 | 9.7 | ||||
| Other expense (income), net | 0.5 | (12.8 | ) | |||
| Income before income taxes | 262.4 | 396.2 | ||||
| Income tax provision | 61.9 | 92.4 | ||||
| Net income | 200.5 | 303.8 | ||||
| Less: net income attributable to noncontrolling interests | 0.8 | 0.9 | ||||
| Net income attributable to Reliance | $ | 199.7 | $ | 302.9 | ||
| Earnings per share attributable to Reliance stockholders: | ||||||
| Basic | $ | 3.76 | $ | 5.28 | ||
| Diluted | $ | 3.74 | $ | 5.23 | ||
| Shares used in computing earnings per share: | ||||||
| Basic | 53,075 | 57,340 | ||||
| Diluted | 53,399 | 57,882 | ||||
| Cash dividends declared per common share | $ | 1.20 | $ | 1.10 | ||
| RELIANCE, INC. | |||||||
| UNAUDITED CONSOLIDATED BALANCE SHEETS | |||||||
| (in millions, except number of shares which are reflected in thousands and par value) | |||||||
| March 31, | December 31, | ||||||
| 2025 | 2024* | ||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 277.8 | $ | 318.1 | |||
| Accounts receivable, less allowance for credit losses of | 1,671.8 | 1,342.0 | |||||
| Inventories | 2,114.3 | 2,026.8 | |||||
| Prepaid expenses and other current assets | 135.6 | 148.2 | |||||
| Income taxes receivable | 11.5 | 60.4 | |||||
| Total current assets | 4,211.0 | 3,895.5 | |||||
| Property, plant and equipment, net | 2,573.4 | 2,544.9 | |||||
| Operating lease right-of-use assets | 286.3 | 275.2 | |||||
| Goodwill | 2,165.6 | 2,161.8 | |||||
| Intangible assets, net | 997.0 | 1,007.2 | |||||
| Cash surrender value of life insurance policies, net | 40.5 | 46.0 | |||||
| Other long-term assets | 91.2 | 91.2 | |||||
| Total assets | $ | 10,365.0 | $ | 10,021.8 | |||
| LIABILITIES AND EQUITY | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 520.8 | $ | 361.9 | |||
| Accrued expenses | 136.7 | 144.4 | |||||
| Accrued compensation and retirement benefits | 155.9 | 195.2 | |||||
| Accrued insurance costs | 53.7 | 50.4 | |||||
| Current maturities of long-term debt | 399.9 | 399.7 | |||||
| Current maturities of operating lease liabilities | 62.9 | 61.4 | |||||
| Total current liabilities | 1,329.9 | 1,213.0 | |||||
| Long-term debt | 1,073.1 | 742.8 | |||||
| Operating lease liabilities | 224.1 | 214.2 | |||||
| Long-term retirement benefits | 28.2 | 26.9 | |||||
| Other long-term liabilities | 58.9 | 56.8 | |||||
| Deferred income taxes | 537.2 | 537.5 | |||||
| Total liabilities | 3,251.4 | 2,791.2 | |||||
| Commitments and contingencies | |||||||
| Equity: | |||||||
| Preferred stock, | — | — | |||||
| Common stock and additional paid-in capital, | |||||||
| Issued and outstanding shares—52,889 at March 31, 2025 and 53,715 at December 31, 2024 | 0.1 | 0.1 | |||||
| Retained earnings | 7,214.5 | 7,334.7 | |||||
| Accumulated other comprehensive loss | (112.8 | ) | (115.2 | ) | |||
| Total Reliance stockholders’ equity | 7,101.8 | 7,219.6 | |||||
| Noncontrolling interests | 11.8 | 11.0 | |||||
| Total equity | 7,113.6 | 7,230.6 | |||||
| Total liabilities and equity | $ | 10,365.0 | $ | 10,021.8 | |||
| * Derived from audited financial statements. | |||||||
| RELIANCE, INC. | |||||||
| UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
| (in millions) | |||||||
| Three Months Ended | |||||||
| March 31, | |||||||
| 2025 | 2024 | ||||||
| Operating activities: | |||||||
| Net income | $ | 200.5 | $ | 303.8 | |||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
| Depreciation and amortization expense | 68.7 | 63.6 | |||||
| Stock-based compensation expense | 12.2 | 13.0 | |||||
| Other | 6.5 | 2.8 | |||||
| Changes in operating assets and liabilities (excluding effect of businesses acquired): | |||||||
| Accounts receivable | (332.1 | ) | (211.6 | ) | |||
| Inventories | (85.9 | ) | (114.6 | ) | |||
| Prepaid expenses and other assets | 80.8 | 73.9 | |||||
| Accounts payable and other liabilities | 113.8 | (4.6 | ) | ||||
| Net cash provided by operating activities | 64.5 | 126.3 | |||||
| Investing activities: | |||||||
| Acquisitions, net of cash acquired | — | (53.7 | ) | ||||
| Purchases of property, plant and equipment | (86.9 | ) | (108.7 | ) | |||
| Other | (0.7 | ) | (15.0 | ) | |||
| Net cash used in investing activities | (87.6 | ) | (177.4 | ) | |||
| Financing activities: | |||||||
| Proceeds from long-term debt borrowings | 788.0 | — | |||||
| Principal payments on long-term debt | (458.0 | ) | — | ||||
| Cash dividends and dividend equivalents | (65.2 | ) | (65.3 | ) | |||
| Share repurchases | (253.2 | ) | — | ||||
| Taxes paid related to net share settlement of restricted stock units | (11.5 | ) | (23.9 | ) | |||
| Other | (18.7 | ) | (1.1 | ) | |||
| Net cash used in financing activities | (18.6 | ) | (90.3 | ) | |||
| Effect of exchange rate changes on cash and cash equivalents | 1.4 | (3.9 | ) | ||||
| Decrease in cash and cash equivalents | (40.3 | ) | (145.3 | ) | |||
| Cash and cash equivalents at beginning of year | 318.1 | 1,080.2 | |||||
| Cash and cash equivalents at end of the period | $ | 277.8 | $ | 934.9 | |||
| Supplemental cash flow information: | |||||||
| Interest paid during the period | $ | 10.0 | $ | 8.8 | |||
| Income taxes paid during the period, net | $ | 13.9 | $ | 10.2 | |||
| RELIANCE, INC. | |||||||||||||||||||||||
| NON-GAAP RECONCILIATION | |||||||||||||||||||||||
| (in millions, except per share amounts) | |||||||||||||||||||||||
| Net Income | Diluted EPS | ||||||||||||||||||||||
| Three Months Ended | Three Months Ended | ||||||||||||||||||||||
| March 31, | December 31, | March 31, | March 31, | December 31, | March 31, | ||||||||||||||||||
| 2025 | 2024 | 2024 | 2025 | 2024 | 2024 | ||||||||||||||||||
| Net income attributable to Reliance | $ | 199.7 | $ | 105.3 | $ | 302.9 | $ | 3.74 | $ | 1.93 | $ | 5.23 | |||||||||||
| Impairment and restructuring charges | 2.3 | 22.3 | 0.3 | 0.04 | 0.41 | 0.01 | |||||||||||||||||
| Non-recurring settlement (credits) charges | — | (1.0 | ) | 4.6 | — | (0.02 | ) | 0.08 | |||||||||||||||
| Income tax benefit related to above items | (0.6 | ) | (5.4 | ) | (1.2 | ) | (0.01 | ) | (0.10 | ) | (0.02 | ) | |||||||||||
| Non-GAAP net income attributable to Reliance | $ | 201.4 | $ | 121.2 | $ | 306.6 | $ | 3.77 | $ | 2.22 | $ | 5.30 | |||||||||||
| Three Months Ended | |||||||||||||||||||||||
| March 31, | December 31, | March 31, | |||||||||||||||||||||
| 2025 | 2024 | 2024 | |||||||||||||||||||||
| Pretax income | $ | 262.4 | $ | 133.5 | $ | 396.2 | |||||||||||||||||
| Impairment and restructuring charges | 2.3 | 22.3 | 0.3 | ||||||||||||||||||||
| Non-recurring settlement (credits) charges | — | (1.0 | ) | 4.6 | |||||||||||||||||||
| Non-GAAP pretax expense adjustments | 2.3 | 21.3 | 4.9 | ||||||||||||||||||||
| Non-GAAP pretax income | $ | 264.7 | $ | 154.8 | $ | 401.1 | |||||||||||||||||
| Three Months Ended | |||||||||||||||||||||||
| March 31, | December 31, | March 31, | |||||||||||||||||||||
| 2025 | 2024 | 2024 | |||||||||||||||||||||
| Gross profit - LIFO | $ | 1,033.3 | $ | 886.1 | $ | 1,128.2 | |||||||||||||||||
| Restructuring charges | 1.8 | 8.5 | — | ||||||||||||||||||||
| Non-GAAP gross profit | 1,035.1 | 894.6 | 1,128.2 | ||||||||||||||||||||
| LIFO expense (income) | 25.0 | 5.6 | (50.0 | ) | |||||||||||||||||||
| Non-GAAP gross profit - FIFO | $ | 1,060.1 | $ | 900.2 | $ | 1,078.2 | |||||||||||||||||
| Gross profit margin - LIFO | |||||||||||||||||||||||
| Restructuring charges as a % of sales | — | — | |||||||||||||||||||||
| Non-GAAP gross profit margin | |||||||||||||||||||||||
| LIFO expense (income) as a % of sales | ( | ) | |||||||||||||||||||||
| Non-GAAP gross profit margin - FIFO | |||||||||||||||||||||||
| March 31, | December 31, | March 31, | |||||||||||||||||||||
| 2025 | 2024 | 2024 | |||||||||||||||||||||
| Total debt | $ | 1,481.1 | $ | 1,151.1 | $ | 1,151.4 | |||||||||||||||||
| Less: unamortized debt discount and debt issuance costs | (8.1 | ) | (8.6 | ) | (8.5 | ) | |||||||||||||||||
| Carrying amount of debt | 1,473.0 | 1,142.5 | 1,142.9 | ||||||||||||||||||||
| Less: cash and cash equivalents | (277.8 | ) | (318.1 | ) | (934.9 | ) | |||||||||||||||||
| Net debt | 1,195.2 | 824.4 | 208.0 | ||||||||||||||||||||
| Total Reliance stockholders’ equity | 7,101.8 | 7,219.6 | 7,932.4 | ||||||||||||||||||||
| Total capital | $ | 8,297.0 | $ | 8,044.0 | $ | 8,140.4 | |||||||||||||||||
| Net debt-to-total capital | |||||||||||||||||||||||
| Twelve Months Ended | |||||||||||||||||||||||
| March 31, | December 31, | March 31, | |||||||||||||||||||||
| 2025 | 2024 | 2024 | |||||||||||||||||||||
| Net income | $ | 774.7 | $ | 878.0 | $ | 1,259.5 | |||||||||||||||||
| Depreciation and amortization | 273.8 | 268.7 | 247.9 | ||||||||||||||||||||
| Impairment | 11.7 | 11.7 | — | ||||||||||||||||||||
| Interest expense | 42.1 | 40.3 | 38.9 | ||||||||||||||||||||
| Income taxes | 231.4 | 261.9 | 368.9 | ||||||||||||||||||||
| EBITDA | $ | 1,333.7 | $ | 1,460.6 | $ | 1,915.2 | |||||||||||||||||
| Net debt-to-EBITDA | 0.9x | 0.6x | 0.1x | ||||||||||||||||||||
| Total debt-to-EBITDA | 1.1x | 0.8x | 0.6x | ||||||||||||||||||||
| Three Months Ended | |||||||||||||||||||||||
| March 31, | December 31, | March 31, | |||||||||||||||||||||
| 2025 | 2024 | 2024 | |||||||||||||||||||||
| Cash provided by operations | $ | 64.5 | $ | 473.3 | $ | 126.3 | |||||||||||||||||
| Less: capital expenditures | (86.9 | ) | (110.9 | ) | (108.7 | ) | |||||||||||||||||
| Free cash flow | $ | (22.4 | ) | $ | 362.4 | $ | 17.6 | ||||||||||||||||
| Reliance, Inc.’s presentation of non-GAAP pretax income, net income and EPS over certain time periods is an attempt to provide meaningful comparisons to the Company's historical performance for its existing and future stockholders. Adjustments include impairment and restructuring charges, and non-recurring settlement (credits) charges, which make comparisons of the Company’s operating results between periods difficult using GAAP measures. Reliance, Inc.’s presentation of gross profit margin - FIFO, which is calculated as gross profit plus LIFO expense (or minus LIFO income) divided by net sales, is presented to provide a means of comparison amongst its competitors who may not use the same inventory valuation method. Please see footnote 1 below for additional information on the Company’s gross profit and gross profit margin. Reliance, Inc. presents net debt- and total debt-to-EBITDA as a measurement of leverage utilized by management to monitor its debt levels in relation to its operating cash flow for which it utilizes EBITDA as a proxy. Reliance, Inc. presents free cash flow as a measure of cash generated by its operations that will be used to repay scheduled debt maturities and can be used to invest in growth activities or returned to stockholders. | ||||||||||||||
| Footnotes | ||||||||||||||
| 1 Gross profit, calculated as net sales less cost of sales, and gross profit margin, calculated as gross profit divided by net sales, are non-GAAP financial measures as they exclude depreciation and amortization expense associated with the corresponding sales. About half of Reliance's orders are basic distribution with no processing services performed. For the remainder of its sales orders, Reliance performs “first-stage” processing, which is generally not labor intensive as it is simply cutting the metal to size. Because of this, the amount of related labor and overhead, including depreciation and amortization, is not significant and is excluded from cost of sales. Therefore, Reliance’s cost of sales is substantially comprised of the cost of the material it sells. Reliance uses gross profit and gross profit margin, as shown, as measures of operating performance. Gross profit and gross profit margin are important operating and financial measures, as their fluctuations can have a significant impact on Reliance's earnings. Gross profit and gross profit margin, as presented, are not necessarily comparable with similarly titled measures for other companies. | ||||||||||||||
| 2 See accompanying Non-GAAP Reconciliation. Certain percentages may not calculate due to rounding. | ||||||||||||||
FAQ
What were Reliance's (RS) Q1 2025 earnings per share?
How much did Reliance (RS) spend on share repurchases in Q1 2025?
What is Reliance's (RS) Q2 2025 earnings guidance?
How much did Reliance (RS) increase its dividend in 2025?
What was Reliance's (RS) gross profit margin in Q1 2025?
