Reliance, Inc. Reports Fourth Quarter and Full Year 2024 Financial Results
Reliance (NYSE: RS) reported strong financial results for Q4 and full year 2024. The company achieved its third-highest annual cash flow from operations at $1.43 billion and completed a record $1.09 billion in stock buybacks, reducing outstanding shares by 6%.
Annual highlights include net sales of $13.84 billion with tons sold up 4.0% (same-store tons sold up 1.0%), gross profit margin of 29.7%, and EPS of $15.56 (non-GAAP EPS of $15.92). The company completed four acquisitions adding $286.2 million to 2024 net sales.
For Q4 2024, tons sold decreased 5.1% compared to Q3, while average selling price per ton fell 3.4%. The company increased its quarterly dividend by 9.1% to $1.20 per share. Looking ahead, Reliance expects Q1 2025 tons sold to increase 6.0% to 8.0% compared to Q4 2024, with non-GAAP earnings projected at $3.30 to $3.50 per diluted share.
Reliance (NYSE: RS) ha riportato risultati finanziari solidi per il quarto trimestre e per l'intero anno 2024. L'azienda ha raggiunto il terzo flusso di cassa operativo annuale più alto a 1,43 miliardi di dollari e ha completato un record di 1,09 miliardi di dollari in riacquisti di azioni, riducendo le azioni in circolazione del 6%.
I punti salienti annuali includono vendite nette di 13,84 miliardi di dollari con tonnellate vendute in aumento del 4,0% (tonnellate vendute nei negozi stessi aumentate dell'1,0%), margine di profitto lordo del 29,7% e EPS di 15,56 dollari (EPS non-GAAP di 15,92 dollari). L'azienda ha completato quattro acquisizioni che hanno aggiunto 286,2 milioni di dollari alle vendite nette del 2024.
Per il quarto trimestre del 2024, le tonnellate vendute sono diminuite del 5,1% rispetto al terzo trimestre, mentre il prezzo medio di vendita per tonnellata è sceso del 3,4%. L'azienda ha aumentato il suo dividendo trimestrale del 9,1% a 1,20 dollari per azione. Guardando avanti, Reliance prevede un aumento delle tonnellate vendute nel primo trimestre del 2025 dal 6,0% all'8,0% rispetto al quarto trimestre del 2024, con utili non-GAAP previsti tra 3,30 e 3,50 dollari per azione diluita.
Reliance (NYSE: RS) reportó resultados financieros sólidos para el cuarto trimestre y para todo el año 2024. La compañía logró su tercer flujo de caja operativo anual más alto con 1,43 mil millones de dólares y completó un récord de 1,09 mil millones de dólares en recompra de acciones, reduciendo las acciones en circulación en un 6%.
Los aspectos destacados anuales incluyen ventas netas de 13,84 mil millones de dólares, con toneladas vendidas aumentando un 4,0% (toneladas vendidas en tiendas comparables aumentando un 1,0%), un margen de ganancia bruta del 29,7% y un EPS de 15,56 dólares (EPS no-GAAP de 15,92 dólares). La compañía completó cuatro adquisiciones que agregaron 286,2 millones de dólares a las ventas netas de 2024.
Para el cuarto trimestre de 2024, las toneladas vendidas disminuyeron un 5,1% en comparación con el tercer trimestre, mientras que el precio promedio de venta por tonelada cayó un 3,4%. La compañía aumentó su dividendo trimestral en un 9,1% a 1,20 dólares por acción. Mirando hacia adelante, Reliance espera que las toneladas vendidas en el primer trimestre de 2025 aumenten entre un 6,0% y un 8,0% en comparación con el cuarto trimestre de 2024, con ganancias no-GAAP proyectadas entre 3,30 y 3,50 dólares por acción diluida.
Reliance (NYSE: RS)는 2024년 4분기 및 전체 연도에 대한 강력한 재무 결과를 보고했습니다. 회사는 14억 3천만 달러로 연간 운영 현금 흐름이 세 번째로 높은 성과를 올렸으며, 10억 9천만 달러의 자사주 매입 기록을 달성하여 유통 주식을 6% 감소시켰습니다.
연간 하이라이트에는 138억 4천만 달러의 순매출이 포함되며, 판매된 톤수는 4.0% 증가했습니다 (동일 매장 판매 톤수는 1.0% 증가). 총 이익률은 29.7%이고, 주당 순이익(EPS)은 15.56달러(비-GAAP EPS는 15.92달러)입니다. 회사는 2024년 순매출에 2억 8천620만 달러를 추가하는 네 건의 인수를 완료했습니다.
2024년 4분기에는 판매된 톤수가 3분기 대비 5.1% 감소했으며, 톤당 평균 판매 가격은 3.4% 하락했습니다. 회사는 분기 배당금을 9.1% 인상하여 주당 1.20달러로 했습니다. 앞으로 Reliance는 2024년 4분기 대비 2025년 1분기 판매된 톤수가 6.0%에서 8.0% 증가할 것으로 예상하며, 비-GAAP 수익은 주당 3.30달러에서 3.50달러로 예상하고 있습니다.
Reliance (NYSE: RS) a annoncé de solides résultats financiers pour le quatrième trimestre et l'année entière 2024. L'entreprise a atteint son troisième flux de trésorerie opérationnel annuel le plus élevé à 1,43 milliard de dollars et a réalisé un record de 1,09 milliard de dollars en rachats d'actions, réduisant le nombre d'actions en circulation de 6%.
Les points forts de l'année comprennent des ventes nettes de 13,84 milliards de dollars avec des tonnes vendues en hausse de 4,0% (tonnes vendues dans les mêmes magasins en hausse de 1,0%), une marge brute de 29,7% et un BPA de 15,56 dollars (BPA non-GAAP de 15,92 dollars). L'entreprise a réalisé quatre acquisitions ajoutant 286,2 millions de dollars aux ventes nettes de 2024.
Pour le quatrième trimestre 2024, les tonnes vendues ont diminué de 5,1% par rapport au troisième trimestre, tandis que le prix de vente moyen par tonne a chuté de 3,4%. L'entreprise a augmenté son dividende trimestriel de 9,1% à 1,20 dollar par action. En regardant vers l'avenir, Reliance s'attend à ce que les tonnes vendues au premier trimestre 2025 augmentent de 6,0% à 8,0% par rapport au quatrième trimestre 2024, avec des bénéfices non-GAAP projetés entre 3,30 et 3,50 dollars par action diluée.
Reliance (NYSE: RS) hat starke finanzielle Ergebnisse für das vierte Quartal und das gesamte Jahr 2024 gemeldet. Das Unternehmen erreichte den dritthöchsten jährlichen Cashflow aus dem operativen Geschäft mit 1,43 Milliarden Dollar und schloss einen Rekord von 1,09 Milliarden Dollar an Aktienrückkäufen ab, wodurch die ausstehenden Aktien um 6% reduziert wurden.
Die jährlichen Höhepunkte umfassen einen Nettoumsatz von 13,84 Milliarden Dollar mit einem Anstieg der verkauften Tonnen um 4,0% (verkaufte Tonnen in vergleichbaren Geschäften stiegen um 1,0%), eine Bruttogewinnmarge von 29,7% und einen EPS von 15,56 Dollar (non-GAAP EPS von 15,92 Dollar). Das Unternehmen hat vier Übernahmen abgeschlossen, die 286,2 Millionen Dollar zu den Nettoumsätzen 2024 beigetragen haben.
Für das vierte Quartal 2024 sanken die verkauften Tonnen um 5,1% im Vergleich zum dritten Quartal, während der durchschnittliche Verkaufspreis pro Tonne um 3,4% fiel. Das Unternehmen erhöhte seine vierteljährliche Dividende um 9,1% auf 1,20 Dollar pro Aktie. Ausblickend erwartet Reliance, dass die verkauften Tonnen im ersten Quartal 2025 um 6,0% bis 8,0% im Vergleich zum vierten Quartal 2024 steigen werden, mit prognostizierten non-GAAP-Gewinnen von 3,30 bis 3,50 Dollar pro verwässerter Aktie.
- Record $1.09 billion stock buyback reducing shares outstanding by 6%
- Strong annual cash flow from operations of $1.43 billion
- Tons sold increased 4.0% annually, outperforming industry decline of 2.0%
- Healthy gross profit margin of 29.7%
- 9.1% increase in quarterly dividend to $1.20 per share
- Four acquisitions adding $286.2 million to 2024 net sales
- Q4 tons sold decreased 5.1% compared to Q3 2024
- Q4 average selling price per ton declined 3.4% from Q3 2024
- Semiconductor market demand declined in Q4 and full year 2023
Insights
Reliance's financial performance in 2024 showcases exceptional operational execution and strategic capital allocation. The 4% increase in total volume against an industry-wide decline of 2% demonstrates superior market share gains and execution capability. The company's 29.7% gross margin achievement is particularly impressive in a declining price environment, indicating strong pricing power and value-added processing capabilities.
The generation of
The company's strategic positioning across diverse end markets provides natural hedging against sector-specific downturns. The non-residential construction segment shows particular strength, with healthy demand expected to continue driven by data centers and infrastructure projects. The successful integration of four acquisitions, contributing
Looking ahead, Reliance's Q1 2025 guidance of
- Third highest annual cash flow from operations of
- Repurchased record
- Annual net sales of
- Strong annual gross profit margin of
- Annual EPS of
- Completed four acquisitions in 2024
- Increased quarterly dividend
- Stronger than anticipated fourth quarter operating results excluding non-recurring and year-end LIFO adjustments
SCOTTSDALE, Ariz., Feb. 19, 2025 (GLOBE NEWSWIRE) -- Reliance, Inc. (NYSE: RS) today reported its financial results for the fourth quarter and full year ended December 31, 2024.
| (in millions, except tons sold which are in thousands, per ton and per share amounts) | ||||||||||||||||||||||||||||
| Sequential Quarter | Twelve Months Ended December 31, | Year- Over- Year | Year- Over- Year | |||||||||||||||||||||||||
| Q4 2024* | Q3 2024 | % Change | 2024* | 2023 | % Change | Q4 2023 | % Change | |||||||||||||||||||||
| Income Statement Data: | ||||||||||||||||||||||||||||
| Net sales | $ | 3,126.6 | $ | 3,420.3 | ( | ) | $ | 13,835.0 | $ | 14,805.9 | ( | ) | $ | 3,337.3 | ( | ) | ||||||||||||
| Gross profit1 | $ | 886.1 | $ | 1,006.3 | ( | ) | $ | 4,106.6 | $ | 4,547.3 | ( | ) | $ | 1,021.6 | ( | ) | ||||||||||||
| Gross profit margin1 | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||
| Non-GAAP gross profit margin1,2 | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||
| LIFO expense (income) | $ | 5.6 | $ | (50.0 | ) | $ | (144.4 | ) | $ | (164.5 | ) | $ | (59.5 | ) | ||||||||||||||
| LIFO expense (income) as a % of net sales | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||
| LIFO expense (income) per diluted share, net of tax | $ | 0.08 | $ | (0.68 | ) | $ | (1.93 | ) | $ | (2.09 | ) | $ | (0.77 | ) | ||||||||||||||
| Non-GAAP pretax expense (income) adjustments² | $ | 21.3 | $ | 2.5 | $ | 27.1 | $ | (1.6 | ) | $ | 2.2 | |||||||||||||||||
| Pretax income | $ | 133.5 | $ | 260.5 | ( | ) | $ | 1,139.9 | $ | 1,740.7 | ( | ) | $ | 333.3 | ( | ) | ||||||||||||
| Non-GAAP pretax income2 | $ | 154.8 | $ | 263.0 | ( | ) | $ | 1,167.0 | $ | 1,739.1 | ( | ) | $ | 335.5 | ( | ) | ||||||||||||
| Pretax income margin | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||
| Net income attributable to Reliance | $ | 105.3 | $ | 199.2 | ( | ) | $ | 875.2 | $ | 1,335.9 | ( | ) | $ | 272.7 | ( | ) | ||||||||||||
| Diluted EPS | $ | 1.93 | $ | 3.61 | ( | ) | $ | 15.56 | $ | 22.64 | ( | ) | $ | 4.70 | ( | ) | ||||||||||||
| Non-GAAP diluted EPS2 | $ | 2.22 | $ | 3.64 | ( | ) | $ | 15.92 | $ | 22.62 | ( | ) | $ | 4.73 | ( | ) | ||||||||||||
| Balance Sheet and Cash Flow Data: | ||||||||||||||||||||||||||||
| Cash provided by operations | $ | 473.3 | $ | 463.9 | $ | 1,429.8 | $ | 1,671.3 | ( | ) | $ | 525.6 | ( | ) | ||||||||||||||
| Free cash flow2 | $ | 362.4 | $ | 351.1 | $ | 999.2 | $ | 1,202.5 | ( | ) | $ | 415.4 | ( | ) | ||||||||||||||
| Net debt-to-total capital2 | ||||||||||||||||||||||||||||
| Net debt-to-EBITDA2 | 0.6x | 0.6x | 0.6x | 0.0x | 0.0x | |||||||||||||||||||||||
| Total debt-to-EBITDA2 | 0.8x | 0.8x | 0.8x | 0.6x | 0.6x | |||||||||||||||||||||||
| Capital Allocation Data: | ||||||||||||||||||||||||||||
| Acquisitions, net | $ | (2.1 | ) | $ | 20.2 | $ | 364.6 | $ | 24.0 | $ | (0.1 | ) | ||||||||||||||||
| Capital expenditures | $ | 110.9 | $ | 112.8 | $ | 430.6 | $ | 468.8 | $ | 110.2 | ||||||||||||||||||
| Dividends | $ | 61.2 | $ | 60.6 | $ | 249.7 | $ | 238.1 | $ | 58.8 | ||||||||||||||||||
| Share repurchases | $ | 142.4 | $ | 432.0 | $ | 1,093.7 | $ | 479.5 | $ | 240.3 | ||||||||||||||||||
| Key Business Metrics: | ||||||||||||||||||||||||||||
| Tons sold | 1,444.3 | 1,521.4 | ( | ) | 6,013.2 | 5,779.2 | 1,354.2 | |||||||||||||||||||||
| Tons sold (same-store) | 1,385.3 | 1,465.2 | ( | ) | 5,816.5 | 5,760.0 | 1,347.4 | |||||||||||||||||||||
| Average selling price per ton sold | $ | 2,170 | $ | 2,246 | ( | ) | $ | 2,303 | $ | 2,570 | ( | ) | $ | 2,466 | ( | ) | ||||||||||||
| Average selling price per ton sold (same-store) | $ | 2,198 | $ | 2,266 | ( | ) | $ | 2,325 | $ | 2,573 | ( | ) | $ | 2,471 | ( | ) | ||||||||||||
| Percentage of sales orders w/ value-added processing | ||||||||||||||||||||||||||||
| * Fourth quarter and twelve months ended December 31, 2024 includes one more shipping day compared to the same 2023 periods. | ||||||||||||||||||||||||||||
| Please refer to the footnotes at the end of this press release for additional information. | ||||||||||||||||||||||||||||
Fourth Quarter 2024 Financial Highlights
Underlying operating results for the fourth quarter of 2024 were stronger than anticipated due to better-than-expected shipment levels as well as gross profit margin improvement when excluding the impacts of non-recurring items along with year-end LIFO reserve and income tax adjustments.
The Company’s tons sold in the fourth quarter of 2024 decreased
LIFO gross profit margin declined to
Management Commentary
“Our businesses demonstrated resilience in 2024 as strong execution of our model once again fueled solid financial results in a challenging market,” said Karla Lewis, President and Chief Executive Officer of Reliance. “Through our emphasis on smart, profitable growth, we grew our same-store volumes well above industry shipment levels, bolstering our earnings in a declining metals pricing environment. Importantly, we were able to grow our tons shipped while also delivering a strong full year gross profit margin of
Mrs. Lewis continued, “Our profitability and effective management of working capital led to the generation of the third highest annual cash flow from operations in our history of
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 fourth quarter of 2024 increased
Demand in non-residential construction (including infrastructure), Reliance’s largest end market by tons, improved compared to both the fourth quarter and full year of 2023. The Company expects non-residential construction demand to remain at healthy levels in the first quarter of 2025, supported by new construction projects in diverse sectors including data centers, energy infrastructure, manufacturing and public infrastructure.
Demand across the broader manufacturing sectors Reliance serves increased from the fourth quarter of 2023 and overall was steady with the full year of 2023. Industrial machinery, military, shipbuilding, and rail demand were strong. Consumer products demand showed improvement in the fourth quarter of 2024 from prior quarters. Weaker demand in heavy equipment, particularly in the agricultural sector, offset stronger demand in other manufacturing sectors. Reliance anticipates that demand for its products across the broader manufacturing sector will remain relatively stable in the first quarter of 2025.
Demand in commercial aerospace remained stable compared to both the fourth quarter and full year of 2023. Reliance anticipates fairly consistent demand in the first quarter of 2025, subject to changes in build rates. The strong demand in the military and space related portions of Reliance’s aerospace business is expected to continue in the first quarter of 2025.
Demand for the toll processing services Reliance provides to the automotive market improved compared to both the fourth quarter and full year of 2023. The Company expects demand for automotive toll processing to remain relatively stable in the first quarter of 2025.
Demand in the semiconductor market declined compared to both the fourth quarter and full year of 2023. The Company anticipates demand will remain under pressure in the first quarter of 2025 due to continued excess inventory in the supply chain.
Balance Sheet & Cash Flow
At December 31, 2024, Reliance’s cash and cash equivalents totaled
Reliance generated cash flow from operations of
Stockholder Return Activity
On February 18, 2025, the Company’s Board of Directors declared a quarterly cash dividend of
In the fourth quarter of 2024, Reliance repurchased 525,264 shares of its common stock at an average cost of
Corporate Developments
Brenda Miyamoto was promoted to Senior Vice President, Strategic Planning & Programs, on February 18, 2025. Ms. Miyamoto has served as Vice President, Corporate Initiatives since August 2012 and has held various positions of increasing responsibility at Reliance since 2001. In addition, Scott Ramsbottom was appointed Vice President, Chief Information Officer of Reliance effective November 18, 2024. Mr. Ramsbottom is a veteran industrial distribution CIO with more than 25 years’ experience.
Business Outlook
Reliance anticipates underlying demand will improve modestly in the first quarter of 2025 across the majority of the end markets it serves, despite continued uncertainty regarding domestic and international economic policy. Accordingly, the Company estimates its tons sold will be up
Conference Call Details
A conference call and simultaneous webcast to discuss Reliance’s fourth quarter and full year 2024 financial results and business outlook will be held on Thursday, February 20, 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: 13751162. 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 March 6, 2025, by dialing (844) 512-2921 (U.S. and Canada) or (412) 317-6671 (International) and entering the conference ID: 13751162. 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, the possibility that the expected benefits of acquisitions and capital expenditures may not materialize as expected; the impacts of labor constraints and supply chain disruptions; U.S. and foreign trade policies affecting metals product markets and pricing; and changes in domestic and worldwide political and economic conditions such as inflation and the possibility of an economic recession that could materially impact the Company, its customers and suppliers, metals pricing, and demand for the Company’s products and services. Deteriorations in economic conditions as a result of economic policies, inflation, economic recession, slowing growth, outbreaks of infectious disease, 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, 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, 2023 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)
| Fourth Quarter 2024 Major Commodity Metrics | |||||||||||||||||||||||||||
| Tons Sold (tons in thousands; % change) | Average Selling Price per Ton Sold (% change) | ||||||||||||||||||||||||||
| Q4 2024 | Q3 2024 | Sequential Quarter Change | Q4 2023 | Year-Over-Year Change | Sequential Quarter Change | Year-Over-Year Change | |||||||||||||||||||||
| Carbon steel | 1,185.0 | 1,246.9 | ( | ) | 1,100.5 | ( | ) | ( | ) | ||||||||||||||||||
| Aluminum | 75.8 | 80.2 | ( | ) | 76.3 | ( | ) | ( | ) | ( | ) | ||||||||||||||||
| Stainless steel | 67.7 | 73.2 | ( | ) | 65.5 | ( | ) | ( | ) | ||||||||||||||||||
| Alloy | 27.8 | 30.2 | ( | ) | 29.2 | ( | ) | ( | ) | ( | ) | ||||||||||||||||
| Sales ($'s in millions; % change) | |||||||||||||||||||||||||||
| Q4 2024 | Q3 2024 | Sequential Quarter Change | Q4 2023 | Year-Over-Year Change | |||||||||||||||||||||||
| Carbon steel | $ | 1,680.8 | $ | 1,856.2 | ( | ) | $ | 1,805.2 | ( | ) | |||||||||||||||||
| Aluminum | $ | 534.2 | $ | 576.3 | ( | ) | $ | 553.9 | ( | ) | |||||||||||||||||
| Stainless steel | $ | 473.2 | $ | 513.9 | ( | ) | $ | 517.9 | ( | ) | |||||||||||||||||
| Alloy | $ | 143.1 | $ | 155.9 | ( | ) | $ | 152.3 | ( | ) | |||||||||||||||||
| Full Year 2024 Major Commodity Metrics | |||||||||||||||||||||||||||
| Tons Sold (tons in thousands; % change) | Average Selling Price per Ton Sold (% change) | ||||||||||||||||||||||||||
| 2024 | 2023 | Year-Over-Year Change | Year-Over-Year Change | ||||||||||||||||||||||||
| Carbon steel | 4,921.0 | 4,688.8 | ( | ) | |||||||||||||||||||||||
| Aluminum | 319.1 | 323.7 | ( | ) | ( | ) | |||||||||||||||||||||
| Stainless steel | 290.0 | 283.9 | ( | ) | |||||||||||||||||||||||
| Alloy | 123.5 | 131.2 | ( | ) | ( | ) | |||||||||||||||||||||
| Sales ($'s in millions; % change) | |||||||||||||||||||||||||||
| 2024 | 2023 | Year-Over-Year Change | |||||||||||||||||||||||||
| Carbon steel | $ | 7,575.6 | $ | 8,071.8 | ( | ) | |||||||||||||||||||||
| Aluminum | $ | 2,294.4 | $ | 2,456.4 | ( | ) | |||||||||||||||||||||
| Stainless steel | $ | 2,068.8 | $ | 2,336.7 | ( | ) | |||||||||||||||||||||
| Alloy | $ | 637.7 | $ | 704.9 | ( | ) | |||||||||||||||||||||
| Sales by Product ($'s as a % of total sales) | |||||||||||||||||||||||||||
| Twelve Months Ended | |||||||||||||||||||||||||||
| December 31, | |||||||||||||||||||||||||||
| Q4 2024 | Q3 2024 | Q4 2023 | 2024 | 2023 | |||||||||||||||||||||||
| Carbon steel structurals | |||||||||||||||||||||||||||
| Carbon steel plate | |||||||||||||||||||||||||||
| Carbon steel tubing | |||||||||||||||||||||||||||
| Hot-rolled steel sheet & coil | |||||||||||||||||||||||||||
| Carbon steel bar | |||||||||||||||||||||||||||
| Galvanized steel sheet & coil | |||||||||||||||||||||||||||
| Cold-rolled steel sheet & coil | |||||||||||||||||||||||||||
| Carbon steel | |||||||||||||||||||||||||||
| Aluminum bar & tube | |||||||||||||||||||||||||||
| Heat-treated aluminum plate | |||||||||||||||||||||||||||
| Common alloy aluminum sheet & coil | |||||||||||||||||||||||||||
| Common alloy aluminum plate | |||||||||||||||||||||||||||
| Heat-treated aluminum sheet & coil | |||||||||||||||||||||||||||
| Aluminum | |||||||||||||||||||||||||||
| Stainless steel bar & tube | |||||||||||||||||||||||||||
| Stainless steel sheet & coil | |||||||||||||||||||||||||||
| Stainless steel plate | |||||||||||||||||||||||||||
| Stainless steel | |||||||||||||||||||||||||||
| Alloy bar & rod | |||||||||||||||||||||||||||
| Alloy tube | |||||||||||||||||||||||||||
| Alloy | |||||||||||||||||||||||||||
| Miscellaneous | |||||||||||||||||||||||||||
| Toll processing & logistics | |||||||||||||||||||||||||||
| Copper & brass | |||||||||||||||||||||||||||
| Other | |||||||||||||||||||||||||||
| Total | |||||||||||||||||||||||||||
| 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 | Twelve Months Ended | ||||||||||||||
| December 31, | December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023* | ||||||||||||
| Net sales | $ | 3,126.6 | $ | 3,337.3 | $ | 13,835.0 | $ | 14,805.9 | |||||||
| Costs and expenses: | |||||||||||||||
| Cost of sales (exclusive of depreciation and amortization shown below) | 2,240.5 | 2,315.7 | 9,728.4 | 10,258.6 | |||||||||||
| Warehouse, delivery, selling, general and administrative (“SG&A”) | 662.0 | 633.6 | 2,666.2 | 2,562.4 | |||||||||||
| Depreciation and amortization | 70.6 | 62.9 | 268.7 | 245.4 | |||||||||||
| Impairment | 11.7 | — | 11.7 | — | |||||||||||
| 2,984.8 | 3,012.2 | 12,675.0 | 13,066.4 | ||||||||||||
| Operating income | 141.8 | 325.1 | 1,160.0 | 1,739.5 | |||||||||||
| Other (income) expense: | |||||||||||||||
| Interest expense | 10.0 | 9.8 | 40.3 | 40.1 | |||||||||||
| Other income, net | (1.7 | ) | (18.0 | ) | (20.2 | ) | (41.3 | ) | |||||||
| Income before income taxes | 133.5 | 333.3 | 1,139.9 | 1,740.7 | |||||||||||
| Income tax provision | 27.5 | 59.9 | 261.9 | 400.6 | |||||||||||
| Net income | 106.0 | 273.4 | 878.0 | 1,340.1 | |||||||||||
| Less: net income attributable to noncontrolling interests | 0.7 | 0.7 | 2.8 | 4.2 | |||||||||||
| Net income attributable to Reliance | $ | 105.3 | $ | 272.7 | $ | 875.2 | $ | 1,335.9 | |||||||
| Earnings per share attributable to Reliance stockholders: | |||||||||||||||
| Basic | $ | 1.95 | $ | 4.75 | $ | 15.70 | $ | 22.90 | |||||||
| Diluted | $ | 1.93 | $ | 4.70 | $ | 15.56 | $ | 22.64 | |||||||
| Shares used in computing earnings per share: | |||||||||||||||
| Basic | 54,104 | 57,381 | 55,746 | 58,328 | |||||||||||
| Diluted | 54,555 | 58,071 | 56,246 | 59,015 | |||||||||||
| Cash dividends declared per common share | $ | 1.10 | $ | 1.00 | $ | 4.40 | $ | 4.00 | |||||||
| * Derived from audited financial statements. | |||||||||||||||
| RELIANCE, INC. | |||||||
| UNAUDITED CONSOLIDATED BALANCE SHEETS | |||||||
| (in millions, except number of shares which are reflected in thousands and par value) | |||||||
| December 31, | December 31, | ||||||
| 2024 | 2023* | ||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 318.1 | $ | 1,080.2 | |||
| Accounts receivable, less allowance for credit losses of | 1,342.0 | 1,472.4 | |||||
| Inventories | 2,026.8 | 2,043.2 | |||||
| Prepaid expenses and other current assets | 148.2 | 140.4 | |||||
| Income taxes receivable | 60.4 | 35.6 | |||||
| Total current assets | 3,895.5 | 4,771.8 | |||||
| Property, plant and equipment, net | 2,544.9 | 2,248.4 | |||||
| Operating lease right-of-use assets | 275.2 | 231.6 | |||||
| Goodwill | 2,161.8 | 2,111.1 | |||||
| Intangible assets, net | 1,007.2 | 981.1 | |||||
| Cash surrender value of life insurance policies, net | 46.0 | 43.8 | |||||
| Other long-term assets | 91.2 | 92.5 | |||||
| Total assets | $ | 10,021.8 | $ | 10,480.3 | |||
| LIABILITIES AND EQUITY | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 361.9 | $ | 410.3 | |||
| Accrued expenses | 144.4 | 118.5 | |||||
| Accrued compensation and retirement benefits | 195.2 | 213.9 | |||||
| Accrued insurance costs | 50.4 | 44.4 | |||||
| Current maturities of long-term debt | 399.7 | 0.3 | |||||
| Current maturities of operating lease liabilities | 61.4 | 56.2 | |||||
| Total current liabilities | 1,213.0 | 843.6 | |||||
| Long-term debt | 742.8 | 1,141.9 | |||||
| Operating lease liabilities | 214.2 | 178.9 | |||||
| Long-term retirement benefits | 26.9 | 25.1 | |||||
| Other long-term liabilities | 56.8 | 64.0 | |||||
| Deferred income taxes | 537.5 | 494.0 | |||||
| Total liabilities | 2,791.2 | 2,747.5 | |||||
| Commitments and contingencies | |||||||
| Equity: | |||||||
| Preferred stock, | — | — | |||||
| Common stock and additional paid-in capital, | |||||||
| Issued and outstanding shares—53,715 at December 31, 2024 and 57,271 at December 31, 2023 | 0.1 | 0.1 | |||||
| Retained earnings | 7,334.7 | 7,798.9 | |||||
| Accumulated other comprehensive loss | (115.2 | ) | (76.7 | ) | |||
| Total Reliance stockholders’ equity | 7,219.6 | 7,722.3 | |||||
| Noncontrolling interests | 11.0 | 10.5 | |||||
| Total equity | 7,230.6 | 7,732.8 | |||||
| Total liabilities and equity | $ | 10,021.8 | $ | 10,480.3 | |||
| * Derived from audited financial statements. | |||||||
| RELIANCE, INC. | |||||||
| UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
| (in millions) | |||||||
| Twelve Months Ended | |||||||
| December 31, | |||||||
| 2024 | 2023* | ||||||
| Operating activities: | |||||||
| Net income | $ | 878.0 | $ | 1,340.1 | |||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
| Depreciation and amortization expense | 268.7 | 245.4 | |||||
| Impairment | 11.7 | — | |||||
| Provision for credit losses | 2.2 | 3.5 | |||||
| Deferred income tax provision | 36.4 | 16.2 | |||||
| Stock-based compensation expense | 56.8 | 65.0 | |||||
| Net loss (gain) on life insurance policies and deferred compensation plan assets | 5.8 | (0.5 | ) | ||||
| Other | 4.3 | (0.3 | ) | ||||
| Changes in operating assets and liabilities (excluding effect of businesses acquired): | |||||||
| Accounts receivable | 167.4 | 95.6 | |||||
| Inventories | 116.8 | (41.5 | ) | ||||
| Prepaid expenses and other assets | 27.2 | 37.3 | |||||
| Accounts payable and other liabilities | (145.5 | ) | (89.5 | ) | |||
| Net cash provided by operating activities | 1,429.8 | 1,671.3 | |||||
| Investing activities: | |||||||
| Acquisitions, net of cash acquired | (364.6 | ) | (24.0 | ) | |||
| Purchases of property, plant and equipment | (430.6 | ) | (468.8 | ) | |||
| Proceeds from sales of property, plant and equipment | 4.7 | 11.1 | |||||
| Other | (13.2 | ) | (2.2 | ) | |||
| Net cash used in investing activities | (803.7 | ) | (483.9 | ) | |||
| Financing activities: | |||||||
| Net short-term debt repayments | — | (2.2 | ) | ||||
| Proceeds from long-term debt borrowings | 663.0 | — | |||||
| Principal payments on long-term debt | (663.3 | ) | (506.1 | ) | |||
| Cash dividends and dividend equivalents | (249.7 | ) | (238.1 | ) | |||
| Share repurchases | (1,093.7 | ) | (479.5 | ) | |||
| Taxes paid related to net share settlement of restricted stock units | (42.8 | ) | (54.1 | ) | |||
| Other | 10.1 | (2.3 | ) | ||||
| Net cash used in financing activities | (1,376.4 | ) | (1,282.3 | ) | |||
| Effect of exchange rate changes on cash and cash equivalents | (11.8 | ) | 1.7 | ||||
| Decrease in cash and cash equivalents | (762.1 | ) | (93.2 | ) | |||
| Cash and cash equivalents at beginning of year | 1,080.2 | 1,173.4 | |||||
| Cash and cash equivalents at end of year | $ | 318.1 | $ | 1,080.2 | |||
| Supplemental cash flow information: | |||||||
| Interest paid during the year | $ | 37.8 | $ | 41.8 | |||
| Income taxes paid during the year, net | $ | 244.9 | $ | 386.3 | |||
| * Derived from audited financial statements. | |||||||
| RELIANCE, INC. | |||||||||||||||||||||||
| NON-GAAP RECONCILIATION | |||||||||||||||||||||||
| (in millions, except per share amounts) | |||||||||||||||||||||||
| Net Income | Diluted EPS | ||||||||||||||||||||||
| Three Months Ended | Three Months Ended | ||||||||||||||||||||||
| December 31, | September 30, | December 31, | December 31, | September 30, | December 31, | ||||||||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2024 | 2023 | ||||||||||||||||||
| Net income attributable to Reliance | $ | 105.3 | $ | 199.2 | $ | 272.7 | $ | 1.93 | $ | 3.61 | $ | 4.70 | |||||||||||
| Impairment and restructuring charges | 22.3 | 2.1 | 1.2 | 0.41 | 0.03 | 0.02 | |||||||||||||||||
| Non-recurring income of acquisitions | — | (1.6 | ) | — | — | (0.03 | ) | — | |||||||||||||||
| Non-recurring settlement (credits) charges | (1.0 | ) | 0.5 | — | (0.02 | ) | 0.01 | — | |||||||||||||||
| Debt restructuring charge | — | 1.5 | — | — | 0.03 | — | |||||||||||||||||
| Charges related to sale of non-core assets | — | — | 1.0 | — | — | 0.02 | |||||||||||||||||
| Income tax benefit related to above items | (5.4 | ) | (0.6 | ) | (0.5 | ) | (0.10 | ) | (0.01 | ) | (0.01 | ) | |||||||||||
| Non-GAAP net income attributable to Reliance | $ | 121.2 | $ | 201.1 | $ | 274.4 | $ | 2.22 | $ | 3.64 | $ | 4.73 | |||||||||||
| Net Income | Diluted EPS | ||||||||||||||||||||||
| Twelve Months Ended | Twelve Months Ended | ||||||||||||||||||||||
| December 31, | December 31, | December 31, | December 31, | ||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| Net income attributable to Reliance | $ | 875.2 | $ | 1,335.9 | $ | 15.56 | $ | 22.64 | |||||||||||||||
| Impairment and restructuring charges | 25.1 | 2.2 | 0.44 | 0.04 | |||||||||||||||||||
| Non-recurring income of acquisitions | (3.6 | ) | — | (0.06 | ) | — | |||||||||||||||||
| Non-recurring settlement charges | 4.1 | — | 0.07 | — | |||||||||||||||||||
| Debt restructuring charge | 1.5 | — | 0.03 | — | |||||||||||||||||||
| Gains related to sales of non-core assets | — | (3.8 | ) | — | (0.07 | ) | |||||||||||||||||
| Income tax (benefit) expense related to above items | (6.8 | ) | 0.4 | (0.12 | ) | 0.01 | |||||||||||||||||
| Non-GAAP net income attributable to Reliance | $ | 895.5 | $ | 1,334.7 | $ | 15.92 | $ | 22.62 | |||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||
| December 31, | September 30, | December 31, | December 31, | December 31, | |||||||||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||
| Pretax income | $ | 133.5 | $ | 260.5 | $ | 333.3 | $ | 1,139.9 | $ | 1,740.7 | |||||||||||||
| Impairment and restructuring charges | 22.3 | 2.1 | 1.2 | 25.1 | 2.2 | ||||||||||||||||||
| Non-recurring income of acquisitions | — | (1.6 | ) | — | (3.6 | ) | — | ||||||||||||||||
| Non-recurring settlement (credits) charges | (1.0 | ) | 0.5 | — | 4.1 | — | |||||||||||||||||
| Debt restructuring charge | — | 1.5 | — | 1.5 | — | ||||||||||||||||||
| Charges (gains) related to sales of non-core assets | — | — | 1.0 | — | (3.8 | ) | |||||||||||||||||
| Non-GAAP pretax expense (income) adjustments | 21.3 | 2.5 | 2.2 | 27.1 | (1.6 | ) | |||||||||||||||||
| Non-GAAP pretax income | $ | 154.8 | $ | 263.0 | $ | 335.5 | $ | 1,167.0 | $ | 1,739.1 | |||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||
| December 31, | September 30, | December 31, | December 31, | December 31, | |||||||||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||
| Gross profit - LIFO | $ | 886.1 | $ | 1,006.3 | $ | 1,021.6 | $ | 4,106.6 | $ | 4,547.3 | |||||||||||||
| Amortization of inventory step-down | — | (1.6 | ) | — | (3.6 | ) | — | ||||||||||||||||
| Restructuring charges | 8.5 | 1.7 | 0.2 | 10.2 | 0.2 | ||||||||||||||||||
| Non-GAAP gross profit | 894.6 | 1,006.4 | 1,021.8 | 4,113.2 | 4,547.5 | ||||||||||||||||||
| LIFO expense (income) | 5.6 | (50.0 | ) | (59.5 | ) | (144.4 | ) | (164.5 | ) | ||||||||||||||
| Non-GAAP gross profit - FIFO | $ | 900.2 | $ | 956.4 | $ | 962.3 | $ | 3,968.8 | $ | 4,383.0 | |||||||||||||
| Gross profit margin - LIFO | |||||||||||||||||||||||
| Amortization of inventory step-down as a % of sales | — | — | — | — | — | ||||||||||||||||||
| Restructuring charges as a % of sales | — | — | — | — | |||||||||||||||||||
| Non-GAAP gross profit margin | |||||||||||||||||||||||
| LIFO expense (income) as a % of sales | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||
| Non-GAAP gross profit margin - FIFO | |||||||||||||||||||||||
| December 31, | September 30, | December 31, | |||||||||||||||||||||
| 2024 | 2024 | 2023 | |||||||||||||||||||||
| Total debt | $ | 1,151.1 | $ | 1,276.4 | $ | 1,151.4 | |||||||||||||||||
| Less: unamortized debt discount and debt issuance costs | (8.6 | ) | (9.1 | ) | (9.2 | ) | |||||||||||||||||
| Carrying amount of debt | 1,142.5 | 1,267.3 | 1,142.2 | ||||||||||||||||||||
| Less: cash and cash equivalents | (318.1 | ) | (314.6 | ) | (1,080.2 | ) | |||||||||||||||||
| Net debt | 824.4 | 952.7 | 62.0 | ||||||||||||||||||||
| Total Reliance stockholders’ equity | 7,219.6 | 7,350.5 | 7,722.3 | ||||||||||||||||||||
| Total capital | $ | 8,044.0 | $ | 8,303.2 | $ | 7,784.3 | |||||||||||||||||
| Net debt-to-total capital | |||||||||||||||||||||||
| Twelve Months Ended | |||||||||||||||||||||||
| December 31, | September 30, | December 31, | |||||||||||||||||||||
| 2024 | 2024 | 2023 | |||||||||||||||||||||
| Net income | $ | 878.0 | $ | 1,045.4 | $ | 1,340.1 | |||||||||||||||||
| Depreciation and amortization | 268.7 | 261.0 | 245.4 | ||||||||||||||||||||
| Impairment | 11.7 | — | — | ||||||||||||||||||||
| Interest expense | 40.3 | 40.1 | 40.1 | ||||||||||||||||||||
| Income taxes | 261.9 | 294.3 | 400.6 | ||||||||||||||||||||
| EBITDA | $ | 1,460.6 | $ | 1,640.8 | $ | 2,026.2 | |||||||||||||||||
| Net debt-to-EBITDA | 0.6x | 0.6x | 0.0x | ||||||||||||||||||||
| Total debt-to-EBITDA | 0.8x | 0.8x | 0.6x | ||||||||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||
| December 31, | September 30, | December 31, | December 31, | December 31, | |||||||||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||
| Cash provided by operations | $ | 473.3 | $ | 463.9 | $ | 525.6 | $ | 1,429.8 | $ | 1,671.3 | |||||||||||||
| Less: capital expenditures | (110.9 | ) | (112.8 | ) | (110.2 | ) | (430.6 | ) | (468.8 | ) | |||||||||||||
| Free cash flow | $ | 362.4 | $ | 351.1 | $ | 415.4 | $ | 999.2 | $ | 1,202.5 | |||||||||||||
| 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, non-recurring income of its acquisitions, non-recurring settlement (credits) charges, non-recurring expenses related to the amendment of its credit agreement, and charges (gains) on sales of non-core property, plant, and equipment, 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
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