Reliance Steel & Aluminum Co. Reports Third Quarter 2020 Financial Results
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.
- Gross profit margin improved to 32.4%, an increase of 2.0% year-over-year.
- Non-GAAP diluted EPS rose by 37.5% to $1.87 sequentially.
- Generated $296.3 million in cash flow from operations.
- Net sales decreased by 21.7% year-over-year to $6,677.8 million.
- Net income fell by 55.3% compared to the same period last year.
- Record gross profit margin of
- EPS of
- Pretax income of
- Generated cash flow from operations of
- Declared quarterly dividend of
LOS ANGELES, Oct. 22, 2020 (GLOBE NEWSWIRE) -- Reliance Steel & Aluminum Co. (NYSE: RS) today reported its financial results for the third quarter ended September 30, 2020 (in millions, except tons which are in thousands and per share amounts).
| Sequential Quarter | Nine Months Ended September 30, | Year-Over- Year | Year-Over- Year | |||||||||||||||||||||||||
| Q3 2020 | Q2 2020 | % Change | 2020 | 2019 | % Change | Q3 2019 | % Change | |||||||||||||||||||||
| Income Statement Data: | ||||||||||||||||||||||||||||
| Net sales | $ | 2,085.6 | $ | 2,019.3 | 3.3 | % | $ | 6,677.8 | $ | 8,526.0 | (21.7 | %) | $ | 2,685.9 | (22.4 | %) | ||||||||||||
| Gross profit1 | $ | 676.1 | $ | 614.7 | 10.0 | % | $ | 2,071.5 | $ | 2,535.2 | (18.3 | %) | $ | 814.7 | (17.0 | %) | ||||||||||||
| Gross profit margin1 | 32.4 | % | 30.4 | % | 2.0 | % | 31.0 | % | 29.7 | % | 1.3 | % | 30.3 | % | 2.1 | % | ||||||||||||
| Non-GAAP gross profit margin1,2 | 32.4 | % | 30.4 | % | 2.0 | % | 31.6 | % | 29.7 | % | 1.9 | % | 30.3 | % | 2.1 | % | ||||||||||||
| Non-GAAP pretax income adjustments2 | $ | 31.0 | $ | 10.4 | 198.1 | % | $ | 178.9 | $ | 0.3 | * | $ | (0.9 | ) | * | |||||||||||||
| Pretax income | $ | 127.0 | $ | 102.0 | 24.5 | % | $ | 312.1 | $ | 719.7 | (56.6 | %) | $ | 218.4 | (41.8 | %) | ||||||||||||
| Non-GAAP pretax income2 | $ | 158.0 | $ | 112.4 | 40.6 | % | $ | 491.0 | $ | 720.0 | (31.8 | %) | $ | 217.5 | (27.4 | %) | ||||||||||||
| Net income attributable to Reliance | $ | 97.6 | $ | 80.2 | 21.7 | % | $ | 239.5 | $ | 535.9 | (55.3 | %) | $ | 162.7 | (40.0 | %) | ||||||||||||
| Diluted EPS | $ | 1.51 | $ | 1.24 | 21.8 | % | $ | 3.66 | $ | 7.90 | (53.7 | %) | $ | 2.40 | (37.1 | %) | ||||||||||||
| Non-GAAP diluted EPS2 | $ | 1.87 | $ | 1.36 | 37.5 |
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FAQ
What were Reliance Steel's Q3 2020 earnings results?
In Q3 2020, Reliance Steel reported earnings of $1.51 per diluted share and a gross profit margin of 32.4%.
How did Reliance Steel perform compared to Q2 2020?
Compared to Q2 2020, Reliance Steel's net sales increased by 3.3% while gross profit rose by 10.0%.
What is Reliance Steel's outlook following the Q3 results?
While gross profit margins improved, net sales showed a significant decline, which may impact future earnings.
Reliance, Inc.
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