- Net sales of $3.42 billion with tons sold up 7.1% from Q3 2023
- Gross profit margin of 29.4%
- EPS of $3.61, non-GAAP EPS of $3.64
- Cash flow from operations of $463.9 million
- Share repurchases of $432.0 million reduced outstanding shares by 3%; replenished existing share repurchase program to $1.5 billion
- Amended and restated $1.5 billion credit agreement for a new five-year term
- Completed acquisition of FerrouSouth toll processing assets on August 16, 2024
SCOTTSDALE, Ariz., Oct. 24, 2024 (GLOBE NEWSWIRE) -- Reliance, Inc. (NYSE: RS) today reported its financial results for the third quarter ended September 30, 2024.
| (in millions, except tons which are in thousands, average selling price per ton sold and per share amounts) | |||||||||||||||||||||||||||||
| Sequential
Quarter | Nine Months Ended
September 30, | Year- Over- Year | Year- Over- Year | ||||||||||||||||||||||||||
| Q3 2024* | Q2 2024 | % Change | 2024 | 2023 | % Change | Q3 2023 | % Change | ||||||||||||||||||||||
| Income Statement Data: | |||||||||||||||||||||||||||||
| Net sales | $ | 3,420.3 | $ | 3,643.3 | (6.1 | %) | $ | 10,708.4 | $ | 11,468.6 | (6.6 | %) | $ | 3,623.0 | (5.6 | %) | |||||||||||||
| Gross profit1 | $ | 1,006.3 | $ | 1,086.0 | (7.3 | %) | $ | 3,220.5 | $ | 3,525.7 | (8.7 | %) | $ | 1,077.0 | (6.6 | %) | |||||||||||||
| Gross profit margin1 | 29.4% | 29.8% | (0.4 | %) | 30.1% | 30.7% | (0.6 | %) | 29.7% | (0.3 | %) | ||||||||||||||||||
| Non-GAAP gross profit margin1,2 | 29.4% | 29.8% | (0.4 | %) | 30.1% | 30.7% | (0.6 | %) | 29.7% | (0.3 | %) | ||||||||||||||||||
| LIFO income | $ | (50.0 | ) | $ | (50.0 | ) | $ | (150.0 | ) | $ | (105.0 | ) | $ | (45.0 | ) | ||||||||||||||
| LIFO income as a % of net sales | (1.5% | ) | (1.4% | ) | (0.1 | %) | (1.4% | ) | (0.9% | ) | (0.5 | %) | (1.2% | ) | (0.3 | %) | |||||||||||||
| LIFO income per diluted share, net of tax | $ | (0.68 | ) | $ | (0.66 | ) | $ | (1.98 | ) | $ | (1.33 | ) | $ | (0.57 | ) | ||||||||||||||
| Non-GAAP pretax expense (income) adjustments² | $ | 2.5 | $ | (1.6 | ) | $ | 5.8 | $ | (3.8 | ) | $ | 1.0 | |||||||||||||||||
| Pretax income | $ | 260.5 | $ | 349.7 | (25.5 | %) | $ | 1,006.4 | $ | 1,407.4 | (28.5 | %) | $ | 388.0 | (32.9 | %) | |||||||||||||
| Non-GAAP pretax income2 | $ | 263.0 | $ | 348.1 | (24.4 | %) | $ | 1,012.2 | $ | 1,403.6 | (27.9 | %) | $ | 389.0 | (32.4 | %) | |||||||||||||
| Pretax income margin | 7.6% | 9.6% | (2.0 | %) | 9.4% | 12.3% | (2.9 | %) | 10.7% | (3.1 | %) | ||||||||||||||||||
| Net income attributable to Reliance | $ | 199.2 | $ | 267.8 | (25.6 | %) | $ | 769.9 | $ | 1,063.2 | (27.6 | %) | $ | 295.0 | (32.5 | %) | |||||||||||||
| Diluted EPS | $ | 3.61 | $ | 4.67 | (22.7 | %) | $ | 13.55 | $ | 17.92 | (24.4 | %) | $ | 4.99 | (27.7 | %) | |||||||||||||
| Non-GAAP diluted EPS2 | $ | 3.64 | $ | 4.65 | (21.7 | %) | $ | 13.63 | $ | 17.87 | (23.7 | %) | $ | 5.00 | (27.2 | %) | |||||||||||||
| Balance Sheet and Cash Flow Data: | |||||||||||||||||||||||||||||
| Cash provided by operations | $ | 463.9 | $ | 366.3 | 26.6 | % | $ | 956.5 | $ | 1,145.7 | (16.5 | %) | $ | 466.0 | (0.5 | %) | |||||||||||||
| Free cash flow3 | $ | 351.1 | $ | 268.1 | 31.0 | % | $ | 636.8 | $ | 787.1 | (19.1 | %) | $ | 340.5 | 3.1 | % | |||||||||||||
| Net debt-to-total capital4 | 11.5% | 9.4% | 11.5% | 2.1% | 2.1% | ||||||||||||||||||||||||
| Net debt-to-EBITDA2,5 | 0.6x | 0.5x | 0.6x | 0.1x | 0.1x | ||||||||||||||||||||||||
| Total debt-to-EBITDA2,5 | 0.8x | 0.7x | 0.8x | 0.5x | 0.5x | ||||||||||||||||||||||||
| Capital Allocation Data: | |||||||||||||||||||||||||||||
| Acquisitions, net | $ | 20.2 | $ | 292.8 | $ | 366.7 | $ | 24.1 | $ | - | |||||||||||||||||||
| Capital expenditures | $ | 112.8 | $ | 98.2 | $ | 319.7 | $ | 358.6 | $ | 125.5 | |||||||||||||||||||
| Dividends | $ | 60.6 | $ | 62.6 | $ | 188.5 | $ | 179.3 | $ | 58.7 | |||||||||||||||||||
| Share repurchases | $ | 432.0 | $ | 519.3 | $ |
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