- 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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