- Third highest annual cash flow from operations of $1.43 billion
- Repurchased record $1.09 billion of common stock in 2024; outstanding shares down 6%
- Annual net sales of $13.84 billion with tons sold up 4.0% (same-store tons sold up 1.0%)
- Strong annual gross profit margin of 29.7%
- Annual EPS of $15.56; non-GAAP EPS of $15.92
- Completed four acquisitions in 2024
- Increased quarterly dividend 9.1% to $1.20 per share (annual: $4.80)
- 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 | (8.6% | ) | $ | 13,835.0 | $ | 14,805.9 | (6.6% | ) | $ | 3,337.3 | (6.3% | ) | ||||||||||||
| Gross profit1 | $ | 886.1 | $ | 1,006.3 | (11.9% | ) | $ | 4,106.6 | $ | 4,547.3 | (9.7% | ) | $ | 1,021.6 | (13.3% | ) | ||||||||||||
| Gross profit margin1 | 28.3% | 29.4% | (1.1% | ) | 29.7% | 30.7% | (1.0% | ) | 30.6% | (2.3% | ) | |||||||||||||||||
| Non-GAAP gross profit margin1,2 | 28.6% | 29.4% | (0.8% | ) | 29.7% | 30.7% | (1.0% | ) | 30.6% | (2.0% | ) | |||||||||||||||||
| LIFO expense (income) | $ | 5.6 | $ | (50.0 | ) | $ | (144.4 | ) | $ | (164.5 | ) | $ | (59.5 | ) | ||||||||||||||
| LIFO expense (income) as a % of net sales | 0.2% | (1.5% | ) | 1.7% | (1.0% | ) | (1.1% | ) | 0.1% | (1.8% | ) | 2.0% | ||||||||||||||||
| 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 | (48.8% | ) | $ | 1,139.9 | $ | 1,740.7 | (34.5% | ) | $ | 333.3 | (59.9% | ) | ||||||||||||
| Non-GAAP pretax income2 | $ | 154.8 | $ | 263.0 | (41.1% | ) | $ | 1,167.0 | $ | 1,739.1 | (32.9% | ) | $ | 335.5 | (53.9% | ) | ||||||||||||
| Pretax income margin | 4.3% | 7.6% | (3.3% | ) | 8.2% | 11.8% | (3.6% | ) | 10.0% | (5.7% | ) | |||||||||||||||||
| Net income attributable to Reliance | $ | 105.3 | $ | 199.2 | (47.1% | ) | $ | 875.2 | $ | 1,335.9 | (34.5% | ) | $ | 272.7 | (61.4% | ) | ||||||||||||
| Diluted EPS | $ | 1.93 | $ | 3.61 | (46.5% | ) | $ | 15.56 | $ | 22.64 | (31.3% | ) | $ | 4.70 | (58.9% | ) | ||||||||||||
| Non-GAAP diluted EPS2 | $ | 2.22 | $ | 3.64 | (39.0% | ) | $ | 15.92 | $ | 22.62 | (29.6% | ) | $ | 4.73 | (53.1% | ) | ||||||||||||
| Balance Sheet and Cash Flow Data: | ||||||||||||||||||||||||||||
| Cash provided by operations | $ | 473.3 | $ | 463.9 | 2.0% | $ | 1,429.8 | $ | 1,671.3 | (14.4% | ) | $ | 525.6 | (10.0% | ) | |||||||||||||
| Free cash flow2 | $ | 362.4 | $ | 351.1 | 3.2% | $ | 999.2 | $ | 1,202.5 | (16.9% | ) | $ | 415.4 | (12.8% | ) | |||||||||||||
| Net debt-to-total capital2 | 10.2% | 11.5% | 10.2% | 0.8% | 0.8% | |||||||||||||||||||||||
| 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 |
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