- 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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