Reliance, Inc. reports Q1 adjusted EPS $5.30, consensus $5.55

Reports Q1 revenue 3.64B, consensus $3.76B. “Our resilient business model, most notably the diversity of our products, end markets and geography, once again delivered strong performance in a more challenging pricing environment than we anticipated in the first quarter,” said Karla Lewis, President and Chief Executive Officer of Reliance. “We continued to drive smart, profitable growth, increasing our shipments above industry levels while maintaining pricing discipline resulting in our gross profit margin at the high end of our sustainable range that collectively contributed to our first quarter non-GAAP earnings per diluted share of $5.30. Our significant investments in value-added processing capabilities continue to bolster our gross profit margin throughout market cycles.” Lewis continued, “Our profitable operations and consistent ability to generate cash enable us to allocate capital across our core priorities. We have completed three acquisitions to-date in 2024, expanding our product offerings, processing capabilities and geographic reach and collectively adding nearly $500 million in annualized net sales to the Reliance family. We also invested $108.7 million back into our business through capital expenditures, predominantly targeted towards growth opportunities that increase capacity and value-added processing capabilities. We returned $65.3 million to our valued stockholders in dividends. I’d like to thank the entire Reliance team for a strong start to 2024 and their continued commitment to exceptional customer service, and most importantly, safety. While we anticipate continued near-term pricing headwinds, we remain bullish on the longer term tailwinds coming our way through activity related to government stimulus and re/near-shoring. Reliance is in a strong position to benefit from these opportunities.”