Reliance expects healthy demand trends to continue into the first quarter of 2024 despite continuing macroeconomic uncertainty and geopolitical matters. Accordingly, the company estimates its tons sold will be up 9% to 11% compared to the fourth quarter of 2023, consistent with seasonal trends. Reliance expects its average selling price per ton sold for the first quarter of 2024 to be up 1.0% to 3.0% compared to the fourth quarter of 2023 driven by stabilizing pricing trends for many of its products. Based on these expectations, the company anticipates non-GAAP earnings per diluted share in the range of $5.30 to $5.50 for the first quarter of 2024.
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