What is Reliance's latest dividend and current dividend yield?

Did Reliance beat or miss consensus estimates last quarter?

What were the key takeaways from Reliance's earnings call?

What does Reliance do and what are its main business segments?

What is Reliance's gross profit margin?

What guidance did Reliance's management provide for the next earnings period?

What were the key takeaways from Reliance’s earnings call?

What factors drove the changes in Reliance's revenue and profit?

- **Market Share Growth**: U.S. market share expanded to 17.1%, up 2.6ppt YoY, driven by 300,000+ tons of incremental volume.
- **Margin Resilience**: FIFO gross profit margin of 29% (up 30% in pretax income) despite 10% of sales impacted by specialty product headwinds.
- **Cash Flow Strength**: $262M operating cash flow reinvested in growth, with $124M returned to shareholders.
- **Q4 Outlook**: Flat to improved gross margins expected, with EPS guidance of $2.65-$2.85 (down 20-25% vs. Q3).

**【CEO Summary Section】**
- Delivered record tons sold, increasing U.S. market share to 17.1% (from 14.5% in 2023), driven by smart, profitable growth strategy.
- Faced gross margin headwinds due to trade policy uncertainty and excess inventory, but maintained long-term margin target of 29-31%.
- Generated $262M in operating cash flow, reinvesting in growth initiatives and returning $124M to shareholders via dividends and buybacks.

**【COO Demand & Pricing Commentary】**
- Tons sold up 6.2% YoY, outperforming industry decline of 2.9%, despite flat pricing amid competitive market.
- Nonresidential construction and general manufacturing end markets showed strength, while aerospace and semiconductor markets remained under pressure.
- Pricing stabilization expected in Q4, with focus on disciplined execution and customer service.

**【CFO Financial Highlights】**
- Q3 non-GAAP EPS of $3.64, consistent with expectations, despite $25M LIFO expense (vs. $50M LIFO benefit in Q3 2024).
- FIFO gross profit margin of 29%, up from prior year, with FIFO pretax income increasing 30%.
- Q4 guidance: EPS $2.65-$2.85 (inclusive of $25M LIFO expense), with flat to slightly improved gross margins.
- Strong balance sheet with $1.4B total debt and net debt-to-EBITDA <1x, supporting $325M 2025 CapEx budget.

**【Q&A Key Highlights】**
- **Gross Margin Compression**: Temporary due to trade policy and excess inventory, with aerospace/semiconductor supply chains expected to normalize in 2026.
- **Inventory Levels**: Higher dollars due to price increases and strategic buys, but tons sold growth reflects disciplined purchasing.
- **M&A Strategy**: Actively pursuing opportunities in value-added processing and geographic expansion, with reasonable valuations.
- **Capital Allocation**: Prioritizing growth investments (50%+ of CapEx) while maintaining shareholder returns (year-to-date buybacks >1.4M shares).

Reliance, Inc. (RS) Q3 2025 Earnings Call Transcript

- **Record Performance**: Q2 2025 tons sold up 4% YoY, outpacing industry decline of 3.1%, with non-GAAP EPS of $4.43 (+17% QoQ).
- **Gross Margin Resilience**: Maintained 29%-31% range despite tariff-driven price volatility, with FIFO margin at 30.6%.
- **Cash Flow Strength**: $229M generated, supporting $325M capex and 1.2M shares repurchased year-to-date.
- **Q3 Outlook**: EPS guidance of $3.60-$3.80 reflects cautious near-term outlook, but long-term confidence in reshoring and domestic metal sourcing advantages.
- **Strategic Focus**: Market share gains via value-added services, disciplined M&A, and capital allocation to growth projects.

**【CEO Summary Section】**
- Q2 2025 revenue highlighted by record tons sold, outperforming the industry by 7 percentage points. Non-GAAP EPS of $4.43, up 17% sequentially, driven by smart profitable growth and cost control.
- Cash flow of $229 million supported $325M capital expenditure budget (50% for growth), with $1.2M shares repurchased year-to-date.
- Maintained gross profit margin within 29%-31% range, despite tariff-related demand pull-forward. Confident in long-term growth despite Q3 weakness, citing reshoring trends and domestic metal sourcing advantage.

**【COO Demand & Pricing Commentary】**
- Tons sold up 4% YoY (vs. industry decline of 3.1%), driven by market share gains in nonresidential construction (data centers, infrastructure) and general manufacturing (rail, heavy equipment).
- Average selling price per ton increased 6.1% QoQ, with carbon and aluminum prices peaking in April before stabilizing. Stainless steel pricing remained stable, with base price increases near quarter-end.
- Q3 outlook: tons sold expected to decline 1%-3% QoQ (but +3%-5% YoY), with pricing steady due to tariff uncertainty. Gross margin pressure expected to persist due to higher inventory costs.

**【CFO Financial Review】**
- Non-GAAP FIFO gross profit margin of 30.6% (up 20bps YoY), with LIFO expense of $25M per quarter. Full-year LIFO estimate unchanged at $100M.
- SG&A expenses up 6.2% YoY due to wage inflation and higher variable costs, but per-ton expenses down 1.7% H1 2025 vs. prior year, reflecting operating leverage.
- Q3 guidance: EPS $3.60-$3.80 (inclusive of $25M LIFO expense), with cash flow expected to remain strong despite elevated metal costs.

**【Q&A Highlights】**
- **Gross Margin Pressure**: Q3 FIFO margin expected to remain under pressure due to higher inventory costs and tariff-related demand hesitation. Management views this as temporary, with confidence in margin recovery post-trade policy clarity.
- **Market Share Growth**: Sustained through superior customer service, next-day delivery, and value-added processing. Teams incentivized to grow tons while maintaining 29%-31% gross margin range.
- **Acquisition Activity**: Increased deal flow in Q2, with valuations aligning better with Reliance's criteria. Focus on accretive M&A to expand geographic footprint and value-added solutions.
- **Tariff Impact**: Customers delaying purchases amid uncertainty, but Reliance benefits from domestic metal sourcing and diversified end markets. Aluminum and stainless price increases being passed through to customers.


Reliance, Inc. (RS) Q2 2025 Earnings Call Transcript

- **Record Growth Despite Industry Weakness**: Q1 tons sold up 12.8% QoQ, outpacing industry decline of 0.5%, with 5.5% organic growth.
- **Profitability Expansion**: Gross margin improved 140bp to 30.4%, driven by pricing improvements and cost control.
- **LIFO Expense Adjustment**: FY 2025 LIFO estimate revised to $100M expense, reflecting higher metal costs.
- **Shareholder Returns**: $253M buybacks (2.3% shares reduced) and 9.1% dividend increase highlight capital discipline.
- **Tariff Resilience**: >95% of COGS sourced domestically, mitigating trade policy risk.

**【CEO Opening Remarks】**
- Q1 2025 revenue exceeded expectations, driven by record tons sold (+12.8% QoQ) and a 140bp increase in gross profit margin to 30.4%.
- 2024 acquisitions contributed 3.5% of total ton growth, with organic growth (+5.5%) outpacing industry decline of 0.5%.
- FY 2025 capex budget remains $375-400M, supporting strategic investments in operational efficiency and market share gains.
- Share repurchases of $253M (avg $274/share) reduced shares outstanding by 2.3% YTD, with $1B remaining under the $1.5B buyback plan.

**【COO Demand & Pricing Analysis】**
- Non-residential construction demand (+12.8% QoQ) led by data center and infrastructure projects, offsetting broader industry weakness.
- General manufacturing shipments grew across industrial machinery, military, and heavy equipment, with 9% YoY growth in same-store tons.
- Average selling price per ton declined 1.2% QoQ due to higher carbon steel volume mix, but March pricing improvements are expected to stabilize in Q2.

**【CFO Financial Highlights】**
- Non-GAAP EPS of $3.77 beat guidance, driven by LIFO expense of $25M vs. $15M credit in guidance.
- Revised FY 2025 LIFO estimate to $100M expense (vs. prior $60M credit) reflects higher metal costs.
- Operating cash flow of $64.5M supported $87M capex, $65M dividends, and $253M buybacks.
- Dividend increased 9.1% to $1.20/share, marking 32nd consecutive increase since IPO.

**【Q&A Key Takeaways】**
- >95% of COGS sourced domestically, limiting tariff exposure; <5% of CapEx from foreign suppliers with active mitigation strategies.
- Reshoring activity accelerating, with customers relocating manufacturing to U.S. to reduce supply chain risk.
- Inventory turns maintained above target, supported by strong relationships with domestic mills.
- M&A pipeline remains active, with focus on small to mid-sized deals aligning with strategic criteria.

Reliance Steel & Aluminum (RS)-24 Apr 25-2025 Q1 Earnings call transcript

- **2024 Financial Success**: 4% tons sold growth, 29.7% gross margin, $1.43B cash flow, and $1.1B share buybacks.
- **Acquisition Momentum**: 4 companies acquired in 2024 added $400M in annualized sales.
- **Q1 2025 Outlook**: 6%-8% Q/Q ton growth, flat pricing, and improving FIFO margin to $3.30-$3.50 EPS.
- **LIFO Adjustment**: 2025 LIFO income of $60M reflects inventory timing, not price trends.
- **Tariff Opportunity**: U.S. steel demand could rise if tariffs reduce imports, but cautious in near-term guidance.


**【CEO Summary Section】**
- **2024 Financial Highlights**: Revenue growth driven by 4% tons sold increase, 29.7% gross profit margin within sustainable range (29%-31%), and $1.43 billion cash flow from operations.
- **Acquisition Impact**: 4 companies acquired in 2024 added $400M annualized net sales, expanding geographic and processing capabilities.
- **Capital Deployment**: $430M in capex, $365M in acquisitions, $1.1B in share repurchases (6% share reduction), and $250M dividends returned to shareholders.
- **2025 Priorities**: Focus on smart profitable growth, maintaining gross margin range, enhancing value-added processing, and disciplined capital allocation.

**【COO Demand & Pricing Trends】**
- **Q4 2024 Performance**: Tons sold down 5.1% Q/Q but up 6.7% Y/Y, outperforming MSCI industry decline of 3.6%. Average selling price per ton decreased 3.4% Q/Q due to carbon steel price pressure, but aluminum and stainless steel prices stabilized.
- **Market Share Gains**: Nonresidential construction (data centers, infrastructure) and general manufacturing (industrial machinery, aerospace) drove growth. Same-store tons sold increased 1% Y/Y vs. industry decline of 2%.
- **End Market Strength**: Aerospace demand stable, toll processing volumes up 5.8% Q/Q, and semiconductor industry shipments restrained by excess inventory.

**【CFO Financial Commentary】**
- **Q4 2024 Results**: Non-GAAP EPS of $2.22 (vs. guidance of $2.65-$2.85) due to $0.74 per share LIFO true-up. FIFO gross margin improved to 28.8% Q/Q, but LIFO income for the year was $144.4M (vs. $200M estimate) due to specialty stainless steel inventory timing.
- **2025 Outlook**: Q1 2025 EPS guidance of $3.30-$3.50, with tons sold expected to increase 6%-8% Q/Q and FIFO gross margin improving as inventory costs align with replacement costs.
- **Balance Sheet Strength**: Net debt-to-EBITDA ratio <1, $1.15B remaining under $1.5B share repurchase plan, and $435M LIFO reserve available to mitigate future price declines.

**【Q&A Key Takeaways】**
- **Tariff Impact**: Potential price increases from tariffs could benefit U.S. steel demand, but company remains cautious in Q1 guidance.
- **Cost Management**: Operating expenses per ton remain stable at $40-$50/ton, with focus on smart growth to avoid incremental costs.
- **Semiconductor Industry**: Long-term bullish on U.S. semiconductor infrastructure, but near-term volatility in project timelines.
- **LIFO Adjustment**: 2025 LIFO income estimated at $60M (timing-related), with no expectation of price declines baked into guidance.


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