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Mar 31, 2020
Reliance Steel Q1 2020 Earnings Report
Reported strong gross profit margin and non-GAAP EPS significantly exceeded first quarter guidance.
Key Takeaways
Reliance Steel & Aluminum Co. reported a strong start to the year with healthy demand levels through most of the first quarter of 2020. The company's non-GAAP gross profit margin was 31.9%, producing non-GAAP gross profit dollars of $820.5 million on net sales of $2.57 billion, and non-GAAP pretax income of $220.6 million. Non-GAAP earnings per diluted share of $2.45 significantly exceeded first quarter guidance.
Strong non-GAAP gross profit margin of 31.9%.
Non-GAAP EPS of $2.45 significantly exceeded first quarter guidance.
Generated cash flow from operations of $170.8 million, an increase of 45.7% year-over-year.
Repurchased $300.0 million of Reliance common stock.
Reliance Steel
Reliance Steel
Forward Guidance
Due to the macroeconomic uncertainty stemming from the coronavirus pandemic and overall lack of visibility into future demand trends, metal pricing and market conditions, the Company will not provide guidance for the second quarter ending June 30, 2020 at this time.