Reliance Steel Q1 2022 Earnings Report
Key Takeaways
Reliance Steel & Aluminum Co. reported record first quarter results, including record quarterly sales of $4.49 billion and record quarterly gross profit of $1.39 billion, driven by a strong gross profit margin of 30.9%. The company also achieved record quarterly EPS of $8.33 and non-GAAP EPS of $8.42.
Record quarterly sales of $4.49 billion.
Record quarterly gross profit of $1.39 billion driven by a gross profit margin of 30.9%.
Record quarterly EPS of $8.33, non-GAAP EPS of $8.42.
Record first quarter cash flow from operations of $404.0 million.
Reliance Steel
Reliance Steel
Forward Guidance
Reliance estimates tons sold will be flat to up 2.0% in the second quarter of 2022 compared to the first quarter of 2022. In addition, Reliance expects its average selling price per ton sold for the second quarter of 2022 to be flat to up 2.0% compared to the first quarter of 2022 driven by the Company’s diverse product mix and continued strength in demand and pricing. Based on these expectations, Reliance estimates non-GAAP earnings per diluted share in the range of $9.00 to $9.10 for the second quarter of 2022.
Positive Outlook
- Tons sold expected to be flat to up 2.0% compared to Q1 2022.
- Average selling price per ton expected to be flat to up 2.0% compared to Q1 2022.
- Underlying demand trends expected to continue across the vast majority of key end markets.
- Company's diverse product mix.
- Continued strength in demand and pricing.