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Jun 30, 2022
Reliance Steel Q2 2022 Earnings Report
Reliance delivered an exceptional second quarter with record-setting financial performance.
Key Takeaways
Reliance Steel & Aluminum Co. reported record-setting financial performance in Q2 2022. The company achieved all-time high quarterly net sales of $4.68 billion, a gross profit margin of 31.9%, and record quarterly earnings per share of $9.15.
Record quarterly sales of $4.68 billion.
Record quarterly gross profit of $1.50 billion driven by strong gross profit margin of 31.9%.
Record quarterly pretax income of $762.6 million and margin of 16.3%.
Record quarterly EPS of $9.15.
Forward Guidance
Reliance estimates non-GAAP earnings per diluted share in the range of $6.00 to $6.20 for the third quarter of 2022.
Positive Outlook
- Company expects shipment levels to be impacted by normal seasonal patterns.
- Underlying demand trends expected to continue across the vast majority of the key end markets it serves.
- Improving demand and pricing for higher value products sold into the aerospace, energy and semiconductor end markets.
Challenges Ahead
- Company estimates tons sold will be down 3% to 5% in the third quarter of 2022 compared to the second quarter of 2022.
- Reliance expects its average selling price per ton sold for the third quarter of 2022 to be down 5% to 7% compared to the second quarter of 2022 driven by declines in pricing for many of its products, notably for carbon, stainless and aluminum flat-rolled products.
- Shipment levels to be impacted by normal seasonal patterns, which include a decline in shipping volumes due to planned customer shutdowns and vacation schedules.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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