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Jun 30, 2023
Reliance Steel Q2 2023 Earnings Report
Reported strong financial results with sales and EPS increase.
Key Takeaways
Reliance Steel & Aluminum Co. reported strong second-quarter results, with net sales of $3.88 billion and EPS of $6.49. The company's performance was driven by healthy end-market demand and effective working capital management, resulting in significant operating cash flow.
Net sales reached $3.88 billion, with tons sold up 1.9% year-over-year.
Gross profit margin remained strong at 31.5%.
Earnings per share (EPS) was $6.49.
Cash flow from operations amounted to $295.1 million.
Reliance Steel
Reliance Steel
Forward Guidance
Reliance anticipates underlying demand will remain healthy across the majority of the end markets it serves in the third quarter of 2023. The Company expects tons sold will be down 2% to 4% compared to the second quarter of 2023 but up 1.5% to 3.5% from the third quarter of 2022. The Company anticipates non-GAAP earnings per diluted share in the range of $4.90 to $5.10 for the third quarter of 2023.