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Sep 30, 2024
Reliance Steel Q3 2024 Earnings Report
Reported net sales of $3.42 billion with tons sold up 7.1% from Q3 2023, gross profit margin of 29.4%, EPS of $3.61, and non-GAAP EPS of $3.64.
Key Takeaways
Reliance, Inc. reported Q3 2024 financial results with net sales of $3.42 billion. Tons sold increased by 7.1% compared to Q3 2023. The company achieved an EPS of $3.61 and a non-GAAP EPS of $3.64. Cash flow from operations was $463.9 million. The company completed the acquisition of FerrouSouth toll processing assets on August 16, 2024.
Net sales reached $3.42 billion, with a 7.1% increase in tons sold compared to Q3 2023.
Gross profit margin stood at 29.4%.
EPS was reported at $3.61, with non-GAAP EPS at $3.64.
Cash flow from operations amounted to $463.9 million.
Revenue by Segment
Forward Guidance
Reliance anticipates underlying demand will weaken temporarily across the majority of the end markets it serves in the fourth quarter of 2024, recovering as we move into 2025. The Company estimates its tons sold will be down 6.0% to 8.0% in the fourth quarter of 2024 compared to the third quarter of 2024 and up 4.0% to 6.0% from the fourth quarter of 2023 with 0.5% to 2.5% attributable to same store growth. Reliance expects its average selling price per ton sold for the fourth quarter of 2024 to be down 1.5% to 3.5% compared to the third quarter of 2024 with continued pricing pressure across carbon steel products. Based on these expectations, the Company anticipates non-GAAP earnings per diluted share in the range of $2.65 to $2.85 for the fourth quarter of 2024.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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