Reliance Steel & Aluminum Co. (NYSE: RS) today reported its
financial results for the third quarter ended September 30, 2023.
(in
millions, except tons which are in thousands and per share
amounts) |
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Sequential Quarter |
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Nine Months EndedSeptember 30, |
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Year-Over-Year |
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Quarter-Over-Quarter |
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Q3 2023 |
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Q2 2023 |
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% Change |
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2023 |
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2022 |
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% Change |
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Q3 2022 |
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% Change |
Income
Statement Data: |
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Net sales |
$ |
3,623.0 |
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$ |
3,880.3 |
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(6.6%) |
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$ |
11,468.6 |
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$ |
13,414.2 |
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(14.5%) |
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$ |
4,247.2 |
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(14.7%) |
Gross profit1 |
$ |
1,077.0 |
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$ |
1,222.7 |
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(11.9%) |
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$ |
3,525.7 |
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$ |
4,121.5 |
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(14.5%) |
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$ |
1,239.0 |
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(13.1%) |
Gross profit margin1 |
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29.7% |
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31.5% |
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(1.8%) |
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30.7% |
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30.7% |
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0.0% |
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29.2% |
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0.5% |
Non-GAAP gross profit
margin1,2 |
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29.7% |
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31.5% |
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(1.8%) |
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30.7% |
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30.8% |
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(0.1%) |
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29.2% |
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0.5% |
LIFO (income) expense |
$ |
(45.0) |
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$ |
(45.0) |
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$ |
(105.0) |
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$ |
22.5 |
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$ |
(27.5) |
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LIFO (income) expense as a %
of net sales |
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(1.2%) |
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(1.2%) |
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0.0% |
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(0.9%) |
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0.2% |
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(1.1%) |
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(0.6%) |
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(0.6%) |
LIFO (income) expense per
diluted share, net of tax |
$ |
(0.57) |
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$ |
(0.57) |
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$ |
(1.33) |
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$ |
0.27 |
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$ |
(0.34) |
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Non-GAAP pretax expense
(income) adjustments2 |
$ |
1.0 |
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$ |
— |
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$ |
(3.8) |
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$ |
9.8 |
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$ |
2.3 |
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Pretax income |
$ |
388.0 |
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$ |
510.9 |
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(24.1%) |
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$ |
1,407.4 |
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$ |
1,983.8 |
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(29.1%) |
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$ |
524.0 |
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(26.0%) |
Non-GAAP pretax income2 |
$ |
389.0 |
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$ |
510.9 |
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(23.9%) |
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$ |
1,403.6 |
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$ |
1,993.6 |
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(29.6%) |
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$ |
526.3 |
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(26.1%) |
Pretax income margin |
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10.7% |
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13.2% |
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(2.5%) |
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12.3% |
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14.8% |
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(2.5%) |
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12.3% |
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(1.6%) |
Net income attributable to
Reliance |
$ |
295.0 |
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$ |
385.1 |
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(23.4%) |
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$ |
1,063.2 |
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$ |
1,489.6 |
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(28.6%) |
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$ |
393.5 |
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(25.0%) |
Diluted EPS |
$ |
4.99 |
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$ |
6.49 |
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(23.1%) |
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$ |
17.92 |
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$ |
23.98 |
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(25.3%) |
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$ |
6.45 |
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(22.6%) |
Non-GAAP diluted EPS2 |
$ |
5.00 |
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$ |
6.49 |
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(23.0%) |
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$ |
17.87 |
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$ |
24.10 |
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(25.9%) |
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$ |
6.48 |
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(22.8%) |
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Balance Sheet and Cash Flow Data: |
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Cash provided by
operations |
$ |
466.0 |
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$ |
295.1 |
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57.9% |
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$ |
1,145.7 |
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$ |
1,309.9 |
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(12.5%) |
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$ |
635.7 |
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(26.7%) |
Free cash flow3 |
$ |
340.5 |
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$ |
164.9 |
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106.5% |
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$ |
787.1 |
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$ |
1,060.2 |
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(25.8%) |
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$ |
540.2 |
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(37.0%) |
Net debt-to-total
capital4 |
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2.1% |
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4.1% |
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2.1% |
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12.8% |
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12.8% |
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Net debt-to-EBITDA2,5 |
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0.1x |
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0.1x |
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0.1x |
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0.4x |
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0.4x |
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Total debt-to-EBITDA2,5 |
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0.5x |
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0.5x |
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0.5x |
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0.6x |
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0.6x |
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Capital Allocation Data: |
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Acquisition, net |
$ |
— |
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$ |
24.1 |
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$ |
24.1 |
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$ |
— |
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$ |
— |
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Capital expenditures |
$ |
125.5 |
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$ |
130.2 |
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$ |
358.6 |
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$ |
249.7 |
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$ |
95.5 |
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Dividends |
$ |
58.7 |
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$ |
58.6 |
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$ |
179.3 |
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$ |
163.5 |
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$ |
52.9 |
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Share repurchases |
$ |
126.4 |
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$ |
73.9 |
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$ |
239.2 |
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$ |
547.7 |
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$ |
336.7 |
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Key Business Metrics: |
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Tons sold |
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1,420.8 |
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1,484.1 |
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(4.3%) |
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4,425.0 |
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4,279.6 |
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3.4% |
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1,406.0 |
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1.1% |
Average selling price per ton
sold |
$ |
2,552 |
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$ |
2,626 |
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(2.8%) |
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$ |
2,602 |
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$ |
3,156 |
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(17.6%) |
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$ |
3,039 |
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(16.0%) |
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Please refer to
the footnotes at the end of this press release for additional
information. |
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Management Commentary
“I’d like to commend the entire Reliance team for successfully
executing our strategy during challenging times and delivering
another quarter of solid financial performance, which was in line
with our expectations,” said Karla Lewis, President and Chief
Executive Officer of Reliance. “While our tons sold were down
slightly more than anticipated, we outperformed broader service
center industry trends and maintained year-over-year growth.
Consistent with our expectations, our average selling price per ton
sold declined across our major commodity products. However, our
pricing discipline, product diversification, small order sizes and
industry-leading, value-added processing capabilities continue to
provide us with gross profit margin stability that lessens the
impact of declining prices on our gross profit margins. As a
result, we delivered non-GAAP earnings per share of $5.00, in line
with our guidance.”
Mrs. Lewis continued, “Our profitability, combined with
effective working capital management, generated strong operating
cash flow of $466.0 million for the quarter. We invested $125.5
million in capital expenditures and returned $185.1 million to our
stockholders. We will continue to leverage our strong balance sheet
and significant liquidity to fund profitable growth and return
value to our stockholders through dividends and share repurchases.
We are excited about the many growth activities underway and that
we anticipate arising under the Infrastructure Bill, the CHIPS Act,
and the Inflation Reduction Act as well as onshoring and
nearshoring activities in the markets we serve.”
End Market CommentaryReliance provides a
diverse range of metal products and value-added processing services
to a wide range of end markets, generally in small quantities on an
as-needed basis. The Company’s tons sold in the third quarter of
2023 increased 1.1% year-over-year mainly due to strength in the
non-residential construction and aerospace end markets Reliance
serves along with contributions from organic growth investments.
The Company’s tons sold declined 4.3% compared to the prior
quarter, reflecting one less shipping day and typical seasonal
patterns, along with reduced demand for carbon steel flat-rolled
products as continued price declines resulted in more cautious
customer behavior.
Demand in non-residential construction (including
infrastructure), Reliance’s largest end market, improved compared
to the third quarter of 2022. The Company remains cautiously
optimistic non-residential construction activity in the sectors in
which the Company participates will remain healthy in the fourth
quarter of 2023 based on current customer sentiment and backlogs,
subject to normal seasonality.
Demand in commercial aerospace remained strong in the third
quarter of 2023, up from both the second quarter of 2023 and third
quarter of 2022. Reliance is optimistic commercial aerospace demand
will remain healthy in the fourth quarter of 2023 as actual build
rates further increase from current levels. Demand in the military,
defense and space portions of Reliance’s aerospace business also
remained strong with healthy backlogs, which is expected to
continue in the fourth quarter of 2023.
Demand for the toll processing services Reliance provides to the
automotive market remained consistent with the second quarter of
2023 and increased compared to the third quarter of 2022.
Reliance’s niche toll processing position in the automotive market,
including the continued increase in aluminum content, provide the
Company with optimism that demand for its toll processing services
will improve over the long-term. However, the Company’s outlook for
the fourth quarter of 2023 remains cautious given the ongoing UAW
strike.
Demand across the broader manufacturing sectors Reliance serves,
including industrial machinery, consumer products and heavy
equipment, declined from the third quarter of 2022 due in part to
the reduction in carbon steel flat rolled tons sold as prices
declined as well as lower demand in certain equipment and machinery
markets. Reliance anticipates that demand for its products across
the broader manufacturing sector will decline in the fourth quarter
of 2023 due mostly to seasonality.
Demand in the semiconductor market declined from both the second
quarter of 2023 and the third quarter of 2022 due to continued
softness in certain areas of the market primarily due to excess
inventory in the supply chain. Reliance’s long-term outlook for the
semiconductor market remains positive, reinforced by its
investments in additional capacity to service the significant
semiconductor fabrication expansion efforts underway in the United
States.
Balance Sheet & Cash FlowAt September 30,
2023, Reliance had cash and cash equivalents of $976.9 million and
total debt outstanding of $1.15 billion with no outstanding
borrowings under its $1.5 billion revolving credit facility.
Reliance generated cash flow from operations of $466.0 million
during the third quarter of 2023 driven by solid profitability and
effective working capital management.
Stockholder Return ActivityOn October 24, 2023,
the Company’s Board of Directors declared a quarterly cash dividend
of $1.00 per share of common stock, payable on December 1, 2023 to
stockholders of record as of November 17, 2023. Reliance has paid
regular quarterly cash dividends for 64 consecutive years without
reduction or suspension and has increased the dividend 30 times
since its 1994 IPO to a current annual rate of $4.00 per share.
In the third quarter of 2023, the Company repurchased 467,213
shares of its common stock at an average cost of $270.49 per share,
for a total of $126.4 million. During the nine months ended
September 30, 2023, Reliance repurchased 935,891 shares of its
common stock at an average cost of $255.56, for a total of $239.2
million. Subsequent to the end of the quarter, as of October 24,
2023, Reliance repurchased 575,060 shares of its common stock at an
average cost of $255.15 per share, for a total of $146.7 million.
As of October 24, 2023, $294.8 million remained available under
Reliance’s $1 billion share repurchase plan authorized on July 26,
2022.
On October 24, 2023, the Board of Directors approved an
amendment of Reliance’s share repurchase plan, replenishing the
repurchase authorization to $1.5 billion without a set expiration
date. From 2018 through September 30, 2023, Reliance has
repurchased approximately 16.9 million shares of its common stock
at an average cost of $122.20 per share for a total of $2.07
billion.
Corporate DevelopmentOn October 11, 2022,
Reliance announced the retirement of James D. Hoffman, effective
December 31, 2023. In connection with his planned retirement,
Mr. Hoffman, the Company’s former President and Chief Executive
Officer, has informed the Board that he has decided to retire from
service on the Board and will not stand for reelection to the Board
at the Company’s 2024 Annual Meeting of Stockholders. Mr. Hoffman
will continue to serve as a director of the Company until the
expiration of his term at the 2024 Annual Meeting of
Stockholders. Mark Kaminski, Chairman of the Board of
Reliance, commented, “The Board of Directors thanks Jim for his
years of service on the Board as well as his leadership and service
to Reliance. Jim’s significant contributions are reflected in
the Company’s culture of safety, as well as record revenues,
profitability and earnings per share achieved during his
tenure. We wish Jim and his family all the best in his
retirement.”
Business Outlook Reliance anticipates
underlying demand will overall remain relatively healthy in the
fourth quarter of 2023. The Company expects tons sold growth in the
range of 3.5% to 5.5% compared to the fourth quarter of 2022, and,
consistent with seasonal trends, a sequential decline of 4% to 6%.
Although Reliance believes pricing for many products will be near
trough levels in the current cycle at some point in the fourth
quarter of 2023, with certain products leveling off or increasing
modestly, the Company expects its average selling price per ton
sold for the fourth quarter of 2023 to decline 4% to 6% compared to
the third quarter of 2023. The Company also anticipates modest
temporary downward pressure on its gross profit margin in the
fourth quarter as a result of these declining price trends. Based
on these expectations, the Company anticipates non-GAAP earnings
per diluted share in the range of $3.70 to $3.90 for the fourth
quarter of 2023.
Conference Call DetailsA conference call and
simultaneous webcast to discuss Reliance’s third quarter 2023
financial results and business outlook will be held on Thursday,
October 26, 2023 at 11:00 a.m. Eastern Time / 8:00 a.m. Pacific
Time. To listen to the live call by telephone, please dial (877)
407-0792 (U.S. and Canada) or (201) 689-8263 (International)
approximately 10 minutes prior to the start time and use conference
ID: 13741355. The call will also be broadcast live over the
Internet hosted on the Investors section of the Company’s website
at investor.rsac.com.
For those unable to participate during the live broadcast, a
replay of the call will also be available beginning that same day
at 2:00 p.m. Eastern Time until 11:59 p.m. Eastern Time on November
9, 2023, by dialing (844) 512-2921 (U.S. and Canada) or (412)
317-6671 (International) and entering the conference ID: 13741355.
The webcast will remain posted on the Investors section of
Reliance’s website at www.rsac.com for 90 days.
About Reliance Steel & Aluminum Co.Founded
in 1939, Reliance Steel & Aluminum Co. (NYSE: RS) is a leading
global diversified metal solutions provider and the largest metals
service center company in North America. Through a network of
approximately 315 locations in 40 states and 12 countries outside
of the United States, Reliance provides value-added metals
processing services and distributes a full-line of over 100,000
metal products to more than 125,000 customers in a broad range of
industries. Reliance focuses on small orders with quick turnaround
and value-added processing services. In 2022, Reliance’s average
order size was $3,670, approximately 50% of orders included
value-added processing and approximately 40% of orders were
delivered within 24 hours. Reliance Steel & Aluminum Co.’s
press releases and additional information are available on the
Company’s website at rsac.com.
Forward-Looking StatementsThis press release
contains certain statements that are, or may be deemed to be,
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements may include, but are not limited to, discussions of
Reliance’s industry and end markets, business strategies,
acquisitions, and expectations concerning the Company’s future
growth and profitability and its ability to generate industry
leading returns for its stockholders, as well as future demand and
metals pricing and the Company’s results of operations, margins,
profitability, taxes, liquidity, macroeconomic conditions,
including inflation and the possibility of an economic recession or
slowdown, litigation matters and capital resources. In some cases,
you can identify forward-looking statements by terminology such as
“may,” “will,” “should,” “could,” “would,” “expect,” “plan,”
“anticipate,” “believe,” “estimate,” “predict,” “potential,”
“preliminary,” “range,” “intend” and “continue,” the negative of
these terms, and similar expressions.
These forward-looking statements are based on management’s
estimates, projections and assumptions as of today’s date that may
not prove to be accurate. Forward-looking statements involve known
and unknown risks and uncertainties and are not guarantees of
future performance. Actual outcomes and results may differ
materially from what is expressed or forecasted in these
forward-looking statements as a result of various important
factors, including, but not limited to, actions taken by Reliance,
as well as developments beyond its control, including, but not
limited to, the possibility that the expected benefits of
acquisitions may not materialize as expected, the impacts of labor
constraints and supply chain disruptions, changes in worldwide and
U.S. political and economic conditions such as inflation and the
possibility of an economic recession that could materially impact
the Company, its customers and suppliers and demand for the
Company’s products and services. Deteriorations in economic
conditions as a result of inflation, economic recession, slowing
growth, outbreaks of infectious disease, conflicts such as the war
in Ukraine and the evolving events in Israel and Gaza or otherwise,
could lead to a decline in demand for the Company’s products and
services and negatively impact its business, and may also impact
financial markets and corporate credit markets which could
adversely impact the Company’s access to financing, or the terms of
any financing. The Company cannot at this time predict all of the
impacts of inflation, product price fluctuations, economic
recession, outbreaks of infectious disease or the Russia-Ukraine
and Israel-Gaza conflicts and related economic effects, but these
factors, individually or in any combination, could have a material
adverse effect on the Company’s business, financial position,
results of operations and cash flows.
The statements contained in this press release speak only as of
the date that they are made, and Reliance disclaims any and all
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or for any other reason, except as may be required by law.
Important risks and uncertainties about Reliance’s business can be
found in “Item 1A. Risk Factors” of the Company’s Annual Report on
Form 10-K for the year ended December 31, 2022 and in other
documents Reliance files or furnishes with the United States
Securities and Exchange Commission.
CONTACT: (213)
576-2428investor@rsac.com
or Addo Investor Relations(310) 829-5400
(Tables to follow)
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Third
Quarter 2023 Major Commodity Metrics |
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Tons Sold (tons in thousands; % change) |
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Average Selling Price per Ton Sold (%
change) |
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Q3 2023 |
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Q2 2023 |
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SequentialQuarterChange |
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Q3 2022 |
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Year-Over-YearChange |
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SequentialQuarterChange |
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Year-Over-Year Change |
Carbon steel |
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1,150.6 |
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1,205.7 |
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(4.6 |
%) |
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1,131.5 |
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1.7 |
% |
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(2.3 |
%) |
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(17.2 |
%) |
Aluminum |
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78.2 |
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83.1 |
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(5.9 |
%) |
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80.3 |
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(2.6 |
%) |
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(1.7 |
%) |
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(7.8 |
%) |
Stainless steel |
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69.9 |
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71.7 |
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(2.5 |
%) |
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76.8 |
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(9.0 |
%) |
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(5.5 |
%) |
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(14.1 |
%) |
Alloy |
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31.2 |
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34.5 |
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(9.6 |
%) |
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35.3 |
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(11.6 |
%) |
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3.2 |
% |
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4.5 |
% |
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Sales ($’s in millions; % change) |
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Q3 2023 |
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Q2 2023 |
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SequentialQuarterChange |
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Q3 2022 |
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Year-Over-YearChange |
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Carbon steel |
$ |
1,996.9 |
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$ |
2,141.2 |
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(6.7 |
%) |
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$ |
2,371.9 |
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(15.8 |
%) |
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Aluminum |
$ |
592.6 |
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$ |
639.7 |
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(7.4 |
%) |
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$ |
660.3 |
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(10.3 |
%) |
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Stainless steel |
$ |
557.5 |
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$ |
604.0 |
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(7.7 |
%) |
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$ |
712.7 |
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(21.8 |
%) |
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Alloy |
$ |
174.4 |
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$ |
186.8 |
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(6.6 |
%) |
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$ |
188.2 |
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(7.3 |
%) |
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|
|
|
|
|
|
Year-to-Date (9 Months) 2023 Major Commodity
Metrics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tons Sold (tons in thousands; % change) |
|
AverageSelling Priceper Ton Sold(% change) |
|
|
|
|
|
|
|
|
|
|
2023 |
|
2022 |
|
Year-Over-YearChange |
|
Year-Over-Year Change |
|
|
|
|
|
|
|
|
|
Carbon steel |
|
3,588.3 |
|
|
|
3,426.3 |
|
|
|
4.7 |
% |
|
|
(20.7 |
%) |
|
|
|
|
|
|
|
|
|
Aluminum |
|
247.4 |
|
|
|
253.3 |
|
|
|
(2.3 |
%) |
|
|
(5.9 |
%) |
|
|
|
|
|
|
|
|
|
Stainless steel |
|
218.4 |
|
|
|
243.9 |
|
|
|
(10.5 |
%) |
|
|
(11.1 |
%) |
|
|
|
|
|
|
|
|
|
Alloy |
|
102.0 |
|
|
|
112.9 |
|
|
|
(9.7 |
%) |
|
|
7.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales ($’s in millions; % change) |
|
|
|
|
|
|
|
|
|
|
|
|
|
2023 |
|
2022 |
|
Year-Over-YearChange |
|
|
|
|
|
|
|
|
|
|
|
|
Carbon steel |
$ |
6,266.6 |
|
|
$ |
7,545.2 |
|
|
|
(16.9 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
Aluminum |
$ |
1,902.5 |
|
|
$ |
2,069.9 |
|
|
|
(8.1 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
Stainless steel |
$ |
1,818.8 |
|
|
$ |
2,284.7 |
|
|
|
(20.4 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
Alloy |
$ |
552.6 |
|
|
$ |
568.5 |
|
|
|
(2.8 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales by Product ($’s as a % of total sales) |
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
|
|
|
|
|
|
Q3 2023 |
|
Q2 2023 |
|
Q3 2022 |
|
2023 |
|
2022 |
|
|
|
|
|
|
Carbon steel plate |
|
12 |
% |
|
|
12 |
% |
|
|
11% |
|
|
12% |
|
|
11% |
|
|
|
|
|
|
Carbon steel structurals |
|
11 |
% |
|
|
10 |
% |
|
|
10% |
|
|
11% |
|
|
10% |
|
|
|
|
|
|
Carbon steel tubing |
|
10 |
% |
|
|
10 |
% |
|
|
11% |
|
|
10% |
|
|
11% |
|
|
|
|
|
|
Hot-rolled steel sheet &
coil |
|
9 |
% |
|
|
9 |
% |
|
|
9% |
|
|
9% |
|
|
10% |
|
|
|
|
|
|
Carbon steel bar |
|
5 |
% |
|
|
5 |
% |
|
|
5% |
|
|
5% |
|
|
5% |
|
|
|
|
|
|
Galvanized steel sheet &
coil |
|
4 |
% |
|
|
4 |
% |
|
|
5% |
|
|
4% |
|
|
5% |
|
|
|
|
|
|
Cold-rolled steel sheet &
coil |
|
2 |
% |
|
|
3 |
% |
|
|
3% |
|
|
2% |
|
|
3% |
|
|
|
|
|
|
Carbon steel |
|
53 |
% |
|
|
53 |
% |
|
|
54% |
|
|
53% |
|
|
55% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aluminum bar & tube |
|
5 |
% |
|
|
5 |
% |
|
|
5% |
|
|
5% |
|
|
5% |
|
|
|
|
|
|
Heat-treated aluminum
plate |
|
5 |
% |
|
|
5 |
% |
|
|
4% |
|
|
5% |
|
|
4% |
|
|
|
|
|
|
Common alloy aluminum sheet
& coil |
|
4 |
% |
|
|
4 |
% |
|
|
4% |
|
|
4% |
|
|
4% |
|
|
|
|
|
|
Common alloy aluminum
plate |
|
1 |
% |
|
|
1 |
% |
|
|
1% |
|
|
1% |
|
|
1% |
|
|
|
|
|
|
Heat-treated aluminum sheet
& coil |
|
1 |
% |
|
|
1 |
% |
|
|
1% |
|
|
1% |
|
|
1% |
|
|
|
|
|
|
Aluminum |
|
16 |
% |
|
|
16 |
% |
|
|
15% |
|
|
16% |
|
|
15% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stainless steel bar &
tube |
|
7 |
% |
|
|
7 |
% |
|
|
8% |
|
|
7% |
|
|
7% |
|
|
|
|
|
|
Stainless steel sheet &
coil |
|
6 |
% |
|
|
6 |
% |
|
|
6% |
|
|
6% |
|
|
7% |
|
|
|
|
|
|
Stainless steel plate |
|
2 |
% |
|
|
2 |
% |
|
|
2% |
|
|
2% |
|
|
2% |
|
|
|
|
|
|
Stainless steel |
|
15 |
% |
|
|
15 |
% |
|
|
16% |
|
|
15% |
|
|
16% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alloy bar & rod |
|
4 |
% |
|
|
4 |
% |
|
|
4% |
|
|
4% |
|
|
3% |
|
|
|
|
|
|
Alloy tube |
|
1 |
% |
|
|
1 |
% |
|
|
1% |
|
|
1% |
|
|
1% |
|
|
|
|
|
|
Alloy |
|
5 |
% |
|
|
5 |
% |
|
|
5% |
|
|
5% |
|
|
4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Miscellaneous |
|
5 |
% |
|
|
5 |
% |
|
|
5% |
|
|
5% |
|
|
5% |
|
|
|
|
|
|
Toll processing &
logistics |
|
4 |
% |
|
|
4 |
% |
|
|
3% |
|
|
4% |
|
|
3% |
|
|
|
|
|
|
Copper & brass |
|
2 |
% |
|
|
2 |
% |
|
|
2% |
|
|
2% |
|
|
2% |
|
|
|
|
|
|
Other |
|
11 |
% |
|
|
11 |
% |
|
|
10% |
|
|
11% |
|
|
10% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
100 |
% |
|
|
100 |
% |
|
|
100% |
|
|
100% |
|
|
100% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RELIANCE STEEL & ALUMINUM CO. |
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME |
(in millions, except number of shares which are reflected
in thousands and per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, |
|
September 30, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Net sales |
$ |
3,623.0 |
|
|
$ |
4,247.2 |
|
|
$ |
11,468.6 |
|
|
$ |
13,414.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales (exclusive of depreciation and amortization shown
below) |
|
2,546.0 |
|
|
|
3,008.2 |
|
|
|
7,942.9 |
|
|
|
9,292.7 |
|
Warehouse, delivery, selling, general and administrative
(“SG&A”) |
|
626.9 |
|
|
|
630.1 |
|
|
|
1,928.8 |
|
|
|
1,890.6 |
|
Depreciation and amortization |
|
60.6 |
|
|
|
60.4 |
|
|
|
182.5 |
|
|
|
178.8 |
|
|
|
3,233.5 |
|
|
|
3,698.7 |
|
|
|
10,054.2 |
|
|
|
11,362.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
389.5 |
|
|
|
548.5 |
|
|
|
1,414.4 |
|
|
|
2,052.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other (income) expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
9.7 |
|
|
|
15.6 |
|
|
|
30.3 |
|
|
|
46.8 |
|
Other (income) expense, net |
|
(8.2 |
) |
|
|
8.9 |
|
|
|
(23.3 |
) |
|
|
21.5 |
|
Income before income
taxes |
|
388.0 |
|
|
|
524.0 |
|
|
|
1,407.4 |
|
|
|
1,983.8 |
|
Income tax provision |
|
92.0 |
|
|
|
129.6 |
|
|
|
340.7 |
|
|
|
490.9 |
|
Net income |
|
296.0 |
|
|
|
394.4 |
|
|
|
1,066.7 |
|
|
|
1,492.9 |
|
Less: net income attributable to noncontrolling interests |
|
1.0 |
|
|
|
0.9 |
|
|
|
3.5 |
|
|
|
3.3 |
|
Net income attributable to
Reliance |
$ |
295.0 |
|
|
$ |
393.5 |
|
|
$ |
1,063.2 |
|
|
$ |
1,489.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
attributable to Reliance stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
5.05 |
|
|
$ |
6.55 |
|
|
$ |
18.13 |
|
|
$ |
24.35 |
|
Diluted |
$ |
4.99 |
|
|
$ |
6.45 |
|
|
$ |
17.92 |
|
|
$ |
23.98 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in computing
earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
58,427 |
|
|
|
60,055 |
|
|
|
58,648 |
|
|
|
61,175 |
|
Diluted |
|
59,124 |
|
|
|
60,984 |
|
|
|
59,333 |
|
|
|
62,114 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends per share |
$ |
1.00 |
|
|
$ |
0.875 |
|
|
$ |
3.00 |
|
|
$ |
2.625 |
|
|
|
|
|
|
|
RELIANCE STEEL & ALUMINUM CO. |
UNAUDITED CONSOLIDATED BALANCE SHEETS |
(in millions, except number of shares
which are reflected in thousands and par
value) |
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
December 31, |
|
2023 |
|
2022* |
ASSETS |
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
$ |
976.9 |
|
|
$ |
1,173.4 |
|
Accounts receivable, less allowance for credit losses of $27.1 at
September 30, 2023 and $26.1 at December 31, 2022 |
|
1,666.3 |
|
|
|
1,565.7 |
|
Inventories |
|
2,110.2 |
|
|
|
1,995.3 |
|
Prepaid expenses and other current assets |
|
104.7 |
|
|
|
115.6 |
|
Income taxes receivable |
|
1.0 |
|
|
|
36.6 |
|
Total current assets |
|
4,859.1 |
|
|
|
4,886.6 |
|
Property, plant and
equipment: |
|
|
|
|
|
Land |
|
281.6 |
|
|
|
262.7 |
|
Buildings |
|
1,469.3 |
|
|
|
1,359.3 |
|
Machinery and equipment |
|
2,645.9 |
|
|
|
2,446.9 |
|
Accumulated depreciation |
|
(2,207.8 |
) |
|
|
(2,094.3 |
) |
Property, plant and equipment, net |
|
2,189.0 |
|
|
|
1,974.6 |
|
Operating lease right-of-use
assets |
|
227.7 |
|
|
|
216.4 |
|
Goodwill |
|
2,108.7 |
|
|
|
2,105.9 |
|
Intangible assets, net |
|
990.1 |
|
|
|
1,019.6 |
|
Cash surrender value of life
insurance policies, net |
|
28.0 |
|
|
|
42.0 |
|
Other assets |
|
90.3 |
|
|
|
84.8 |
|
Total assets |
$ |
10,492.9 |
|
|
$ |
10,329.9 |
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Accounts payable |
$ |
445.4 |
|
|
$ |
412.4 |
|
Accrued expenses |
|
130.3 |
|
|
|
118.8 |
|
Accrued compensation and retirement benefits |
|
203.3 |
|
|
|
240.0 |
|
Accrued insurance costs |
|
43.7 |
|
|
|
43.4 |
|
Current maturities of long-term debt and short-term borrowings |
|
0.3 |
|
|
|
508.2 |
|
Current maturities of operating lease liabilities |
|
55.7 |
|
|
|
52.5 |
|
Total current liabilities |
|
878.7 |
|
|
|
1,375.3 |
|
Long-term debt |
|
1,141.6 |
|
|
|
1,139.4 |
|
Operating lease
liabilities |
|
174.7 |
|
|
|
165.2 |
|
Long-term retirement
benefits |
|
30.4 |
|
|
|
26.1 |
|
Other long-term
liabilities |
|
56.8 |
|
|
|
51.4 |
|
Deferred income taxes |
|
475.5 |
|
|
|
476.6 |
|
Commitments and
contingencies |
|
|
|
|
|
Equity: |
|
|
|
|
|
Preferred stock, $0.001 par value: 5,000 shares authorized; none
issued or outstanding |
|
— |
|
|
|
— |
|
Common stock and additional paid-in capital, $0.001 par value and
200,000 shares authorized |
|
|
|
|
|
Issued and outstanding shares—58,090 at September 30, 2023 and
58,787 at December 31, 2022 |
|
0.1 |
|
|
|
0.1 |
|
Retained earnings |
|
7,823.6 |
|
|
|
7,173.6 |
|
Accumulated other comprehensive loss |
|
(99.4 |
) |
|
|
(86.3 |
) |
Total Reliance stockholders’
equity |
|
7,724.3 |
|
|
|
7,087.4 |
|
Noncontrolling interests |
|
10.9 |
|
|
|
8.5 |
|
Total equity |
|
7,735.2 |
|
|
|
7,095.9 |
|
Total liabilities and equity |
$ |
10,492.9 |
|
|
$ |
10,329.9 |
|
|
|
|
|
|
|
* Amounts derived from audited
financial statements. |
|
|
|
|
|
|
|
|
|
|
|
RELIANCE STEEL & ALUMINUM CO. |
UNAUDITED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
(in millions) |
|
|
|
Nine Months Ended |
|
September 30, |
|
2023 |
|
2022 |
Operating
activities: |
|
|
|
|
|
Net income |
$ |
1,066.7 |
|
|
$ |
1,492.9 |
|
Adjustments to reconcile net
income to net cash provided by operating activities: |
|
|
|
|
|
Depreciation and amortization expense |
|
182.5 |
|
|
|
178.8 |
|
Provision for credit losses |
|
4.2 |
|
|
|
5.6 |
|
Stock-based compensation expense |
|
48.4 |
|
|
|
48.4 |
|
Net loss on life insurance policies and deferred compensation plan
assets |
|
8.0 |
|
|
|
22.8 |
|
Other |
|
(4.7 |
) |
|
|
2.9 |
|
Changes in operating assets
and liabilities (excluding effect of businesses acquired): |
|
|
|
|
|
Accounts receivable |
|
(102.0 |
) |
|
|
(191.6 |
) |
Inventories |
|
(113.5 |
) |
|
|
(126.6 |
) |
Prepaid expenses and other assets |
|
91.1 |
|
|
|
20.0 |
|
Accounts payable and other liabilities |
|
(35.0 |
) |
|
|
(143.3 |
) |
Net cash provided by operating activities |
|
1,145.7 |
|
|
|
1,309.9 |
|
|
|
|
|
|
|
Investing
activities: |
|
|
|
|
|
Acquisition, net of cash acquired |
|
(24.1 |
) |
|
|
— |
|
Purchases of property, plant and equipment |
|
(358.6 |
) |
|
|
(249.7 |
) |
Proceeds from sales of property, plant and equipment |
|
9.9 |
|
|
|
9.8 |
|
Other |
|
5.0 |
|
|
|
(4.5 |
) |
Net cash used in investing activities |
|
(367.8 |
) |
|
|
(244.4 |
) |
|
|
|
|
|
|
Financing
activities: |
|
|
|
|
|
Net short-term debt repayments |
|
(2.2 |
) |
|
|
(0.8 |
) |
Principal payments on long-term debt |
|
(505.7 |
) |
|
|
— |
|
Cash dividends and dividend equivalents |
|
(179.3 |
) |
|
|
(163.5 |
) |
Share repurchases |
|
(239.2 |
) |
|
|
(547.7 |
) |
Taxes paid related to net share settlement of restricted stock
units |
|
(41.3 |
) |
|
|
(21.6 |
) |
Other |
|
(3.0 |
) |
|
|
22.5 |
|
Net cash used in financing activities |
|
(970.7 |
) |
|
|
(711.1 |
) |
Effect of exchange rate
changes on cash and cash equivalents |
|
(3.7 |
) |
|
|
(11.2 |
) |
(Decrease) increase in cash
and cash equivalents |
|
(196.5 |
) |
|
|
343.2 |
|
Cash and cash equivalents at
beginning of year |
|
1,173.4 |
|
|
|
300.5 |
|
Cash and cash equivalents at
end of the period |
$ |
976.9 |
|
|
$ |
643.7 |
|
|
|
|
|
|
|
Supplemental cash flow
information: |
|
|
|
|
|
Interest paid during the
period |
$ |
32.5 |
|
|
$ |
39.1 |
|
Income taxes paid during the
period, net |
$ |
305.2 |
|
|
$ |
596.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RELIANCE STEEL & ALUMINUM CO. |
NON-GAAP RECONCILIATION |
(in millions, except per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
|
Diluted EPS |
|
Three Months Ended |
|
Three Months Ended |
|
September 30, |
|
June 30, |
|
September 30, |
|
September 30, |
|
June 30, |
|
September 30, |
|
2023 |
|
2023 |
|
2022 |
|
2023 |
|
2023 |
|
2022 |
Net income attributable to Reliance |
$ |
295.0 |
|
|
$ |
385.1 |
|
|
$ |
393.5 |
|
|
$ |
4.99 |
|
|
$ |
6.49 |
|
|
$ |
6.45 |
|
Restructuring charges |
|
1.0 |
|
|
|
— |
|
|
|
— |
|
|
|
0.02 |
|
|
|
— |
|
|
|
— |
|
Non-recurring settlement
charge |
|
— |
|
|
|
— |
|
|
|
2.3 |
|
|
|
— |
|
|
|
— |
|
|
|
0.04 |
|
Income tax benefit related to
above items |
|
(0.3 |
) |
|
|
— |
|
|
|
(0.6 |
) |
|
|
(0.01 |
) |
|
|
— |
|
|
|
(0.01 |
) |
Non-GAAP net income
attributable to Reliance |
$ |
295.7 |
|
|
$ |
385.1 |
|
|
$ |
395.2 |
|
|
$ |
5.00 |
|
|
$ |
6.49 |
|
|
$ |
6.48 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
|
Diluted EPS |
|
|
|
|
|
|
|
Nine Months Ended |
|
Nine Months Ended |
|
|
|
|
|
|
|
September 30, |
|
September 30, |
|
September 30, |
|
September 30, |
|
|
|
|
|
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
|
Net income attributable to
Reliance |
|
|
|
$ |
1,063.2 |
|
|
$ |
1,489.6 |
|
|
$ |
17.92 |
|
|
$ |
23.98 |
|
|
|
|
Restructuring charges |
|
|
|
|
1.0 |
|
|
|
1.4 |
|
|
|
0.02 |
|
|
|
0.02 |
|
|
|
|
Non-recurring expenses of
acquisitions |
|
|
|
|
— |
|
|
|
8.1 |
|
|
|
— |
|
|
|
0.13 |
|
|
|
|
Non-recurring settlement
charge |
|
|
|
|
— |
|
|
|
2.3 |
|
|
|
— |
|
|
|
0.04 |
|
|
|
|
Gains related to sales of
non-core assets |
|
|
|
|
(4.8 |
) |
|
|
(2.0 |
) |
|
|
(0.08 |
) |
|
|
(0.03 |
) |
|
|
|
Income tax expense (benefit)
related to above items |
|
|
|
|
0.9 |
|
|
|
(2.5 |
) |
|
|
0.01 |
|
|
|
(0.04 |
) |
|
|
|
Non-GAAP net income
attributable to Reliance |
|
|
|
$ |
1,060.3 |
|
|
$ |
1,496.9 |
|
|
$ |
17.87 |
|
|
$ |
24.10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
|
September 30, |
|
June 30, |
|
September 30, |
|
September 30, |
|
September 30, |
|
|
|
|
2023 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
|
Pretax income |
$ |
388.0 |
|
|
$ |
510.9 |
|
|
$ |
524.0 |
|
|
$ |
1,407.4 |
|
|
$ |
1,983.8 |
|
|
|
|
Restructuring charges |
|
1.0 |
|
|
|
— |
|
|
|
— |
|
|
|
1.0 |
|
|
|
1.4 |
|
|
|
|
Non-recurring expenses of
acquisitions |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
8.1 |
|
|
|
|
Non-recurring settlement
charge |
|
— |
|
|
|
— |
|
|
|
2.3 |
|
|
|
— |
|
|
|
2.3 |
|
|
|
|
Gains related to sales of
non-core assets |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4.8 |
) |
|
|
(2.0 |
) |
|
|
|
Non-GAAP pretax income |
$ |
389.0 |
|
|
$ |
510.9 |
|
|
$ |
526.3 |
|
|
$ |
1,403.6 |
|
|
$ |
1,993.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
|
September 30, |
|
June 30, |
|
September 30, |
|
September 30, |
|
September 30, |
|
|
|
|
2023 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
|
Gross profit - LIFO |
$ |
1,077.0 |
|
|
$ |
1,222.7 |
|
|
$ |
1,239.0 |
|
|
$ |
3,525.7 |
|
|
$ |
4,121.5 |
|
|
|
|
Amortization of inventory
step-up |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
8.1 |
|
|
|
|
Non-GAAP gross profit |
|
1,077.0 |
|
|
|
1,222.7 |
|
|
|
1,239.0 |
|
|
|
3,525.7 |
|
|
|
4,129.6 |
|
|
|
|
LIFO (income) expense |
|
(45.0 |
) |
|
|
(45.0 |
) |
|
|
(27.5 |
) |
|
|
(105.0 |
) |
|
|
22.5 |
|
|
|
|
Non-GAAP gross profit -
FIFO |
$ |
1,032.0 |
|
|
$ |
1,177.7 |
|
|
$ |
1,211.5 |
|
|
$ |
3,420.7 |
|
|
$ |
4,152.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit margin -
LIFO |
|
29.7% |
|
|
|
31.5% |
|
|
|
29.2% |
|
|
|
30.7% |
|
|
|
30.7% |
|
|
|
|
Amortization of inventory
step-up as a % of sales |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.1% |
|
|
|
|
Non-GAAP gross profit
margin |
|
29.7% |
|
|
|
31.5% |
|
|
|
29.2% |
|
|
|
30.7% |
|
|
|
30.8% |
|
|
|
|
LIFO (income) expense as a %
of sales |
|
(1.2% |
) |
|
|
(1.2% |
) |
|
|
(0.6% |
) |
|
|
(0.9% |
) |
|
|
0.2% |
|
|
|
|
Non-GAAP gross profit margin -
FIFO |
|
28.5% |
|
|
|
30.3% |
|
|
|
28.6% |
|
|
|
29.8% |
|
|
|
31.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
June 30, |
|
September 30, |
|
|
|
|
|
|
|
|
2023 |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
Total debt |
$ |
1,151.7 |
|
|
$ |
1,151.7 |
|
|
$ |
1,661.2 |
|
|
|
|
|
|
|
|
|
|
Less: unamortized debt
discount and debt issuance costs |
|
(9.8 |
) |
|
|
(10.5 |
) |
|
|
(12.9 |
) |
|
|
|
|
|
|
|
|
|
Carrying amount of debt |
|
1,141.9 |
|
|
|
1,141.2 |
|
|
|
1,648.3 |
|
|
|
|
|
|
|
|
|
|
Less: cash and cash
equivalents |
|
(976.9 |
) |
|
|
(816.3 |
) |
|
|
(643.7 |
) |
|
|
|
|
|
|
|
|
|
Net debt |
$ |
165.0 |
|
|
$ |
324.9 |
|
|
$ |
1,004.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended |
|
|
|
|
|
|
|
|
|
|
September 30, |
|
June 30, |
|
September 30, |
|
|
|
|
|
|
|
|
|
|
2023 |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
Net income |
$ |
1,418.0 |
|
|
$ |
1,516.4 |
|
|
$ |
1,915.2 |
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization |
|
243.9 |
|
|
|
243.7 |
|
|
|
236.9 |
|
|
|
|
|
|
|
|
|
|
Impairment of long-lived
assets |
|
— |
|
|
|
— |
|
|
|
4.7 |
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
45.8 |
|
|
|
51.7 |
|
|
|
62.5 |
|
|
|
|
|
|
|
|
|
|
Income taxes |
|
436.0 |
|
|
|
473.6 |
|
|
|
616.0 |
|
|
|
|
|
|
|
|
|
|
EBITDA |
$ |
2,143.7 |
|
|
$ |
2,285.4 |
|
|
$ |
2,835.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net debt-to-EBITDA |
|
0.1x |
|
|
|
0.1x |
|
|
|
0.4x |
|
|
|
|
|
|
|
|
|
|
Total debt-to-EBITDA |
|
0.5x |
|
|
|
0.5x |
|
|
|
0.6x |
|
|
|
|
|
|
|
|
|
|
Reliance Steel & Aluminum Co.’s presentation of non-GAAP pretax
income, net income and EPS over certain time periods is an attempt
to provide meaningful comparisons to the Company’s historical
performance for its existing and future stockholders. Adjustments
include restructuring charges, gains on sales of non-core property,
plant, and equipment, non-recurring expenses of its fourth quarter
2021 acquisitions and postretirement benefit plan settlement
expense, which make comparisons of the Company’s operating results
between periods difficult using GAAP measures. Reliance Steel &
Aluminum Co.’s presentation of gross profit margin - FIFO, which is
calculated as gross profit plus LIFO expense (or minus LIFO income)
divided by net sales, is presented in order to provide a means of
comparison amongst its competitors who may not use the same
inventory valuation method. Please see footnote 1 below for
additional information on the Company’s gross profit and gross
profit margin. Reliance Steel & Aluminum Co. presents net debt-
and total debt-to-EBITDA as a measurement of leverage utilized by
management to monitor its debt levels in relation to its operating
cash flow for which it utilizes EBITDA as a proxy. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Footnotes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Gross profit, calculated as net sales less cost of sales, and
gross profit margin, calculated as gross profit divided by net
sales, are non-GAAP financial measures as they exclude depreciation
and amortization expense associated with the corresponding sales.
About half of Reliance’s orders are basic distribution with no
processing services performed. For the remainder of its sales
orders, Reliance performs “first-stage” processing, which is
generally not labor intensive as it is simply cutting the metal to
size. Because of this, the amount of related labor and overhead,
including depreciation and amortization, is not significant and is
excluded from cost of sales. Therefore, Reliance’s cost of sales is
substantially comprised of the cost of the material it sells.
Reliance uses gross profit and gross profit margin, as shown, as
measures of operating performance. Gross profit and gross profit
margin are important operating and financial measures, as their
fluctuations can have a significant impact on Reliance’s earnings.
Gross profit and gross profit margin, as presented, are not
necessarily comparable with similarly titled measures for other
companies. |
2 See accompanying Non-GAAP Reconciliation. Certain percentages may
not calculate due to rounding. |
3 Free cash flow is calculated as cash provided by operations
reduced by capital expenditures. |
4 Net debt-to-total capital is calculated as carrying amount of
debt (net of cash) divided by total Reliance stockholders’ equity
plus carrying amount of debt (net of cash). |
5 Net debt- and total debt-to-EBITDA are calculated as carrying
amount of debt (net of cash) or total debt divided by earnings
before interest, income taxes, depreciation, amortization and
impairment of long-lived assets (“EBITDA”) for the most recent
twelve months. |
Reliance (NYSE:RS)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
Reliance (NYSE:RS)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024