Welcome to our dedicated page for Reliance news (Ticker: RS), a resource for investors and traders seeking the latest updates and insights on Reliance stock.
Reliance, Inc. reports recurring developments for a diversified metals service center business that distributes a broad line of metal products and provides value-added metals processing services. The company serves customers across manufacturing, non-residential construction, transportation, aerospace, energy, electronics, semiconductor fabrication, industrial machinery and other heavy-industry markets.
Company news commonly covers quarterly and annual results, tons sold, average selling price per ton, gross profit and FIFO margin measures, LIFO expense, market-share commentary, share repurchases and dividend actions. Updates also include investor conference participation and contract activity involving operating subsidiaries such as AMI Metals in aerospace, defense and government infrastructure markets.
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Reliance Steel & Aluminum Co. (RS) reported robust Q1 2023 results with net sales of $3.97 billion, a 9.8% increase from Q4 2022. Tons sold surged by 17.7%, highlighting strong demand. Gross profit margin stood at 30.9%, while pretax income reached $508.5 million, marking a 13.9% increase quarter-over-quarter. EPS was reported at $6.43, demonstrating a 9.4% increase from the previous quarter. Cash flow from operations was strong at $384.6 million, although free cash flow decreased by 60.7%. The company continues to return capital to shareholders through dividends and stock repurchases.
The outlook for Q2 indicates stability in demand but expects tons sold to be flat to down 2% due to operational factors.