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.
Reliance Steel & Aluminum Co. reported a record annual net sales of $17.03 billion for 2022, marking a 20.8% increase from 2021. The company's pretax income reached $2.43 billion with a pretax income margin of 14.3%. Diluted earnings per share were $29.92, a 36.2% increase year-over-year. Cash flow from operations also hit a record of $2.12 billion. The company repurchased $630.3 million of common stock and increased the quarterly dividend by 14.3% to $1.00 per share. Looking ahead, Reliance anticipates a 11% to 13% increase in tons sold for Q1 2023 compared to the previous quarter.
Reliance Steel & Aluminum Co. (NYSE:RS) is set to announce its fourth quarter and full year 2022 financial results on February 16, 2023, at 6:50 a.m. Eastern Time. The company will host a conference call at 11:00 a.m. Eastern Time, available via webcast on their investor website. For those unable to join live, a replay will be accessible starting at 2:00 p.m. Eastern Time on the same day until March 2, 2023. The company operates over 315 locations globally, focusing on quick turnaround and value-added processing services, serving a diverse customer base.
Reliance Steel & Aluminum Co. (NYSE: RS) announced it will redeem all outstanding 4.500% Senior Notes due April 15, 2023, on January 15, 2023. The total principal amount is $500 million. Holders of the notes will receive 100% of the principal plus any accrued interest until the redemption date. The redemption follows the terms of the indenture governing the Senior Notes. Reliance is a leading metal solutions provider, offering over 100,000 products and services to 125,000 customers globally.
Reliance Steel & Aluminum Co. (NYSE: RS) will participate in the Goldman Sachs Global Metals & Mining Conference on November 17, 2022. CEO James Hoffman, President Karla Lewis, and CFO Arthur Ajemyan are scheduled to present at 9:45 a.m. ET, with additional investor meetings throughout the day. The presentation will be webcast live on the Company's website, and a replay will be accessible for 90 days following the event. Reliance is a leading global metal solutions provider, servicing over 125,000 customers through 315 locations worldwide.
Reliance Steel & Aluminum Co. (NYSE: RS) reported a record third-quarter net sales of $4.25 billion, a 10.4% year-over-year increase. EPS stood at $6.45, with non-GAAP EPS at $6.48. Despite a 29.5% decline in diluted EPS from the previous quarter, the company achieved record cash flow from operations of $635.7 million. Reliance repurchased 1.9 million shares for $336.7 million. The company anticipates a 6.5% to 8.5% decline in tons sold for Q4 2022 due to seasonal factors, while projecting non-GAAP EPS between $4.30 and $4.50.
Reliance Steel & Aluminum Co. (NYSE: RS) announced the scheduled release of its third quarter 2022 financial results for the period ending September 30, 2022, on October 27, 2022, at 6:50 a.m. ET. A conference call will follow at 11:00 a.m. ET, accessible via their investors' website. For those unable to attend, a replay will be available from 2:00 p.m. ET on the same day until November 10, 2022. The company operates over 315 locations globally, emphasizing quick turnaround and value-added processing services.
Reliance Steel & Aluminum Co. (NYSE: RS) announced the resignation of CEO James D. Hoffman, effective December 31, 2022, and appointed Karla R. Lewis as his successor starting January 1, 2023. Hoffman will remain on the Board and assist as Senior Advisor until December 2023. The Board praised Hoffman's leadership during the pandemic, which helped achieve record revenues and profitability. Lewis has been with the company for 30 years and will retain her position as President while leading the organization into its next chapter.
Reliance Steel & Aluminum Co. (NYSE: RS) reported record results for Q2 2022, with net sales reaching $4.68 billion, a 4.4% sequential increase. Gross profit stood at $1.50 billion, leading to a gross profit margin of 31.9%. The company achieved a pretax income of $762.6 million, with an earnings per share (EPS) of $9.15, reflecting a 9.8% increase from Q1. Reliance repurchased approximately 1.1 million shares for $193.9 million and replenished its share repurchase program to $1 billion. Looking ahead, the company anticipates a 3% to 5% decrease in tons sold in Q3 due to seasonal effects.
Reliance Steel & Aluminum Co. (NYSE:RS) will report its second quarter 2022 financial results on July 28, 2022, at 6:50 a.m. Eastern Time. Management will host a conference call at 11:00 a.m. ET that day, available via webcast on the Company's investor website. A replay of the call will be accessible later the same day until August 11, 2022. Founded in 1939, Reliance is a leading global diversified metal solutions provider, operating approximately 315 locations across North America and beyond, servicing over 125,000 customers with quick turnaround and value-added processing services.
Reliance Steel & Aluminum Co. (NYSE: RS) announced the retirement of Senior VP, Operations Michael P. Shanley, effective December 31, 2022. Shanley will become a Special Advisor from July 1, 2022, to aid in the transition. Stephen P. Koch has been promoted to Executive VP and COO, while Michael R. Hynes rises to Senior VP, Operations, both effective July 1, 2022. These changes align with the company's succession planning strategy. The leadership transitions are expected to support Reliance's continued growth in the diversified metal solutions market.