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Reliance Steel & Aluminum Co. Reports Third Quarter 2020 Financial Results

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Rhea-AI Summary

Reliance Steel & Aluminum Co. (NYSE: RS) reported strong Q3 2020 results, achieving a gross profit margin of 32.4% and diluted EPS of $1.51, up 21.8% sequentially. The company generated $676.1 million in gross profit, a 10.0% increase from Q2 2020. However, net sales totaled $2,085.6 million, reflecting a decline of 21.7% year-over-year. The company declared a quarterly dividend of $0.625 per share and reported cash flow from operations of $296.3 million.

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Positive

  • Gross profit margin improved to 32.4%, an increase of 2.0% year-over-year.
  • Non-GAAP diluted EPS rose by 37.5% to $1.87 sequentially.
  • Generated $296.3 million in cash flow from operations.

Negative

  • Net sales decreased by 21.7% year-over-year to $6,677.8 million.
  • Net income fell by 55.3% compared to the same period last year.
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- Record gross profit margin of 32.4%
- EPS of $1.51, non-GAAP EPS of $1.87
- Pretax income of $127.0 million, non-GAAP pretax income of $158.0 million
- Generated cash flow from operations of $296.3 million
- Declared quarterly dividend of $0.625 per share

LOS ANGELES, Oct. 22, 2020 (GLOBE NEWSWIRE) -- Reliance Steel & Aluminum Co. (NYSE: RS) today reported its financial results for the third quarter ended September 30, 2020 (in millions, except tons which are in thousands and per share amounts).

                
     Sequential
Quarter		 Nine Months Ended
September 30,		 Year-Over-
Year		   Year-Over-
Year
 Q3 2020 Q2 2020 % Change  2020   2019  % Change Q3 2019 % Change
Income Statement Data:                
Net sales$2,085.6  $2,019.3  3.3% $6,677.8  $8,526.0  (21.7%) $2,685.9  (22.4%)
Gross profit1 $676.1  $614.7  10.0% $2,071.5  $2,535.2  (18.3%) $814.7  (17.0%)
Gross profit margin1  32.4%  30.4% 2.0%  31.0%  29.7% 1.3%  30.3% 2.1%
Non-GAAP gross profit margin1,2 32.4%  30.4% 2.0%  31.6%  29.7% 1.9%  30.3% 2.1%
Non-GAAP pretax income adjustments2$31.0  $10.4  198.1% $178.9  $0.3  *  $
(0.9) * 
Pretax income$127.0  $102.0  24.5% $312.1  $719.7  (56.6%) $218.4  (41.8%)
Non-GAAP pretax income2  $158.0  $112.4  40.6% $491.0  $720.0  (31.8%) $217.5  (27.4%)
Net income attributable to Reliance$97.6  $80.2  21.7% $239.5  $535.9  (55.3%) $162.7  (40.0%)
Diluted EPS$1.51  $1.24  21.8% $3.66  $7.90  (53.7%) $2.40  (37.1%)
Non-GAAP diluted EPS2$1.87  $1.36  37.5