Reliance reports Q4 EPS $4.70, full-year EPS $22.64; dividend up 10%; announces two acquisitions and corporate rebrand

RELIANCE, INC.

2023-FY EPS reported $22.64 revenue$14,805,900,000

Net sales $3,337.3M in Q4, down 7.6% YoY; full-year net sales $14,805.9M, down 13.0%.
Q4 non-GAAP diluted EPS $4.73; full-year non-GAAP $22.62 (second highest).
Quarterly dividend increased 10% to $1.10/share ($4.40 annual); declared payable March 22, 2024.
Completed acquisition of Cooksey Iron & Metal on Feb 1, 2024; pending acquisition of American Alloy Steel (announced Feb 14).
Corporate name changed to Reliance, Inc.; ticker RS unchanged; effective Feb 26, 2024.

item 2.02 item 5.03 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.98

RELIANCE, INC. reported the fourth quarter and full year ended December 31, 2023 results: revenue $3,337.3 million, net income $272.7 million, EPS $4.70 per diluted share.

Period: the fourth quarter and full year ended December 31, 2023
Revenue: $3,337.3 million
Net income: $272.7 million
EPS: $4.70 per diluted share
Result: reported results

Exact text from the filing

Reliance, Inc. (NYSE: RS) today reported its financial results for the fourth quarter and full year ended December 31, 2023

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Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

RELIANCE, INC.: Changed corporate name from Reliance Steel & Aluminum Co. to Reliance, Inc. via Certificate of Amendment to Restated Certificate of Incorporation (effective 2024-02-14).

Change: charter amendment
Effective: 2024-02-14

Exact text from the filing

On February 14, 2024, Reliance Steel & Aluminum Co. changed its corporate name to Reliance, Inc. (the “Name Change”) by filing with the Secretary of State of the State of Delaware a Certificate of Amendment (the “Certificate of Amendment”) to its Restated Certificate of Incorporation.

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Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

RELIANCE, INC.: Amended and restated bylaws to reflect name change, update director nomination and stockholder proposal procedures per universal proxy rules, and make other administrative and conforming changes (effective 2024-02-14).

Change: bylaw amendment
Effective: 2024-02-14

Exact text from the filing

The Board also amended and restated the Company’s Amended and Restated Bylaws, effective as of the filing of the Certificate of Amendment, to reflect the Name Change and make certain other updates.

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RELIANCE, INC. filing history →

Source: SEC EDGAR

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