Reliance Steel Q2 EPS $5.08 beat; record sales $3.42B; raises buyback to $1B

RELIANCE, INC.

2021-Q2 EPS reported $9.20 revenue$6,257,200,000

Record quarterly net sales $3.42B, gross profit $1.08B (margin 31.7%), pretax income $444.1M.
Diluted EPS $5.08 vs $1.24 YoY; non-GAAP diluted EPS $5.06.
Board increased share repurchase authorization to $1B; declared $0.6875/share dividend payable Aug 27.
Raised sustainable gross profit margin range to 29%-31% from prior range.
Q3 2021 guidance: non-GAAP EPS $5.55-$5.75; tons sold flat to slight decline; avg selling price up 7-9%.

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