Reliance Steel Q3 net sales $3.85B record, EPS $6.15; guides Q4 $5.05-$5.15 EPS

RELIANCE, INC.

2021-Q3 EPS reported $15.35 revenue$10,104,600,000

Q3 net sales $3.85B (+84.5% YoY); diluted EPS $6.15 (record); pretax income $532.6M (record).
LIFO expense $262.5M ($3.06/diluted share) due to rising metal prices; gross margin 31.5%.
Completed acquisition of Merfish United (Oct 1) for ~$600M annual sales; adds tubular building products.
Q4 2021 guidance: non-GAAP EPS $5.05-$5.15; tons sold down 5%-8% QoQ; avg selling price up 5%-7%.
Repurchased 0.9M shares for $131M; quarterly dividend $0.6875/share, payable Dec 3, 2021.

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