Reliance Steel Q2 2022: Record sales $4.68B, EPS $9.15; Q3 guidance $6.00-$6.20

RELIANCE, INC.

2022-Q2 EPS reported $17.49 revenue$9,167,000,000

Record Q2 net sales $4.68B, gross profit $1.50B (31.9% margin), pretax income $762.6M (16.3% margin).
Diluted EPS $9.15, up 9.8% sequentially; Q2 cash flow from ops $270.2M; repurchased 1.1M shares for $193.9M.
Q3 2022 guidance: tons sold down 3-5%, average selling price down 5-7%, non-GAAP EPS $6.00-$6.20.
Board declared quarterly dividend $0.875/share, payable Sept 2; refreshed share repurchase authorization to $1B.
Demand steady in non-residential construction, automotive, aerospace, energy; semiconductor strong; manufacturing mixed.

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