Reliance Steel Q3 EPS $4.99 in line; Q4 guide $3.70-$3.90; buyback authorized $1.5B

RELIANCE, INC.

2023-Q3 EPS reported $17.92 revenue$11,468,600,000

Q3 net sales $3.62B, tons sold up 1.1% YoY; non-GAAP EPS $5.00 in line with guidance.
Cash from operations $466M; repurchased $126.4M of stock in Q3.
Board replenished share repurchase plan to $1.5B with no expiration; $294.8M remained under prior authorization.
Q4 outlook: non-GAAP EPS $3.70-$3.90, tons sold down 4%-6% sequentially, avg selling price down 4%-6%.
Director James Hoffman to retire from board at 2024 annual meeting; no disagreement cited.

item 2.02 item 5.02 item 9.01

Executive movements

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Departed

James D. Hoffman

Director

RS · RELIANCE, INC.

Filed: October 26, 2023, 7:59 PM ET

On October 24, 2023, James D. Hoffman informed the Company’s Board of Directors (the “Board”) that he has decided to retire from service on the Board and will not stand for reelection to the Board at the 2024 Annual Meeting of Stockholders

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

RELIANCE, INC. reported the third quarter ended September 30, 2023 results: revenue $3,623.0 million, net income $295.0 million, EPS $4.99.

Period: the third quarter ended September 30, 2023
Revenue: $3,623.0 million
Net income: $295.0 million
EPS: $4.99
Result: reported results

Exact text from the filing

Reliance Steel & Aluminum Co. Reports Third Quarter 2023 Financial Results – Net sales of $3.62 billion with tons sold up 1.1% from Q3 2022

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Executive change SEC 8-K Item 5.02 confidence 1.0

James D. Hoffman departed as Director at RELIANCE, INC..

Action: retire
Role: Director

Exact text from the filing

On October 24, 2023, James D. Hoffman informed the Company’s Board of Directors (the “Board”) that he has decided to retire from service on the Board and will not stand for reelection to the Board at the 2024 Annual Meeting of Stockholders

View on SEC.gov

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RELIANCE, INC. filing history →

Source: SEC EDGAR

accession 0001171843-23-006431

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