Feb. 19 at 9:34 PM
$RS Reliance reports Q4 EPS
$2.22, consensus
$2.72
Reports Q4 revenue
$3.13B, consensus
$3.04B. "Our businesses demonstrated resilience in 2024 as strong execution of our model once again fueled solid financial results in a challenging market," said Karla Lewis, President and Chief Executive Officer of Reliance. "Through our emphasis on smart, profitable growth, we grew our same-store volumes well above industry shipment levels, bolstering our earnings in a declining metals pricing environment. Importantly, we were able to grow our tons shipped while also delivering a strong full year gross profit margin of 29.7% - solidly within our sustainable annual range.
Additionally, we successfully acquired and integrated four companies, adding
$286.2 million to our 2024 net sales, or approximately
$400 million annualized, and broadening our geographic base and processing capabilities in new and existing markets. Our 2024 non-GAAP EPS of
$15.92 reflects the benefit of our targeted growth strategies, diverse end markets served, strong pricing discipline and expanded value-added processing capabilities, which collectively helped mitigate the impact of declining metal prices."
Mrs. Lewis continued, "Our profitability and effective management of working capital led to the generation of the third highest annual cash flow from operations in our history of
$1.43 billion. We maintained our balanced approach to capital deployment in 2024, investing
$430.6 million in capital expenditures,
$364.6 million in acquisitions, a record
$1.09 billion in share repurchases resulting in a 6% year-over-year reduction in our outstanding shares, and returning
$249.7 million in dividends to our stockholders. While macroeconomic uncertainty persists, we believe our proven and resilient business model positions Reliance to continue delivering solid performance in 2025 and the years to come."
