The following is a summary of the Reliance, Inc. (RS) Q1 2024 Earnings Call Transcript:
Financial Performance:
Reliance reported non-GAAP earnings per diluted share of $5.30 in Q1 2024.
Three acquisitions in 2024 have added nearly $500 million in annualized sales.
Capital expenditure of $108.7 million was primarily invested in growth opportunities.
$65.3 million was returned to stockholders via dividends.
Tons sold increased by 10.3% compared to Q4 2023, but were down 1.7% compared to Q1 2023.
LIFO income of $50 million was recorded in Q1 2024, and the annual LIFO income estimate for 2024 has been revised from $80 million to $200 million.
Business Progress:
Significant investments in value-added processing capabilities have improved gross profit margin.
Three acquisitions (Cooksey Steel, American Alloy, Mid-West Materials) have expanded product offerings, processing capabilities, and geographic reach.
$440 million CapEx budget for 2024, with two-thirds dedicated to growth projects.
Increased demand seen in the aerospace sector, specifically defense and space.
Capacity expansion projects underway in Texas, Atlanta, Mexico, Decatur, and Fort Wayne.
The company has been presented at industry conferences to highlight business progress.
More details: Reliance IR
Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.