Reliance, Inc. Announces Third Quarter 2024 Financial Results

Reliance, Inc., a Delaware-based company listed on the New York Stock Exchange under the symbol RS, has recently reported its financial results for the quarter ended September 30, 2024. The company shared details in a press release dated October 24, 2024.

Key points from the financial report include a quarterly revenue of $464 million, which fell within the expected quarterly range. Notably, the company reported a non-cash charge of $450 million in connection with a legal verdict. This charge impacted the GAAP operating loss, which stood at $433 million for the quarter. Excluding the legal charge, the company reported a Non-GAAP adjusted operating income of $17.0 million, representing 3.7% of sales for the quarter.

Despite challenges in the quarter, Reliance, Inc. noted a total backlog of $1.0 billion as of September 30, 2024. The company anticipates increased order flow towards the later stages of normal seasonality.

Regarding the outlook, Reliance, Inc. revised its 2024 revenue outlook to approximately $1.95 billion and adjusted its Non-GAAP EPS outlook to about $1.25, while excluding the impact of the legal charge.

Brent Yeagy, the President and CEO of Reliance, Inc., mentioned, “We firmly believe the outcome in this case is unsupported by the facts or the law. Additionally, the jury was not permitted to hear key evidence in the case.”

For the full-year ending December 31, 2024, the company reduced its revenue outlook and adjusted its EPS guidance, reflecting the impact of the legal charge and ongoing legal proceedings.

The company highlighted that the situation might take some time to resolve fully, but it does not expect the verdict to affect its capital allocation priorities and strategy moving forward.

Reliance, Inc. operates within the transportation, logistics, and distribution industries, focusing on connected solutions. More details about its financial standing and strategic direction can be found in the full 8-K filing submitted to the Securities and Exchange Commission.

Investors and interested parties can engage further with Reliance, Inc. by accessing additional information on their official website or through their investor relations contact.

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This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Reliance’s 8K filing here.

Reliance Company Profile

Reliance, Inc operates as a diversified metal solutions provider and the metals service center company in the United States, Canada, and internationally. The company distributes a line of approximately 100,000 metal products, including alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium, and specialty steel products; and provides metals processing services to general manufacturing, non-residential construction, transportation, aerospace, energy, electronics and semiconductor fabrication, and heavy industries.