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Reliance, Inc. (RS) Q2 2026 Earnings Call Transcript

Reliance (RS - Free Report) came out with quarterly earnings of $6.27 per share, beating the Zacks Consensus Estimate of $5.38 per share. This compares to earnings of $4.43 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +16.54%. A quarter ago, it was expected that this metals service-center company would post earnings of $4.63 per share when it actually produced earnings of $5.16, delivering a surprise of +11.45%.

Over the last four quarters, the company has surpassed consensus EPS estimates two times.

Reliance, which belongs to the Zacks Mining - Miscellaneous industry, posted revenues of $4.63 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 10.93%. This compares to year-ago revenues of $3.66 billion. The company has topped consensus revenue estimates four times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Reliance shares have added about 32.7% since the beginning of the year versus the S&P 500's gain of 9.7%.

What's Next for Reliance?While Reliance has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Reliance was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $4.68 on $3.94 billion in revenues for the coming quarter and $19.24 on $15.83 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Mining - Miscellaneous is currently in the bottom 16% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the same industry, Alpha Metallurgical (AMR - Free Report) , is yet to report results for the quarter ended June 2026.

This company is expected to post quarterly earnings of $0.65 per share in its upcoming report, which represents a year-over-year change of +271.1%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Alpha Metallurgical's revenues are expected to be $567.3 million, up 3.1% from the year-ago quarter.

- Net sales of $4.63 billion, up 15% sequentially with record tons sold up 7.0% 
- EPS of $6.29; non-GAAP EPS of $6.27, up 42% year-over-year, exceeding expectations
- Pretax income of $429.8 million, up 41% year-over-year

PHOENIX, July 22, 2026 (GLOBE NEWSWIRE) -- Reliance, Inc. (NYSE: RS) (‘Reliance,’ the ‘Company,’ ‘we,’ ‘our,’ or ‘us’) today reported its financial results for the second quarter ended June 30, 2026.

(in millions, except tons sold in thousands, per ton and per share amounts)
                            Seq.  Six Months Ended
June 30,
  YoY     YoY  Q2 2026
  Q1 2026
  Chg  2026  2025  Chg  Q2 2025
  Chg Income Statement Summary:                    Net sales$4,630.0  $4,026.0  15.0%  $8,656.0  $7,144.5  21.2%  $3,659.8  26.5% Gross profit1$1,300.5  $1,171.9  11.0%  $2,472.4  $2,121.2  16.6%  $1,087.9  19.5% Gross profit margin1 28.1%   29.1%  (1.0) pts   28.6%   29.7%  (1.1) pts   29.7%  (1.6) pts Non-GAAP gross profit margin1,2 28.1%   29.1%  (1.0) pts   28.6%   29.8%  (1.2) pts   29.9%  (1.8) pts Non-GAAP gross profit margin – FIFO1,2 30.5%   30.1%  0.4 pts   30.3%   30.5%  (0.2) pts   30.6%  (0.1) pts LIFO expense$112.5  $37.5     $150.0  $50.0     $25.0   LIFO expense (% of sales) 2.4%   0.9%  1.5 pts   1.7%   0.7%  1.0 pts   0.7%  1.7 pts LIFO expense per diluted share, net of tax$1.64  $0.54    $2.17  $0.71    $0.35   Non-GAAP pretax (income) expense adjustments2$(1.1) $4.3    $3.2  $3.4    $1.1   Pretax income$429.8  $349.5  23.0%  $779.3  $566.7  37.5%  $304.3  41.2% Non-GAAP pretax income2$428.7  $353.8  21.2%  $782.5  $570.1  37.3%  $305.4  40.4% Non-GAAP pretax income – FIFO2$541.2  $391.3  38.3%  $932.5  $620.1  50.4%  $330.4  63.8% Pretax income margin 9.3%   8.7%  0.6 pts   9.0%   7.9%  1.1 pts   8.3%  1.0 pts Non-GAAP pretax income margin2 9.3%   8.8%  0.5 pts   9.0%   8.0%  1.0 pts   8.3%  1.0 pts Non-GAAP pretax income margin – FIFO2 11.7%   9.7%  2.0 pts   10.8%   8.7%  2.1 pts   9.0%  2.7 pts Net income – Reliance$322.9  $264.9  21.9%  $587.8  $433.4  35.6%  $233.7  38.2% Diluted EPS$6.29  $5.10  23.3%  $11.38  $8.15  39.6%  $4.42  42.3% Non-GAAP diluted EPS2$6.27  $5.16  21.5%  $11.42  $8.20  39.3%  $4.43  41.5% Non-GAAP diluted EPS – FIFO2$7.91  $5.70  38.8%  $13.59  $8.91  52.5%  $4.78  65.5%                      Balance Sheet and Cash Flow Data:                    Cash provided by operations$162.2  $151.4  7.1%  $313.6  $293.5  6.8%  $229.0  (29.2%)Free cash flow2$68.8  $87.2  (21.1%) $156.0  $119.0  31.1%  $141.4  (51.3%)Net debt / total capital2 16.2%   16.9%     16.2%   14.1%     14.1%   Net debt / EBITDA2 0.9x   1.0x     0.9x   0.9x     0.9x   Total debt / EBITDA2 1.1x   1.2x     1.1x   1.1x     1.1x                        Capital Allocation Data:                    Acquisitions$—  $—    $—  $2.8    $2.8   Capital expenditures$93.4  $64.2    $157.6  $174.5    $87.6   Dividends$63.8  $66.6    $130.4  $128.3    $63.1   Share repurchases$—  $234.2    $234.2  $333.1    $79.9                        Key Business Metrics:                    Tons sold 1,790.1   1,672.7  7.0%   3,462.8   3,243.9  6.7%   1,615.0  10.8% Average selling price per ton sold$2,602  $2,414  7.8%  $2,511  $2,208  13.7%  $2,273  14.5%                      Please refer to the footnotes at the end of this press release for additional information.
               Management Commentary
“Reliance delivered another excellent quarter, building on the positive momentum of the first quarter,” said Karla Lewis, President and Chief Executive Officer of Reliance. “Market conditions remained constructive, supported by improving customer activity, extended mill lead times, and strong pricing across our broad product portfolio. We achieved the second highest quarterly revenue in our history, as well as record quarterly tons sold, and continued to outperform industry shipment trends. In April, we began to see initial contributions from the U.S. Department of Homeland Security border wall contract we were awarded earlier this year with activity levels well above our expectations delivering a meaningful contribution to our second quarter earnings. Elevated pricing levels, along with strong execution by our teams, also drove meaningful growth in our profitability, including a 40% increase in non-GAAP pretax income year-over-year and non-GAAP earnings per share of $6.27, our highest results since the second quarter of 2023.”

Mrs. Lewis continued, “Our balance sheet and liquidity remain key competitive advantages, supporting disciplined capital deployment including strategic growth investments and ongoing returns to stockholders. Additionally, our scale, processing expertise, and strong mill partnerships are increasingly important as lead times extend and inventories tighten, ensuring dependable material availability and positioning us to better serve our existing customers and capture new opportunities. As customer optimism builds and activity strengthens across infrastructure, semiconductor, general manufacturing and aerospace, Reliance remains exceptionally well positioned to capitalize on the many meaningful opportunities that will continue to emerge throughout the second half of 2026 and into next year.”

Second Quarter 2026 Financial Highlights
Earnings per share of $6.29 and non‑GAAP earnings per share of $6.27 exceeded the high end of management’s guidance range of $5.15 to $5.35 and were up 42% year-over-year. Results included $1.64 per share of LIFO expense compared to management’s expectation of $0.54, representing an incremental $1.10 per share negative impact, primarily due to higher-than-anticipated carbon steel and aluminum product costs. Earnings also included a $0.41 per share contribution from the U.S. border wall project, more than doubling our expectation of $0.15 to $0.20 per share.

Quarterly tons sold increased 7.0% sequentially, exceeding management’s expectation of a 1.0% to 3.0% increase. Notably, the sequential increase in second quarter tons sold included a 5.1% contribution from the U.S. border wall project. Reliance’s second quarter year-over-year growth in tons sold of 10.8% outperformed the industry-wide increase of 5.5% reported by the Metals Service Center Institute (“MSCI”) by over 5 percentage points.

Average selling price per ton sold increased 7.8% sequentially, also surpassing management’s expectation of a 1.5% to 3.5% increase, supported by higher carbon steel and aluminum pricing. The U.S. border wall project impacted our product mix, offsetting the sequential growth in average selling price per ton sold by 1.6% due to higher than anticipated shipment levels during the quarter.

Gross profit dollars per ton continued to rise across the majority of our product categories. However, gross profit margin of 28.1% decreased 100 basis points sequentially mainly due to increased LIFO expense and the impact of the border wall project. Excluding LIFO, non‑GAAP FIFO gross profit margin, which represents management’s ongoing assessment of operating performance, increased sequentially to 30.5% from 30.1% in the first quarter of 2026, including the negative impact of 40 basis points attributable to the U.S. border wall project. Importantly, the project’s below-average operating costs per ton more than offset its impact on gross profit margin, adding approximately 30 basis points of expansion to pretax income margin in the second quarter.

Higher shipments and improved gross profit dollars per ton, supported by strong pricing discipline, continued market share gains, and contributions from the U.S. border wall project, drove strong growth in pretax income of 41% year-over-year to $429.8 million.

End Market Commentary
Non-residential construction demand (including infrastructure), Reliance’s largest end market by tons, improved compared to the second quarter of 2025. The Company expects non-residential construction demand to continue to improve, with potential headwinds from supply availability in the third quarter of 2026, supported by strong activity across data centers, energy infrastructure, and public infrastructure projects.

Demand across the broader manufacturing end market Reliance serves improved compared to the second quarter of 2025, supported by continued strength in industrial machinery, shipbuilding, military, consumer products and construction machinery sectors. The Company anticipates demand for its products across the broader manufacturing sector will remain healthy in the third quarter of 2026 and experience its customary seasonal decline from the second quarter.

Demand in aerospace improved compared to the second quarter of 2025. Reliance anticipates commercial aerospace demand to modestly improve in the third quarter of 2026 with gradual build-rate increases and growing backlogs supporting continued improvement throughout the year. Demand in the defense and space related portions of Reliance’s aerospace business is expected to remain robust in the third quarter of 2026.

Demand for the toll processing services Reliance provides to the automotive market improved from the second quarter of 2025. The Company expects demand for automotive toll processing to remain relatively steady at healthy levels in the third quarter of 2026. Reliance’s toll processing operations remain flexible and able to quickly adapt to the variable demands of the automotive market.

Demand for certain products Reliance sells into the semiconductor market meaningfully improved compared to the second quarter of 2025 supported by increasing data center activity. The Company anticipates demand for its semiconductor products will continue to improve in the third quarter of 2026.

Balance Sheet, Cash Flow and Stockholder Returns
As of June 30, 2026, Reliance had $235.4 million of cash and cash equivalents and total debt of $1.7 billion, including $520 million outstanding under its $1.5 billion revolving credit facility. We generated $162.2 million of cash flow from operations in the second quarter of 2026, despite a significant working capital increase related to strong shipment volume and higher metals pricing.

Reliance returned $63.8 million to stockholders through dividend payments in the second quarter of 2026. Although no shares were repurchased during the second quarter, Reliance has repurchased $3.4 billion of its common stock since 2021 at an average price of approximately $234 per share, reducing shares outstanding by 22%. As of June 30, 2026, approximately $529 million remained available under our share repurchase program.

On July 17, 2026, our Board of Directors declared a quarterly cash dividend of $1.25 per share of common stock, payable on August 28, 2026 to stockholders of record as of August 14, 2026.

Third Quarter 2026 Business Outlook
Reliance anticipates third quarter 2026 demand and pricing to remain generally consistent at healthy to improving levels across the key products and end markets it serves, despite ongoing domestic and international trade policy uncertainty and the continued conflict in Iran, which could pose supply availability and macroeconomic risks.

Excluding the impact of the border wall project, the Company expects third quarter tons sold to be down 2% to 4% compared to the second quarter of 2026 due to normal seasonality and average selling price per ton sold to be up 1% to 3%.

Including an estimated 2% sequential and 7.5% year-over-year contribution from the U.S. border wall project, we anticipate tons sold will be up 9% to 11% compared to the third quarter of 2025. Additionally, we anticipate our average selling price per ton sold in the third quarter to be flat to up 2.0% compared to the second quarter of 2026, which includes an estimated mix-related 1% reduction in consolidated average selling price per ton sold attributable to the U.S. border wall project.

Based on these assumptions, and inclusive of LIFO expense of $75.0 million, or $1.10 per diluted share, the Company anticipates non‑GAAP earnings per diluted share in the range of $6.40 to $6.60 for the third quarter of 2026, representing year‑over‑year growth ranging from 76% to 81%. This outlook includes approximately $0.60 of earnings per share from shipments associated with the U.S. border wall project at pretax income margin levels above the Company average.

Conference Call Details
A conference call and simultaneous webcast to discuss Reliance’s second quarter 2026 financial results and business outlook will be held on Thursday, July 23, 2026 at 11:00 a.m. Eastern Time / 8:00 a.m. Pacific Time. To listen to the live call by telephone, please dial (877) 407-0792 (U.S. and Canada) or (201) 689-8263 (International) approximately 10 minutes prior to the start time and use conference ID: 13761219. The call will also be broadcast live over the Internet hosted on the Investors section of the Company's website at investor.reliance.com.

For those unable to participate during the live broadcast, a replay of the call will also be available beginning that same day at 2:00 p.m. Eastern Time until 11:59 p.m. Eastern Time on August 6, 2026, by dialing (844) 512-2921 (U.S. and Canada) or (412) 317-6671 (International) and entering the conference ID: 13761219. The webcast will remain posted on the Investors section of Reliance’s website at reliance.com for 90 days.

About Reliance, Inc.
With over 85 years of operating experience, Reliance, Inc. (NYSE: RS) is a leading global diversified metal solutions provider and the largest metals service center company in North America. Through a network of approximately 310 locations in 41 states and 10 countries outside of the United States, Reliance provides value-added metals processing services and distributes a full line of over 100,000 metal products to more than 125,000 customers in a broad range of industries. Reliance focuses on small orders with quick turnaround and value-added processing services. In 2025, Reliance’s average order size was $3,120, approximately 49% of orders included value-added processing, and approximately 40% of orders were delivered within 24 hours. Reliance’s press releases and additional information are available on the Company’s website at reliance.com.

Forward-Looking Statements
This press release contains certain statements that are, or may be deemed to be, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may include, but are not limited to, discussions of Reliance’s: industry and end markets; business strategies; acquisitions; expectations concerning the Company’s future growth and profitability; ability to generate industry leading returns for its stockholders; future demand and metals pricing; results of operations; margins; profitability; taxes; liquidity; cash flows; capital expenditures; expectations for and impacts from macroeconomic conditions, including inflation and the possibility of an economic recession or slowdown; anticipated effects from regulations and regulatory changes, including taxation, tariffs and other trade barriers; litigation matters and capital resources. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “preliminary,” “range,” “intend” and “continue,” the negative of these terms, and similar expressions.

These forward-looking statements are based on management's estimates, projections and assumptions as of today’s date that may not prove to be accurate. Forward-looking statements involve known and unknown risks and uncertainties and are not guarantees of future performance. Actual outcomes and results may differ materially from what is expressed or forecasted in these forward-looking statements as a result of various important factors, including, but not limited to, actions taken by Reliance, as well as developments beyond its control, including, but not limited to: changes in domestic and worldwide political and economic conditions; changes in U.S. and foreign trade policies and programs, including tariffs and trade policies and programs specifically affecting metals product markets and pricing; slowing economic growth, inflation, rising unemployment or other macroeconomic factors that could materially impact Reliance, its customers and suppliers; metals pricing; demand for Reliance’s products and services; the possibility that the expected benefits of government contracts, including the U.S. border wall project, acquisitions and capital expenditures may not materialize as expected; and the impacts of labor constraints and supply chain disruptions. Deteriorations in economic conditions, including as a result of tariffs or trade barriers, economic policies, inflation, economic recession, slowing growth, outbreaks of infectious disease, or geopolitical conflicts such as in Ukraine and Iran, could lead to a decline in demand for the Company’s products and services and negatively impact its business, and may also impact financial markets and corporate credit markets which could adversely impact the Company’s access to financing or the terms of any financing. The Company cannot at this time predict all of the impacts of domestic and foreign tariffs and trade policies, inflation, product price fluctuations, economic recession, outbreaks of infectious disease, or geopolitical conflicts and related economic effects, but these factors, individually or in any combination, could have a material adverse effect on the Company’s business, financial position, results of operations and cash flows.

The statements contained in this press release speak only as of the date hereof, and Reliance disclaims any and all obligations to publicly update or revise any forward-looking statements, whether as a result of new information, future events or for any other reason, except as may be required by law. Important risks and uncertainties about Reliance’s business can be found in “Item 1A. Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 and in other documents Reliance files or furnishes with the United States Securities and Exchange Commission.

CONTACT:         
(213) 576-2428
[email protected]

or Addo Investor Relations
(310) 829-5400

(Tables to follow)

                     Q2 2026 Major Commodity Metrics                            Tons Sold (tons in thousands; % chg) Avg. Selling Price per Ton
Sold (% chg) Q2 2026
  Q1 2026
  Seq. Chg
  Q2 2025
  YoY Chg
  Seq. Chg
  YoY Chg
 Carbon steel 1,480.2   1,383.9   7.0%   1,326.4   11.6%   10.5%   14.9% Aluminum 86.0   85.1   1.1%   83.8   2.6%   9.8%   31.7% Stainless steel 81.3   78.2   4.0%   75.5   7.7%   6.1%   13.0% Alloy 36.6   33.0   10.9%   31.1   17.7%   (7.0%)  (5.4%)Copper & brass 5.8   4.9   18.4%   5.5   5.5%   3.9%   19.3%                       Sales ($'s in millions; % chg)       Q2 2026
  Q1 2026
  Seq. Chg
  Q2 2025
  YoY Chg
       Carbon steel$2,621.4  $2,218.1   18.2%  $2,044.2   28.2%       Aluminum$837.9  $754.6   11.0%  $619.9   35.2%       Stainless steel$595.2  $539.0   10.4%  $489.2   21.7%       Alloy$186.2  $180.6   3.1%  $167.5   11.2%       Copper & brass$123.7  $101.9   21.4%  $98.9   25.1%                            Year-to-Date (6 Months) Major Commodity Metrics       Tons Sold (tons in thousands; % chg) Avg. Selling
Price per Ton
Sold (% chg)          2026
  2025
  YoY Chg
  YoY Chg
          Carbon steel 2,864.1   2,670.8   7.2%   14.3%          Aluminum 171.1   167.9   1.9%   27.5%          Stainless steel 159.5   151.5   5.3%   8.6%          Alloy 69.6   62.6   11.2%   1.3%          Copper & brass 10.7   10.5   1.9%   22.9%                                Sales ($'s in millions; % chg)             2026
  2025
  YoY Chg
             Carbon steel$4,839.5  $3,948.4   22.6%             Aluminum$1,592.5  $1,225.5   29.9%             Stainless steel$1,134.2  $992.4   14.3%             Alloy$366.8  $325.9   12.5%             Copper & brass$225.6  $180.6   24.9%                                   Sales by Product         Six Months Ended
                 June 30,
        Q2 2026
  Q1 2026
  Q2 2025
  2026
  2025
       Carbon steel structurals 12%   12%   12%   12%   12%       Carbon steel tubing 12%   9%   10%   11%   9%       Carbon steel plate 11%   11%   12%   11%   12%       Hot-rolled steel sheet & coil 9%   9%   8%   9%   8%       Galvanized steel sheet & coil 5%   5%   5%   5%   5%       Carbon steel bar 4%   5%   5%   4%   5%       Cold-rolled steel sheet & coil 2%   2%   2%   2%   2%       Carbon steel 55%   53%   54%   54%   53%                            Heat-treated aluminum plate 5%   6%   5%   6%   5%       Aluminum bar & tube 5%   5%   5%   5%   5%       Common alloy aluminum sheet & coil 5%   5%   4%   5%   5%       Common alloy aluminum plate 1%   1%   1%   1%   1%       Heat-treated aluminum sheet & coil 1%   1%   1%   1%   1%       Aluminum 17%   18%   16%   18%   17%                            Stainless steel bar & tube 6%   6%   6%   6%   6%       Stainless steel sheet & coil 4%   5%   5%   5%   5%       Stainless steel plate 2%   2%   2%   2%   2%       Stainless steel 12%   13%   13%   13%   13%                            Alloy 4%   4%   4%   4%   4%                            Copper & brass 3%   3%   3%   3%   3%                            Miscellaneous* 5%   5%   6%   4%   6%       Toll processing & logistics 4%   4%   4%   4%   4%       Other 9%   9%   10%   8%   10%                            Total 100%   100%   100%   100%   100%                            * Includes titanium, fabricated parts, PVC pipe and scrap.             RELIANCE, INC.UNAUDITED CONSOLIDATED STATEMENTS OF INCOME(in millions, except shares in thousands and per share amounts)                         Three Months Ended
  Six Months Ended
  June 30,
  June 30,
  2026  2025  2026  2025 Net sales$4,630.0  $3,659.8  $8,656.0  $7,144.5             Costs and expenses:           Cost of sales (exclusive of depreciation and amortization shown below) 3,329.5   2,571.9   6,183.6   5,023.3 Warehouse, delivery, selling, general and administrative ("SG&A") 789.4   706.0   1,524.2   1,396.2 Depreciation and amortization 69.5   69.7   138.7   138.4   4,188.4   3,347.6   7,846.5   6,557.9             Operating income 441.6   312.2   809.5   586.6             Other (income) expense:           Interest expense 18.2   14.3   33.6   25.8 Other income, net (6.4)  (6.4)  (3.4)  (5.9)Income before income taxes 429.8   304.3   779.3   566.7 Income tax provision 106.2   70.1   190.1   132.0 Net income 323.6   234.2   589.2   434.7 Less: net income – noncontrolling interests 0.7   0.5   1.4   1.3 Net income – Reliance$322.9  $233.7  $587.8  $433.4             Earnings per share:           Basic$6.33  $4.44  $11.45  $8.20 Diluted$6.29  $4.42  $11.38  $8.15             Weighted average shares outstanding:           Basic 51,050   52,610   51,340   52,841 Diluted 51,375   52,923   51,673   53,160             Cash dividends declared per common share$1.25  $1.20  $2.50  $2.40                    RELIANCE, INC.UNAUDITED CONSOLIDATED BALANCE SHEETS(in millions, except shares in thousands and par value)  June 30,
  December 31,
  2026
  2025*
 AssetsCurrent assets:     Cash and cash equivalents$235.4  $216.6 Accounts receivable, less allowance for credit losses of $22.3 and $22.1 2,210.4   1,539.9 Inventories 2,325.4   2,187.8 Prepaid expenses and other current assets 152.2   165.6 Income taxes receivable —   31.2 Total current assets 4,923.4   4,141.1 Property, plant and equipment, net 2,652.1   2,633.3 Operating lease right-of-use assets 326.8   315.2 Goodwill 2,173.8   2,169.9 Intangible assets, net 945.0   960.1 Cash surrender value of life insurance policies, net 37.4   48.0 Other long-term assets 106.7   105.7 Total assets$11,165.2  $10,373.3       Liabilities and EquityCurrent liabilities:     Accounts payable$627.3  $375.2 Accrued expenses 160.8   150.0 Accrued compensation and retirement benefits 212.0   198.1 Accrued insurance costs 61.3   56.4 Current maturities of long-term debt —   0.7 Current maturities of operating lease liabilities 67.3   67.7 Income taxes payable 17.2   — Total current liabilities 1,145.9   848.1 Long-term debt 1,663.9   1,420.2 Operating lease liabilities 264.0   250.9 Long-term retirement benefits 26.4   24.9 Other long-term liabilities 79.4   74.1 Deferred income taxes 574.4   575.6 Total liabilities 3,754.0   3,193.8 Commitments and contingencies     Equity:     Preferred stock, $0.001 par value: 5,000 shares authorized; none issued or outstanding —   — Common stock and additional paid-in capital, $0.001 par value and 200,000 shares authorized     Issued and outstanding shares—51,053 and 51,735 23.4   0.1 Retained earnings 7,477.5   7,257.6 Accumulated other comprehensive loss (99.4)  (87.6)Total Reliance stockholders’ equity 7,401.5   7,170.1 Noncontrolling interests 9.7   9.4 Total equity 7,411.2   7,179.5 Total liabilities and equity$11,165.2  $10,373.3       * Derived from audited financial statements.            RELIANCE, INC.UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS(in millions) Six Months Ended
      June 30,  2026  2025 Operating activities:     Net income$589.2  $434.7 Adjustments to reconcile net income to net cash provided by operating activities:     Depreciation and amortization 138.7   138.4 Stock-based compensation 36.7   28.1 Other (0.8)  (5.2)Changes in operating assets and liabilities:     Accounts receivable (673.3)  (326.8)Inventories (139.1)  (219.8)Prepaid expenses and other assets 86.0   117.6 Accounts payable and other liabilities 276.2   126.5 Net cash provided by operating activities 313.6   293.5       Investing activities:     Acquisitions —   (2.8)Purchases of property, plant and equipment (157.6)  (174.5)Proceeds from sales of property, plant and equipment 15.4   12.9 Other (4.6)  5.6 Net cash used in investing activities (146.8)  (158.8)      Financing activities:     Proceeds from long-term debt borrowings 1,577.0   1,063.0 Principal payments on long-term debt (1,334.7)  (781.0)Cash dividends and dividend equivalents (130.4)  (128.3)Share repurchases (234.2)  (333.1)Taxes paid on net-settled restricted stock units (14.8)  (11.6)Excise tax on repurchase of common shares (5.4)  (10.0)Other (3.7)  (21.0)Net cash used in financing activities (146.2)  (222.0)Effect of exchange rate changes on cash and cash equivalents (1.8)  8.7 Increase (decrease) in cash and cash equivalents 18.8   (78.6)Cash and cash equivalents, beginning balance 216.6   318.1 Cash and cash equivalents, ending balance$235.4  $239.5       Supplemental cash flow information:     Interest paid$32.7  $24.0 Income taxes paid, net$142.7  $71.0                    RELIANCE, INC.NON-GAAP RECONCILIATION(in millions, except per share amounts)                                     Net Income Diluted EPS June 30,
  March 31,
  June 30,
  June 30,
  March 31,
  June 30,
 Three Months Ended2026  2026  2025  2026  2026  2025 Net income – Reliance$322.9  $264.9  $233.7  $6.29  $5.10  $4.42 Restructuring charges 1.1   3.8   10.2   0.02   0.07   0.18 Settlement charges, net 1.5   0.5   —   0.03   0.01   — Gains on non-core asset sales (3.7)  —   (9.1)  (0.07)  —   (0.17)Income tax expense (benefit) on adjustments 0.3   (1.1)  (0.2)  —   (0.02)  — Non-GAAP net income – Reliance 322.1   268.1   234.6   6.27   5.16   4.43 LIFO expense, net of tax 84.4   28.1   18.8   1.64   0.54   0.35 Non-GAAP net income – FIFO$406.5  $296.2  $253.4  $7.91  $5.70  $4.78                       Net Income Diluted EPS       June 30,
  June 30,
  June 30,
  June 30,
    Six Months Ended   2026    2025    2026    2025    Net income – Reliance   $587.8  $433.4  $11.38  $8.15    Restructuring charges    4.9   12.5   0.09   0.24    Settlement charges, net    2.0   —   0.04   —    Gains on non-core asset sales    (3.7)  (9.1)  (0.07)  (0.17)   Income tax benefit on adjustments    (0.8)  (0.8)  (0.02)  (0.02)   Non-GAAP net income – Reliance    590.2   436.0   11.42   8.20    LIFO expense, net of tax    112.5   37.5   2.17   0.71    Non-GAAP net income – FIFO   $702.7  $473.5  $13.59  $8.91                       Three Months Ended Six Months Ended    June 30,
  March 31,
  June 30,
  June 30,
  June 30,
     2026  2026  2025  2026  2025    Pretax income$429.8  $349.5  $304.3  $779.3  $566.7    Restructuring charges 1.1   3.8   10.2   4.9   12.5    Settlement charges, net 1.5   0.5   —   2.0   —    Gains on non-core asset sales (3.7)  —   (9.1)  (3.7)  (9.1)   Non-GAAP pretax (income) expense adjustments (1.1)  4.3   1.1   3.2   3.4    Non-GAAP pretax income 428.7   353.8   305.4   782.5   570.1    LIFO expense 112.5   37.5   25.0   150.0   50.0    Non-GAAP pretax income – FIFO$541.2  $391.3  $330.4  $932.5  $620.1                       Three Months Ended Six Months Ended    June 30,
  March 31,
  June 30,
  June 30,
  June 30,
     2026  2026  2025    2026  2025    Gross profit – LIFO$1,300.5  $1,171.9  $1,087.9  $2,472.4  $2,121.2    Restructuring charges 0.4   1.0   6.3   1.4   8.1    Non-GAAP gross profit 1,300.9   1,172.9   1,094.2   2,473.8   2,129.3    LIFO expense 112.5   37.5   25.0   150.0   50.0    Non-GAAP gross profit – FIFO$1,413.4  $1,210.4  $1,119.2  $2,623.8  $2,179.3                      Gross profit margin – LIFO 28.1%     29.1%     29.7%     28.6%   29.7%    Restructuring charges (% of sales) —   —   0.2%   —   0.1%    Non-GAAP gross profit margin 28.1%   29.1%   29.9%   28.6%   29.8%    LIFO expense (% of sales) 2.4%   0.9%   0.7%   1.7%   0.7%    Non-GAAP gross profit margin – FIFO 30.5%   30.1%   30.6%   30.3%   30.5%                      Certain percentages may not calculate due to rounding.
                   June 30,
  March 31,
  June 30,
         2026  2026  2025        Total debt$1,670.0  $1,700.0  $1,433.1          Less: unamortized discounts and costs (6.1)  (6.5)  (7.4)         Carrying amount of debt 1,663.9   1,693.5   1,425.7          Less: cash and cash equivalents (235.4)  (249.7)  (239.5)         Net debt 1,428.5   1,443.8   1,186.2          Total Reliance stockholders' equity 7,401.5   7,122.9   7,234.1          Total capital$8,830.0  $8,566.7  $8,420.3                            Net debt / total capital 16.2%   16.9%   14.1%                             June 30,
  March 31,
  June 30,
          Twelve Months Ended2026  2026  2025          Net income$896.1  $806.7  $740.6          Depreciation and amortization 278.5   278.7   276.9          Impairment 9.9   9.9   11.7          Interest expense 63.5   59.6   46.7          Income taxes 285.7   249.6   220.1          EBITDA$1,533.7  $1,404.5  $1,296.0                            Net debt / EBITDA 0.9x   1.0x   0.9x          Total debt / EBITDA 1.1x   1.2x   1.1x                             Three Months Ended Six Months Ended    June 30,
  March 31,
  June 30,
  June 30,
  June 30,
     2026  2026  2025  2026  2025    Cash provided by operations$162.2  $151.4  $229.0  $313.6  $293.5    Less: capital expenditures (93.4)  (64.2)  (87.6)  (157.6)  (174.5)   Free cash flow$68.8  $87.2  $141.4  $156.0  $119.0                    Reliance presents certain non‑GAAP measures, including non‑GAAP gross profit, pretax income, net income and earnings per share, to provide meaningful period‑to‑period comparisons of its operating performance. These non‑GAAP measures reflect adjustments for certain items, including impairment and restructuring charges related to the closure or reorganization of certain locations, non-recurring settlement charges and credits, and gains on the sale of non‑core property, plant and equipment, which can reduce the comparability of GAAP results across periods.
 Reliance uses first‑in, first‑out (“FIFO”) gross profit, margin, and other FIFO‑based non-GAAP performance measures to assess its ongoing operating performance and provide a basis for comparison with competitors that do not use the last‑in, first‑out (“LIFO”) inventory accounting method. See footnote 1 for additional information regarding the Company’s gross profit and gross profit margin. In addition, Reliance presents net debt‑to‑EBITDA and total debt‑to‑EBITDA as measures of leverage used by management to monitor debt levels relative to operating performance, for which EBITDA is used as a proxy. Free cash flow is presented as a measure of cash generated by operations that may be used to repay scheduled debt maturities, fund additional growth initiatives, or be returned to stockholders. Footnotes                             1 Gross profit (calculated as net sales less cost of sales) and gross profit margin (calculated as gross profit divided by net sales) are non-GAAP financial measures as they exclude depreciation and amortization expense associated with the corresponding sales. About half of Reliance's orders are basic distribution with no processing services performed. For the remainder of its sales orders, Reliance performs “first-stage” processing, which is generally not labor intensive as it is simply cutting the metal to size. Because of this, the amount of related labor and overhead, including depreciation and amortization, is not significant and is excluded from cost of sales. Therefore, Reliance’s cost of sales is substantially comprised of the cost of the material it sells. Reliance uses gross profit and gross profit margin, as shown, as measures of operating performance. Gross profit and gross profit margin are important operating and financial measures, as their fluctuations can have a significant impact on Reliance's earnings. Gross profit and gross profit margin, as presented, are not necessarily comparable with similarly titled measures for other companies.2 See accompanying Non-GAAP Reconciliation.

The market expects Reliance (RS - Free Report) to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended June 2026. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.

The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on July 22. On the other hand, if they miss, the stock may move lower.

While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.

Zacks Consensus EstimateThis metals service-center company is expected to post quarterly earnings of $5.33 per share in its upcoming report, which represents a year-over-year change of +20.3%.

Revenues are expected to be $4.16 billion, up 13.7% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Reliance?For Reliance, the Most Accurate Estimate is higher than the Zacks Consensus Estimate, suggesting that analysts have recently become bullish on the company's earnings prospects. This has resulted in an Earnings ESP of +3.10%.

On the other hand, the stock currently carries a Zacks Rank of #3.

So, this combination indicates that Reliance will most likely beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Reliance would post earnings of $4.63 per share when it actually produced earnings of $5.16, delivering a surprise of +11.45%.

Over the last four quarters, the company has beaten consensus EPS estimates just once.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Reliance appears a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

Reliance, Inc.’s (RS - Free Report) shares have rallied 23.2% in the past six months. The company has also outperformed the Zacks Mining - Miscellaneous industry’s 2.8% growth over the same time frame.

The rally was driven by strong first-quarter results, including record quarterly tons sold, with shipments outperforming industry trends and significant acquisitions. 

Image Source: Zacks Investment Research

Let’s take a look at the factors that are driving RS stock.

RS Gains From Record Shipments and AcquisitionsReliance reported first-quarter 2026 tons sold of roughly 1.673 million, up 9.4% sequentially and 2.7% year over year, marking its 13th consecutive quarter of outperforming industry shipment trends.

The company continues to benefit from strong demand in non-residential construction, driven by public infrastructure, heavy civil construction, data centers, energy infrastructure and manufacturing projects.

Through its AMI Metals subsidiary, Reliance secured major Department of Homeland Security border wall contracts that are expected to support revenue growth. Demand also remained healthy across automotive toll processing, semiconductors, defense, shipbuilding, industrial machinery and nuclear-related markets, particularly those tied to small modular reactor programs.

Reliance continues to strengthen its growth profile through acquisitions that expand its geographic footprint, product offerings and value-added processing capabilities. Earlier acquisitions, such as Metals USA, Tubular Steel, Best Manufacturing, Ferguson, All Metals, Fry Steel Company and Merfish United, enhanced its service center network and higher-margin product mix.

Recent acquisitions, including Rotax, Admiral Metals, Nu-Tech Precision Metals, Southern Steel Supply, Cooksey Iron & Metal Co. and American Alloy, further increase its presence in attractive U.S. growth markets.

The company ended the quarter with $249.7 million in cash and cash equivalents, up from $216.6 million sequentially, supported by record shipment volumes and strong profitability.

RS’s Zacks Rank & Key PicksRS carries a Zacks Rank #3 (Hold). 

Some better-ranked stocks in the Basic Materials space are CSW Industrials, Inc. (CSW - Free Report) , Idaho Strategic Resources, Inc. (IDR - Free Report)  and Albemarle Corporation (ALB - Free Report) . CSW, IDR and ALB carry a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here. 

The Zacks Consensus Estimate for CSW’s current-year earnings stands at $12.52 per share, implying a 20.6% year-over-year increase. Its earnings beat the Zacks Consensus Estimate in three of the trailing four quarters and missed once, with the average surprise being 3.8%. Shares of the company have plunged around 15.1% in the past six months.

The Zacks Consensus Estimate for IDR’s current-year earnings is pegged at $1.52 per share, implying a 33.3% year-over-year increase. Its earnings beat the Zacks Consensus Estimate in three of the trailing four quarters and missed once, with the average surprise being 68.7%. Shares of IDR have plunged around 33.8% in the past six months.

The Zacks Consensus Estimate for ALB’s current-year earnings is pegged at $13.15 per share, indicating a 1,764.6% year-over-year increase. Its earnings beat the Zacks Consensus Estimate in three of the trailing four quarters and missed once, with the average surprise being 74.5%. Shares of IDR are down around 23.6% in the past six months.

Key Takeaways Reliance shares rose 33.5% year to date, outperforming the industry's 14.7% rise. Reliance sold 1.673M tons in Q1'26, marking a 13th straight quarter of industry outperformance. AMI Metals won border wall contracts, while demand stayed strong across key industrial markets. Reliance, Inc.’s (RS - Free Report) shares have rallied 33.5% year to date. The company has also outperformed the Zacks Mining - Miscellaneous industry’s 14.7% growth over the same time frame. The rally was driven by strong first-quarter results, including record quarterly tons sold, with shipments outperforming industry trends. 

Image Source: Zacks Investment Research

Let’s take a look at the factors that are driving RS stock. 

Growth Strategy & Demand Strengthen Market Position for RSReliance reported first-quarter 2026 tons sold of roughly 1.673 million, up 9.4% sequentially and 2.7% year over year, marking its 13th consecutive quarter of outperforming industry shipment trends. 

The company continues to benefit from strong demand in non-residential construction, driven by public infrastructure, heavy civil construction, data centers, energy infrastructure and manufacturing projects.  

Through its AMI Metals subsidiary, Reliance secured major Department of Homeland Security border wall contracts expected to support future revenue growth. Demand also remained healthy across automotive toll processing, semiconductors, defense, shipbuilding, industrial machinery and nuclear-related markets, particularly those tied to small modular reactor programs. 

Reliance continues to strengthen its growth profile through acquisitions that expand its geographic footprint, product offerings and value-added processing capabilities. Earlier acquisitions, such as Metals USA, Tubular Steel, Best Manufacturing, Ferguson, All Metals, Fry Steel Company and Merfish United, enhanced its service center network and higher-margin product mix. 

Recent acquisitions, including Rotax, Admiral Metals, Nu-Tech Precision Metals, Southern Steel Supply, Cooksey Iron & Metal Co. and American Alloy, further increase its presence in attractive U.S. growth markets. 

The company ended the quarter with $249.7 million in cash and cash equivalents, up from $216.6 million sequentially, supported by record shipment volumes and strong profitability. 

Reliance's growth momentum appears well supported by a combination of strong end-market demand, disciplined capital allocation and strategic acquisitions. Record shipment volumes, a diversified exposure to resilient sectors such as infrastructure, aerospace, defense and data centers, along with a healthy balance sheet, position the company to sustain growth. As infrastructure spending and manufacturing investments remain, the stock is likely to maintain its positive momentum over the coming quarters. 

RS’s Zacks Rank & Other Key PicksRS currently carries a Zacks Rank #2 (Buy). 

Other top-ranked stocks in the Basic Materials space include Nucor Corporation (NUE - Free Report) , L.B. Foster Company (FSTR - Free Report)  and Albemarle Corporation (ALB - Free Report) . NUE, FSTR and ALB carry a Zacks Rank of #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here. 

The Zacks Consensus Estimate for NUE’s current-year earnings stands at $17 per share, implying a 120.5% year-over-year increase. Its earnings beat the Zacks Consensus Estimate in two of the trailing four quarters and missed twice, with the average surprise being 8.1%. Shares of the company have surged around 47% year to date.

The Zacks Consensus Estimate for FSTR’s current-year earnings is pegged at $1.74 per share, implying a 152.2% year-over-year increase. Its earnings beat the Zacks Consensus Estimate in one of the trailing four quarters and missed thrice, with the average surprise being 3.62%. Shares of FSTR have surged around 66.1% year to date. 

The Zacks Consensus Estimate for ALB’s current-year earnings is pegged at $12.98 per share, indicating a 1,743% year-over-year increase. Its earnings beat the Zacks Consensus Estimate in three of the trailing four quarters and missed once, with the average surprise being 74.5%. Shares of ALB have plunged around 5.5% year to date. 

June 23, 2026 09:55 ET  | Source: Real Estate Split Corp.

TORONTO, June 23, 2026 (GLOBE NEWSWIRE) -- Real Estate Split Corp. (TSX: RS and RS.PR.A) is pleased to announce that a distribution for June 2026 will be payable to Class A shareholders as follows:

Record DatePayable DateDistribution Per Equity ShareJune 30, 2026July 15, 2026$0.13
The Fund also announces the second quarter distribution of 2026 will be payable to preferred shareholders as follows:

Record DatePayable DateDistribution Per Preferred ShareJune 30, 2026July 15, 2026$0.145
The equity and preferred shares both trade on the Toronto Stock Exchange under the respective symbols RS and RS.PR.A.

For further information, please visit our website at www.middlefield.com or contact our Sales and Marketing Department at 1.888.890.1868.

This press release contains forward-looking information. The forward-looking information contained in this press release is based on historical information concerning distributions and dividends paid on the securities of issuers historically included in the portfolio of the Fund. Actual future results, including the amount of distributions paid by the Fund, may differ from the monthly distribution amount. Specifically, the income from which distributions are paid may vary significantly due to: changes in portfolio composition; changes in distributions and dividends paid by issuers of securities included in the Fund’s portfolio from time to time; there being no assurance that those issuers will pay distributions or dividends on their securities; the declaration of distributions and dividends by issuers of securities included in the portfolio will generally depend upon various factors, including the financial condition of each issuer and general economic and stock market conditions; the level of borrowing by the Fund; and the uncertainty of realizing capital gains. The risks, uncertainties and other factors that could influence actual results are described under “Risk Factors” in the Fund’s prospectus and other documents filed by the Fund with the Canadian securities regulatory authorities. The forward-looking information contained in this press release constitutes the Fund’s current estimate, as of the date of this press release, with respect to the matters covered hereby. Investors and others should not assume that any forward-looking statement contained in this press release represents the Fund's estimate as of any date other than the date of this press release.

Key Takeaways RS has completed 76 acquisitions since 1994, expanding products and value-added processing.RS repurchased $594.1M worth of shares in 2025, raised its dividend 4.2% and ended 2025 with $216.6M in cash.RS faces headwinds from soft semiconductor and aerospace demand and higher aluminum costs. Reliance, Inc. (RS - Free Report) benefits from growth led by strategic acquisitions, a diversified business and product portfolio, and strong liquidity amid headwinds from weakness in select markets and cost pressures caused by tariffs.

RS’ shares have gained 3.5% in the past year compared with the Zacks Mining – Miscellaneous industry’s 38.6% rise.

Image Source: Zacks Investment Research

Let’s find out why RS stock is worth retaining at the moment.

RS Stock Gains on Acquisitions & Strong LiquidityReliance benefits from a resilient business model serving diverse end markets, strong execution and a sustained push for growth through acquisitions. The company has long pursued an aggressive acquisition strategy as a core driver of operating performance, completing 76 deals since its 1994 IPO, expanding both its product mix and value-added processing capabilities.

The acquisitions of Rotax Metals, Admiral Metals and Nu-Tech Precision Metals align with its strategy of investing in high-quality businesses. The buyout of Southern Steel Supply also expanded the company’s reach in the Southern United States and boosted its value-added processing services.

The buyout of Cooksey Iron & Metal Co boosts Reliance's presence in the fast-growing Southeastern market. The acquisition of American Alloy has expanded Reliance's product portfolio with specialty carbon steel plates as well as new production capabilities. The integration of FerrouSouth’s tolling operations also enhanced its toll processing capabilities and expanded capacity for Feralloy’s existing operations in the Southeastern United States.

Meanwhile, demand for non-residential construction, including infrastructure, Reliance’s largest end market by volume, strengthened in the fourth quarter of 2025 compared with the prior-year quarter. The company expects demand in this sector to remain healthy through the first quarter of 2026, supported by ongoing investment in data centers, manufacturing facilities and public infrastructure projects.

The company’s strong liquidity position also allows it to drive shareholder value. Reliance repurchased approximately 716,000 shares of its common stock during the fourth quarter for $200.1 million. RS also bought back shares worth $594.1 million during 2025.

The company’s board, in February 2026, raised its quarterly dividend by 4.2% to $1.25 per share. RS ended 2025 with cash and cash equivalents of $216.6 million. It generated $831.4 million in cash flow from operations during 2025, aided by prudent working capital management and profitability. RS deployed $1.18 billion of capital toward stockholder returns and organic growth activities last year.

Demand and Cost Headwinds Ail RelianceWhile Reliance is experiencing growth across several key markets, the semiconductor segment remains a weak link. Demand stayed soft in the fourth quarter compared with the prior year, as elevated inventories across the supply chain continued to dampen activity. The company expects these headwinds to carry into the first quarter.

Demand in the commercial aerospace market also remains soft, weighed down by elevated inventory levels across the supply chain. While Reliance expects a gradual recovery in 2026 driven by higher build rates, weakness in this segment is likely to persist through the first quarter.

Reliance also faces challenges from aluminum cost inflation due to tariffs amid an elevated supply and soft demand environment. Higher-than-expected aluminum costs led to last-in, first-out (“LIFO”) expense of $114 million for 2025 compared with the company’s estimate of $100 million, weighing on margins. RS sees LIFO expense of $100 million in 2026, mainly from higher carbon and aluminum product costs.

RS’ Zacks Rank & Key PicksRS currently carries a Zacks Rank #3 (Hold).

Better-ranked stocks in the Basic Materials space include DuPont de Nemours, Inc. (DD - Free Report) , Compass Minerals International, Inc. (CMP - Free Report) and Balchem Corporation (BCPC - Free Report) .

While DD and CMP sport a Zacks Rank #1 (Strong Buy) each at present, BCPC carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for DD’s 2026 earnings is pegged at $2.28 per share, indicating an increase of 35.7% year over year. Its earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, with an average surprise of 6.5%.

The Zacks Consensus Estimate for CMP’s current fiscal year earnings is pinned at 89 cents per share, indicating a 285.4% year-over-year increase. The Zacks Consensus Estimate for CMP’s current fiscal year earnings has been revised 27.1% upward over the past 60 days.

The Zacks Consensus Estimate for BCPC’s 2026 earnings is pinned at $5.47 per share, indicating a 6.2% year-over-year increase. The Zacks Consensus Estimate for BCPC’s 2026 earnings has been revised 1.1% upward over the past 60 days.

April 08, 2026 06:50 ET  | Source: Reliance, Inc.

PHOENIX, April 08, 2026 (GLOBE NEWSWIRE) -- Reliance, Inc. (NYSE:RS) announced today that it will report first quarter 2026 financial results for the period ended March 31, 2026, on Wednesday, April 22, 2026, after the market closes. Reliance management will host a conference call on Thursday, April 23, 2026, at 11:00 a.m. Eastern Time. The call will be broadcast live over the Internet hosted on the Investors section of the Company's website at reliance.com.

Reliance, Inc. First Quarter 2026 Conference Call Details

DATE:   Thursday, April 23, 2026     TIME:   8:00 a.m. Pacific Time
10:00 a.m. Central Time
11:00 a.m. Eastern Time     DIAL-IN:   (877) 407-0792 (U.S. and Canada)
(201) 689-8263 (International)     CONFERENCE ID:   13759369     WEBCAST:   https://viavid.webcasts.com/starthere.jsp?ei=1756570&tp_key=f18bbb31dc       For those unable to participate during the live broadcast, a replay of the call will also be available beginning that same day at 2:00 p.m. Eastern Time until 11:59 p.m. Eastern Time on May 7, 2026, by dialing (844) 512-2921 (U.S. and Canada) or (412) 317-6671 (International) and entering the conference ID: 13759369. The webcast will remain posted on the Investors section of Reliance’s website at reliance.com for 90 days.

About Reliance, Inc.
Founded in 1939, Reliance, Inc. (NYSE: RS) is a leading global diversified metal solutions provider and the largest metals service center company in North America. Through a network of approximately 310 locations in 41 states and 10 countries outside of the United States, Reliance provides value-added metals processing services and distributes a full-line of over 100,000 metal products to more than 125,000 customers in a broad range of industries. Reliance focuses on small orders with quick turnaround and value-added processing services. In 2025, Reliance’s average order size was $3,120, approximately 49% of orders included value-added processing, and approximately 40% of orders were delivered within 24 hours. Reliance’s press releases and additional information are available on the Company’s website at reliance.com.

CONTACT:
(213) 576-2428
[email protected]

or Addo Investor Relations
(310) 829-5400

Net sales of $4 billion, with record tons sold up 9.4% sequentially, exceeding expectations EPS of $5.10; non-GAAP EPS of $5.16, up 37% year-over-year also exceeding expectationsPretax income of $349.5 million, up 33% year-over-yearRepurchased $234.2 million of common stock PHOENIX, April 22, 2026 (GLOBE NEWSWIRE) -- Reliance, Inc. (NYSE: RS) (‘Reliance,’ the ‘Company,’ ‘we,' ‘our,' or ‘us’) today reported its financial results for the first quarter ended March 31, 2026.

(in millions, except tons sold in thousands, per ton and per share amounts)
                         Sequential Quarter     Year-Over-Year  Q1 2026
  Q4 2025
  % Change  Q1 2025
  % Change Income Statement Data:            Net sales$4,026.0  $3,498.6  15.1%  $3,484.7  15.5% Gross profit1$1,171.9  $954.7  22.8%  $1,033.3  13.4% Gross profit margin1 29.1%   27.3%  1.8%   29.7%  (0.6%)Non-GAAP gross profit margin1,2 29.1%   27.4%  1.7%   29.7%  (0.6%)Non-GAAP gross profit margin – FIFO1,2 30.1%   28.5%  1.6%   30.4%  (0.3%)LIFO expense$37.5  $38.7    $25.0   LIFO expense as a % of net sales 0.9%   1.1%  (0.2%)  0.7%  0.2% LIFO expense per diluted share, net of tax$0.54  $0.56    $0.35   Non-GAAP pretax expense adjustments2$4.3  $12.1    $2.3   Pretax income$349.5  $154.8  125.8%  $262.4  33.2% Non-GAAP pretax income2$353.8  $166.9  112.0%  $264.7  33.7% Non-GAAP pretax income – FIFO2$391.3  $205.6  90.3%  $289.7  35.1% Pretax income margin 8.7%   4.4%  4.3%   7.5%  1.2% Non-GAAP pretax income margin2 8.8%   4.8%  4.0%   7.6%  1.2% Non-GAAP pretax income margin – FIFO2 9.7%   5.9%  3.8%   8.3%  1.4% Net income – Reliance$264.9  $116.5  127.4%  $199.7  32.6% Diluted EPS$5.10  $2.22  129.7%  $3.74  36.4% Non-GAAP diluted EPS2$5.16  $2.40  115.0%  $3.77  36.9% Non-GAAP diluted EPS – FIFO2$5.70  $2.96  92.6%  $4.12  38.3%              Balance Sheet and Cash Flow Data:            Cash provided by operations$151.4  $276.1  (45.2%) $64.5  134.7% Free cash flow2$87.2  $202.9  (57.0%) $(22.4)  Net debt-to-total capital2 16.9%   14.4%     14.4%   Net debt-to-EBITDA2 1.0x   0.9x     0.9x   Total debt-to-EBITDA2 1.2x   1.1x     1.1x                Capital Allocation Data:            Capital expenditures$64.2  $73.2    $86.9   Dividends$66.6  $63.5    $65.2   Share repurchases$234.2  $200.1    $253.2                Key Business Metrics:            Tons sold 1,672.7   1,528.7  9.4%   1,628.9  2.7% Average selling price per ton sold$2,414  $2,292  5.3%  $2,143  12.6%              Please refer to the footnotes at the end of this press release for additional information.     
Management Commentary
“Reliance is off to a strong start to 2026, capitalizing on favorable market fundamentals with first quarter volumes, pricing and earnings exceeding our expectations. Strong pricing and demand momentum continued to build throughout the quarter across our diversified product and end market portfolio,” said Karla Lewis, President and Chief Executive Officer of Reliance. “Our teams executed exceptionally well, converting increased shipments and higher prices into outsized earnings contributions, driving year-over-year growth of 37% in non-GAAP earnings per share of $5.16 on a 15% increase in sales. These results demonstrate the strength of our opportunistic and flexible operating model and continued execution of our smart, profitable growth strategy.”

“As previously announced, we also secured two significant government contracts in the first quarter to supply the border wall and Joint Strike Fighter projects through our AMI Metals, Inc. (“AMI”) subsidiary, further reinforcing Reliance’s role as a trusted partner on critical U.S. infrastructure and defense programs. These wins illustrate our ability to support large and complex projects by leveraging the scale, logistics capabilities, processing expertise, deep supply‑chain relationships and existing operating infrastructure of the Reliance Family of Companies. Our diversified platform allows us to concurrently meet the needs of large program partners as well as small-order, quick-turn customers.”

Mrs. Lewis concluded, “Our strong balance sheet and liquidity position remain key competitive advantages, affording us the flexibility to continue to concurrently invest in our business, pursue strategic acquisitions, and return capital to our stockholders while maintaining our disciplined approach to capital deployment. We are encouraged by rising customer optimism and activity across our broad end market exposure, with continued strong and growing momentum in the infrastructure, data center, energy, and defense sectors. Extending lead times at our mill suppliers also bode well for a continued strong pricing environment, where access to metal becomes a strategic advantage. Reliance’s unique scale, diverse portfolio, financial strength, domestic mill relationships and expanding services to support our customers, along with our focus on execution, position us exceptionally well to further capitalize on the opportunities ahead in 2026.”

First Quarter 2026 Financial Highlights
Earnings per share were $5.10; non‑GAAP earnings per diluted share were $5.16, above management’s guidance of $4.50 to $4.70 and up 37% year-over-year. Results included approximately $0.54 per share of LIFO expense compared to management’s expectation of $0.36 per share, representing an incremental $0.18 impact, primarily due to higher-than-anticipated carbon steel and aluminum product cost increases.

Record quarterly tons sold increased 2.7% year-over-year and 9.4% sequentially, exceeding management’s expectation for a 5% to 7% increase. Reliance’s first quarter year-over-year growth in tons sold outperformed the industry-wide decrease of 5.1% reported by the Metals Service Center Institute (“MSCI”) by nearly 8 percentage points. Reliance has now outperformed the MSCI’s quarterly year-over-year shipment results for 13 consecutive quarters.

Average selling price per ton sold increased 5.3% sequentially, also surpassing management’s expectation of a 3% to 5% increase, supported by higher carbon steel, aluminum and stainless steel pricing.

Gross profit margin of 29.1% increased 180 basis points sequentially and decreased 60 basis points from 29.7% in the prior-year quarter. Non‑GAAP FIFO gross profit margin, which excludes LIFO adjustments and represents management’s ongoing assessment of operating performance, increased sequentially to 30.1% from 28.5% in the fourth quarter of 2025 and was slightly lower than 30.4% in the prior-year quarter, which benefited from rapid and significant price increases consequent to new Section 232 tariffs. While gross profit margins for certain products such as aluminum have been impacted by elevated tariffs, Reliance is realizing higher gross profit per ton across the majority of its product categories.

Growth in shipments and gross profit dollars per ton, supported by continued market share gains, provided operating leverage and improved earnings conversion, driving pretax income of $349.5 million, an increase of 33% year-over-year.

End Market Commentary
Non-residential construction demand (including infrastructure), representing Reliance’s largest end market by tons, improved from the first quarter of 2025. The Company expects non-residential construction demand to remain healthy in the second quarter of 2026, supported by strong activity across data centers, energy infrastructure, and public infrastructure.

Demand across the broader manufacturing end market Reliance serves improved compared to the first quarter of 2025, primarily due to growth in the industrial machinery, shipbuilding, military, consumer products and construction machinery sectors. Reliance anticipates that demand for its products across the broader manufacturing sector will remain healthy in the second quarter of 2026.

Demand in aerospace improved compared to the first quarter of 2025. Reliance anticipates commercial aerospace demand to remain steady in the second quarter of 2026 with build-rate increases supporting improvement throughout the year. Demand in the defense and space related portions of Reliance’s aerospace business is expected to remain robust in the second quarter of 2026.

Demand for the toll processing services Reliance provides to the automotive market was stable compared to the first quarter of 2025. The Company expects demand for automotive toll processing to remain relatively steady at healthy levels in the second quarter of 2026. Reliance’s toll processing operations remain flexible and able to quickly adapt to the variable demands of the automotive market.

Demand for certain products Reliance sells into the semiconductor market improved compared to the first quarter of 2025. The Company anticipates stable to improving demand for its semiconductor products in the second quarter of 2026.

Balance Sheet, Cash Flow and Stockholder Returns
As of March 31, 2026, Reliance had $249.7 million of cash and cash equivalents and total debt of $1.7 billion, including $550 million outstanding under its $1.5 billion revolving credit facility. The Company generated $151.4 million of cash flow from operations in the first quarter of 2026, reflecting a typical seasonal working capital increase related to strong shipment volume and higher metals pricing.

The Company returned approximately $301 million to stockholders in the first quarter of 2026 through dividend payments of $67 million and $234 million of share repurchases, at an average price of approximately $299 per share. Reliance’s share repurchase activity reduced outstanding common shares by 3% year-over-year. Since 2021, Reliance has repurchased $3.4 billion of its common stock at an average price of approximately $234 per share, reducing outstanding common shares by 22%.

On February 17, 2026, Reliance increased its regular quarterly dividend by 4.2% to $1.25 per share of common stock (annualized rate of $5.00 per share), marking the 33rd dividend increase since the Company’s 1994 IPO. On April 17, 2026, the Board of Directors declared a quarterly cash dividend of $1.25 per share of common stock, payable on June 5, 2026 to stockholders of record as of May 22, 2026.

Recent Government Contract Awards
As previously announced in March 2026, Reliance’s wholly owned subsidiary, AMI was awarded two significant U.S. government infrastructure and defense contracts that further strengthen the Company’s position as a trusted partner on large‑scale, complex government infrastructure and defense projects.

AMI was awarded a multi-year contract by the U.S. Department of Homeland Security (“DHS”) with a total maximum estimated value of up to $2.24 billion to provide steel and steel logistics support services for the construction of the border wall along the Southwest U.S. border. Phase 1 of the project, during which Reliance estimates sales of approximately $1.4 billion, commenced in April 2026 and is expected to continue through mid-2027.AMI also won a five‑year indefinite delivery/indefinite quantity (IDIQ) contract to supply processed aluminum plate in support of the Joint Strike Fighter defense platforms, including the F‑35 Lightning II. The contract, which is effective from January 2027 through December 2028, renews AMI’s existing contract and provides for up to three one-year renewal periods. The agreement has a maximum estimated value of $654 million and includes an approximate 10% increase in average volumes from previous targets. These awards highlight Reliance’s scale, logistics capabilities, and processing expertise across both carbon steel and aluminum, and reinforce the Company’s long‑standing relationships with domestic mills and major defense customers.

Business Outlook
Reliance anticipates both demand and pricing in the second quarter of 2026 will remain generally consistent at healthy levels across the key products and end markets it serves, despite ongoing domestic and international trade policy uncertainty and the conflict in the Middle East which could pose supply availability and macroeconomic risks. With underlying assumptions for ongoing activity in the second quarter generally consistent with the prior quarter and factoring in activity under the DHS border wall contract, the Company expects tons sold to increase 1.0% to 3.0% compared to the first quarter of 2026 and to increase 4.5% to 6.5% compared to the second quarter of 2025. Additionally, Reliance expects its average selling price per ton sold to be up 1.5% to 3.5% compared to the first quarter of 2026 supported by announced mill price increases given healthy underlying demand for those products. Based on these assumptions, the Company anticipates non‑GAAP earnings per diluted share in the range of $5.15 to $5.35 for the second quarter of 2026, representing year‑over‑year growth of approximately 16% to 21% and inclusive of LIFO expense of $37.5 million, or $0.54 per diluted share.

Our second quarter 2026 guidance includes an estimated 3.0% contribution to tons sold, a 1.0% lower consolidated average selling price and approximately $0.15 to $0.20 of earnings per share related to shipments associated with the border wall contract. Although the average selling price and gross profit margins under the border wall contract are below company-wide averages, these shipments are expected to contribute at above average earnings levels through efficient execution within Reliance’s existing operating network, providing significant operating leverage and supporting improved profitability on incremental project volumes. Shipments under this contract began in April 2026 and we anticipate that volumes will increase as we move throughout the year. Many variables may impact the timing of shipments so we will provide impact and earnings contribution guidance from the border wall contract on a quarterly basis.

Conference Call Details
A conference call and simultaneous webcast to discuss Reliance’s first quarter 2026 financial results and business outlook will be held on Thursday, April 23, 2026 at 11:00 a.m. Eastern Time / 8:00 a.m. Pacific Time. To listen to the live call by telephone, please dial (877) 407-0792 (U.S. and Canada) or (201) 689-8263 (International) approximately 10 minutes prior to the start time and use conference ID: 13759369. The call will also be broadcast live over the Internet hosted on the Investors section of the Company's website at investor.reliance.com.

For those unable to participate during the live broadcast, a replay of the call will also be available beginning that same day at 2:00 p.m. Eastern Time until 11:59 p.m. Eastern Time on May 7, 2026, by dialing (844) 512-2921 (U.S. and Canada) or (412) 317-6671 (International) and entering the conference ID: 13759369. The webcast will remain posted on the Investors section of Reliance’s website at reliance.com for 90 days.

About Reliance, Inc.
Founded in 1939, Reliance, Inc. (NYSE: RS) is a leading global diversified metal solutions provider and the largest metals service center company in North America. Through a network of approximately 310 locations in 41 states and 10 countries outside of the United States, Reliance provides value-added metals processing services and distributes a full-line of over 100,000 metal products to more than 125,000 customers in a broad range of industries. Reliance focuses on small orders with quick turnaround and value-added processing services. In 2025, Reliance’s average order size was $3,120, approximately 49% of orders included value-added processing, and approximately 40% of orders were delivered within 24 hours. Reliance’s press releases and additional information are available on the Company’s website at reliance.com.

Forward-Looking Statements
This press release contains certain statements that are, or may be deemed to be, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may include, but are not limited to, discussions of Reliance’s: industry and end markets; business strategies; acquisitions; expectations concerning the Company’s future growth and profitability; ability to generate industry leading returns for its stockholders; future demand and metals pricing; results of operations; margins; profitability; taxes; liquidity; cash flows; capital expenditures; expectations for macroeconomic conditions, including inflation and the possibility of an economic recession or slowdown; anticipated effects from regulatory changes, including taxation, tariffs and other trade barriers; litigation matters and capital resources. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “preliminary,” “range,” “intend” and “continue,” the negative of these terms, and similar expressions.

These forward-looking statements are based on management's estimates, projections and assumptions as of today’s date that may not prove to be accurate. Forward-looking statements involve known and unknown risks and uncertainties and are not guarantees of future performance. Actual outcomes and results may differ materially from what is expressed or forecasted in these forward-looking statements as a result of various important factors, including, but not limited to, actions taken by Reliance, as well as developments beyond its control, including, but not limited to: changes in domestic and worldwide political and economic conditions; changes in U.S. and foreign trade policies and programs, including tariffs and trade policies and programs specifically affecting metals product markets and pricing; slowing economic growth, inflation, rising unemployment or other macroeconomic factors that could materially impact Reliance, its customers and suppliers; metals pricing; demand for Reliance’s products and services; the possibility that the expected benefits of government contracts, acquisitions and capital expenditures may not materialize as expected; and the impacts of labor constraints and supply chain disruptions. Deteriorations in economic conditions, including as a result of tariffs or trade barriers, economic policies, inflation, economic recession, slowing growth, outbreaks of infectious disease, or geopolitical conflicts such as in Ukraine, Iran and the Middle East, could lead to a decline in demand for the Company’s products and services and negatively impact its business, and may also impact financial markets and corporate credit markets which could adversely impact the Company’s access to financing or the terms of any financing. The Company cannot at this time predict all of the impacts of domestic and foreign tariffs and trade policies, inflation, product price fluctuations, economic recession, outbreaks of infectious disease, or geopolitical conflicts and related economic effects, but these factors, individually or in any combination, could have a material adverse effect on the Company’s business, financial position, results of operations and cash flows.

The statements contained in this press release speak only as of the date hereof, and Reliance disclaims any and all obligations to publicly update or revise any forward-looking statements, whether as a result of new information, future events or for any other reason, except as may be required by law. Important risks and uncertainties about Reliance’s business can be found in “Item 1A. Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 and in other documents Reliance files or furnishes with the United States Securities and Exchange Commission.

CONTACT:         
(213) 576-2428
[email protected]

or Addo Investor Relations
(310) 829-5400

(Tables to follow)

First Quarter 2026 Major Commodity Metrics
                        Tons Sold (tons in thousands; % change)  Average Selling Price per Ton Sold (% change) Q1 2026
  Q4 2025
  Sequential Quarter Change
  Q1 2025
  Year-Over-Year Change
  Sequential Quarter Change
  Year-Over-Year Change
 Carbon steel 1,383.9   1,252.9   10.5%   1,344.4   2.9%   4.5%   13.2% Aluminum 85.1   77.1   10.4%   84.1   1.2%   9.5%   23.1% Stainless steel 78.2   69.8   12.0%   76.0   2.9%   2.9%   4.1% Alloy 33.0   27.9   18.3%   31.5   4.8%   (1.8%)  8.8% Copper & brass 4.9   4.9   —   5.0   (2.0%)  8.1%   27.1%                              Sales ($'s in millions; % change)        Q1 2026
  Q4 2025
  Sequential Quarter Change
  Q1 2025
  Year-Over-Year Change
       Carbon steel$2,218.1  $1,922.3   15.4%  $1,904.2   16.5%       Aluminum$754.6  $624.5   20.8%  $605.6   24.6%       Stainless steel$539.0  $467.1   15.4%  $503.2   7.1%       Alloy$180.6  $155.5   16.1%  $158.4   14.0%       Copper & brass$101.9  $93.5   9.0%  $81.7   24.7%                              Sales by Product ($'s as a % of total sales)              Q1 2026
  Q4 2025
  Q1 2025
            Carbon steel structurals 12%   13%   12%              Carbon steel plate 11%   11%   12%              Carbon steel tubing 9%   9%   9%              Hot-rolled steel sheet & coil 9%   8%   8%              Carbon steel bar 5%   5%   5%              Galvanized steel sheet & coil 5%   5%   5%              Cold-rolled steel sheet & coil 2%   2%   2%              Carbon steel 53%   53%   53%                                    Heat-treated aluminum plate 6%   5%   5%              Aluminum bar & tube 5%   5%   5%              Common alloy aluminum sheet & coil 5%   5%   5%              Common alloy aluminum plate 1%   1%   1%              Heat-treated aluminum sheet & coil 1%   1%   1%              Aluminum 18%   17%   17%                                    Stainless steel bar & tube 6%   6%   7%              Stainless steel sheet & coil 5%   5%   5%              Stainless steel plate 2%   2%   2%              Stainless steel 13%   13%   14%                                    Alloy 4%   4%   4%                                    Copper & brass 3%   3%   2%                                    Miscellaneous* 5%   6%   6%              Toll processing & logistics 4%   4%   4%              Other 9%   10%   10%                                    Total 100%   100%   100%                                    * Includes titanium, fabricated parts, PVC pipe and scrap.          RELIANCE, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
(in millions, except shares in thousands and per share amounts)
        Three Months Ended March 31,2026  2025 Net sales$4,026.0  $3,484.7         Costs and expenses:       Cost of sales (exclusive of depreciation and amortization shown below) 2,854.1   2,451.4 Warehouse, delivery, selling, general and administrative ("SG&A") 734.8   690.2 Depreciation and amortization 69.2   68.7   3,658.1   3,210.3         Operating income 367.9   274.4         Other (income) expense:       Interest expense 15.4   11.5 Other expense, net 3.0   0.5 Income before income taxes 349.5   262.4 Income tax provision 83.9   61.9 Net income 265.6   200.5 Less: net income – noncontrolling interests 0.7   0.8 Net income – Reliance$264.9  $199.7         Earnings per share:       Basic$5.13  $3.76 Diluted$5.10  $3.74         Weighted average shares outstanding:       Basic 51,633   53,075 Diluted 51,974   53,399         Cash dividends declared per common share$1.25  $1.20        RELIANCE, INC.UNAUDITED CONSOLIDATED BALANCE SHEETS(in millions, except shares in thousands and par value)  March 31,
  December 31,
  2026  2025*
 AssetsCurrent assets:     Cash and cash equivalents$249.7  $216.6 Accounts receivable, less allowance for credit losses of $22.8 and $22.1 1,953.5   1,539.9 Inventories 2,234.9   2,187.8 Prepaid expenses and other current assets 135.2   165.6 Income taxes receivable —   31.2 Total current assets 4,573.3   4,141.1 Property, plant and equipment, net 2,630.8   2,633.3 Operating lease right-of-use assets 331.5   315.2 Goodwill 2,175.4   2,169.9 Intangible assets, net 953.0   960.1 Cash surrender value of life insurance policies, net 41.9   48.0 Other long-term assets 103.4   105.7 Total assets$10,809.3  $10,373.3       Liabilities and EquityCurrent liabilities:     Accounts payable$552.1  $375.2 Accrued expenses 152.5   150.0 Accrued compensation and retirement benefits 171.5   198.1 Accrued insurance costs 56.4   56.4 Current maturities of long-term debt —   0.7 Current maturities of operating lease liabilities 69.2   67.7 Income taxes payable 41.1   — Total current liabilities 1,042.8   848.1 Long-term debt 1,693.5   1,420.2 Operating lease liabilities 266.3   250.9 Long-term retirement benefits 25.3   24.9 Other long-term liabilities 74.4   74.1 Deferred income taxes 574.9   575.6 Total liabilities 3,677.2   3,193.8 Commitments and contingencies     Equity:     Preferred stock, $0.001 par value: 5,000 shares authorized; none issued or outstanding —   — Common stock and additional paid-in capital, $0.001 par value and 200,000 shares authorized     Issued and outstanding shares—51,049 and 51,735 0.1   0.1 Retained earnings 7,218.5   7,257.6 Accumulated other comprehensive loss (95.7)  (87.6)Total Reliance stockholders’ equity 7,122.9   7,170.1 Noncontrolling interests 9.2   9.4 Total equity 7,132.1   7,179.5 Total liabilities and equity$10,809.3  $10,373.3       * Derived from audited financial statements.            RELIANCE, INC.UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS(in millions)      Three Months Ended March 31,2026  2025 Operating activities:     Net income$265.6  $200.5 Adjustments to reconcile net income to net cash provided by operating activities:     Depreciation and amortization 69.2   68.7 Stock-based compensation 13.3   12.2 Other 7.6   6.5 Changes in operating assets and liabilities:     Accounts receivable (416.2)  (332.1)Inventories (47.7)  (85.9)Prepaid expenses and other assets 83.1   80.8 Accounts payable and other liabilities 176.5   113.8 Net cash provided by operating activities 151.4   64.5       Investing activities:     Purchases of property, plant and equipment (64.2)  (86.9)Other (5.8)  (0.7)Net cash used in investing activities (70.0)  (87.6)      Financing activities:     Proceeds from long-term debt borrowings 925.0   788.0 Principal payments on long-term debt (652.7)  (458.0)Cash dividends and dividend equivalents (66.6)  (65.2)Share repurchases (234.2)  (253.2)Taxes paid on net-settled restricted stock units (14.7)  (11.5)Other (3.4)  (18.7)Net cash used in financing activities (46.6)  (18.6)Effect of exchange rate changes on cash and cash equivalents (1.7)  1.4 Increase (decrease) in cash and cash equivalents 33.1   (40.3)Cash and cash equivalents, beginning balance 216.6   318.1 Cash and cash equivalents, ending balance$249.7  $277.8       Supplemental cash flow information:     Interest paid$13.2  $10.0 Income taxes paid, net$12.5  $13.9                    RELIANCE, INC.NON-GAAP RECONCILIATION(in millions, except per share amounts)                   Net Income Diluted EPS March 31,
  December 31,
  March 31,
  March 31,
  December 31,
  March 31,
 Three Months Ended2026  2025  2025  2026  2025  2025 Net income – Reliance$264.9  $116.5  $199.7  $5.10  $2.22  $3.74 Impairment and restructuring charges 3.8   14.7   2.3   0.07   0.28   0.04 Non-recurring settlement charges (credits), net 0.5   (1.9)  —   0.01   (0.04)  — Gains related to sales of non-core assets —   (0.7)  —   —   (0.01)  — Income tax benefit related to above items (1.1)  (3.1)  (0.6)  (0.02)  (0.05)  (0.01)Non-GAAP net income – Reliance 268.1   125.5   201.4   5.16   2.40   3.77 LIFO expense, net of tax 28.1   29.0   18.8   0.54   0.56   0.35 Non-GAAP net income – Reliance – FIFO$296.2  $154.5  $220.2  $5.70  $2.96  $4.12                    March 31,
  December 31,
  March 31,
        Three Months Ended2026  2025  2025        Pretax income$349.5  $154.8  $262.4          Impairment and restructuring charges 3.8   14.7   2.3          Non-recurring settlement charges (credits), net 0.5   (1.9)  —          Gains related to sales of non-core assets —   (0.7)  —          Non-GAAP pretax expense adjustments 4.3   12.1   2.3          Non-GAAP pretax income 353.8   166.9   264.7          LIFO expense 37.5   38.7   25.0          Non-GAAP pretax income – FIFO$391.3  $205.6  $289.7                             March 31,
  December 31,
  March 31,
        Three Months Ended2026  2025  2025        Gross profit – LIFO$1,171.9  $954.7  $1,033.3          Restructuring charges 1.0   3.0   1.8          Non-GAAP gross profit 1,172.9   957.7   1,035.1          LIFO expense 37.5   38.7   25.0          Non-GAAP gross profit – FIFO$1,210.4  $996.4  $1,060.1                            Gross profit margin – LIFO 29.1%   27.3%   29.7%          Restructuring charges as a % of sales —   0.1%   —          Non-GAAP gross profit margin 29.1%   27.4%   29.7%          LIFO expense as a % of sales 0.9%   1.1%   0.7%          Non-GAAP gross profit margin – FIFO 30.1%   28.5%   30.4%                            Certain percentages may not calculate due to rounding.
                   March 31,
  December 31,
  March 31,
         2026  2025  2025        Total debt$1,700.0  $1,427.7  $1,481.1          Less: unamortized discounts and costs (6.5)  (6.8)  (8.1)         Carrying amount of debt 1,693.5   1,420.9   1,473.0          Less: cash and cash equivalents (249.7)  (216.6)  (277.8)         Net debt 1,443.8   1,204.3   1,195.2          Total Reliance stockholders' equity 7,122.9   7,170.1   7,101.8          Total capital$8,566.7  $8,374.4  $8,297.0                            Net debt-to-total capital 16.9%   14.4%   14.4%                             March 31,
  December 31,
  March 31,
          Twelve Months Ended2026  2025  2025          Net income$806.7  $741.6  $774.7          Depreciation and amortization 278.7   278.2   273.8          Impairment 9.9   9.9   11.7          Interest expense 59.6   55.7   42.1          Income taxes 249.6   227.6   231.4          EBITDA$1,404.5  $1,313.0  $1,333.7                            Net debt-to-EBITDA 1.0x   0.9x   0.9x          Total debt-to-EBITDA 1.2x   1.1x   1.1x                             March 31,
  December 31,
  March 31,
        Three Months Ended2026  2025  2025        Cash provided by operations$151.4  $276.1  $64.5          Less: capital expenditures (64.2)  (73.2)  (86.9)         Free cash flow$87.2  $202.9  $(22.4)         
Reliance presents certain non‑GAAP measures, including non‑GAAP gross profit, pretax income, net income and earnings per share, to provide meaningful period-to-period comparisons of its operating performance. These non‑GAAP measures reflect adjustments for certain items, including impairment and restructuring charges related to the closure or reorganization of certain locations, non‑recurring settlement charges and credits, and gains on the sale of non‑core property, plant and equipment, which can reduce the comparability of GAAP results across periods. Reliance uses first‑in, first‑out (“FIFO”) gross profit, margin, and other FIFO-based performance measures to assess its ongoing performance and provide a basis for comparison with competitors that do not use the last-in, last-out (“LIFO”) inventory accounting method. See footnote 1 for additional information regarding the Company’s gross profit and gross profit margin. In addition, Reliance presents net debt‑to‑EBITDA and total debt‑to‑EBITDA as measures of leverage used by management to monitor debt levels relative to operating performance, for which EBITDA is used as a proxy. Free cash flow is presented as a measure of cash generated by operations that may be used to repay scheduled debt maturities, fund additional growth initiatives, or be returned to stockholders.

Footnotes
1 Gross profit (calculated as net sales less cost of sales) and gross profit margin (calculated as gross profit divided by net sales) are non-GAAP financial measures as they exclude depreciation and amortization expense associated with the corresponding sales. About half of Reliance's orders are basic distribution with no processing services performed. For the remainder of its sales orders, Reliance performs “first-stage” processing, which is generally not labor intensive as it is simply cutting the metal to size. Because of this, the amount of related labor and overhead, including depreciation and amortization, is not significant and is excluded from cost of sales. Therefore, Reliance’s cost of sales is substantially comprised of the cost of the material it sells. Reliance uses gross profit and gross profit margin, as shown, as measures of operating performance. Gross profit and gross profit margin are important operating and financial measures, as their fluctuations can have a significant impact on Reliance's earnings. Gross profit and gross profit margin, as presented, are not necessarily comparable with similarly titled measures for other companies.
2 See accompanying Non-GAAP Reconciliation.

Reliance (RS - Free Report) reported $4.03 billion in revenue for the quarter ended March 2026, representing a year-over-year increase of 15.5%. EPS of $5.16 for the same period compares to $3.77 a year ago.

The reported revenue represents a surprise of +4.97% over the Zacks Consensus Estimate of $3.84 billion. With the consensus EPS estimate being $4.63, the EPS surprise was +11.45%.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how Reliance performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Average selling price per ton sold: $2,414.00 compared to the $2,386.05 average estimate based on three analysts.Shipments (Tons sold): 1.67 million compared to the 1.63 million average estimate based on three analysts.Tons Sold - Stainless steel: 78.2 thousand versus 76.88 thousand estimated by two analysts on average.Tons Sold - Aluminium: 85.1 thousand versus the two-analyst average estimate of 85.42 thousand.Tons Sold - Alloy: 33 thousand compared to the 30.97 thousand average estimate based on two analysts.Tons Sold - Carbon steel: 1.38 million compared to the 1.34 million average estimate based on two analysts.Net Sales- Carbon Steel: $2.22 billion compared to the $2.09 billion average estimate based on two analysts. The reported number represents a change of +16.5% year over year.Net Sales- Alloy: $180.6 million versus $162.37 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +14% change.Net Sales- Stainless Steel: $539 million versus $533.12 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +7.1% change.Net Sales- Aluminium: $754.6 million versus the two-analyst average estimate of $667.76 million. The reported number represents a year-over-year change of +24.6%.View all Key Company Metrics for Reliance here>>>

Shares of Reliance have returned +11.9% over the past month versus the Zacks S&P 500 composite's +8.6% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

Key Takeaways Reliance reported Q1 EPS of $5.16, beating estimates, with net sales rising 15.5% year over year.RS saw higher shipments and a 12.6% jump in average selling price per ton, boosting results.Reliance expects steady demand across construction, manufacturing, and aerospace into Q2. Reliance, Inc. (RS - Free Report) posted profits of $264.9 million or $5.10 per share for the first quarter of 2026, up from $199.7 million or $3.74 per share in the year-ago quarter.

Barring one-time items, the company recorded earnings of $5.16 per share. It outpaced the Zacks Consensus Estimate of $4.63.

The company reported net sales of $4,026 million, representing a year-over-year increase of approximately 15.5%. The top line also beat the Zacks Consensus Estimate of $3,835.3 million.

Reliance’s Segment UpdateReliance reported a 2.7% year-over-year increase in shipments (thousand tons sold) to 1,672.7. The figure surpassed our estimate of 1,633.8. The average selling price per ton rose 12.6% year over year to $2,414. It was above our estimate of $2,362.2.

Demand for non-residential construction, including infrastructure, Reliance’s largest end market by volume, strengthened compared with the first quarter of 2025. The company expects demand in this sector to remain healthy through the second quarter of 2026, supported by strong activity across data centers, energy infrastructure and public infrastructure.

Demand within the broader manufacturing market improved year over year, driven by growth across the military, industrial machinery, consumer products, construction machinery sectors and shipbuilding. Reliance expects the demand to remain healthy in the second quarter.

Aerospace demand was higher compared with the prior-year quarter. Reliance expects commercial aerospace demand to remain consistent in the second quarter due to build-rate increases, while defense and space-related activity is expected to remain strong.

Demand for automotive toll processing services remained flat year over year. Reliance expects steady performance through the second quarter. The company’s toll processing operations remain agile and responsive to the automotive market’s demand fluctuations.

In the semiconductor market, demand improved relative to the first quarter of 2025. Reliance expects stable to improving demand conditions in the second quarter.

RS’ Financial PositionAs of March 31, 2026, Reliance held $249.7 million in cash and cash equivalents, with total outstanding debt amounting to $1.7 billion. This includes $550 million borrowings under the company’s $1.5 billion revolving credit facility.

In the first quarter, Reliance generated $151.4 million in operating cash flow. It reflects the typical increase in seasonal working capital caused by strong shipment volume and higher metals pricing.

Reliance repurchased its common stock during the first quarter, bringing down the outstanding common shares by 3% year over year, at an average price of $299 per share, for a total of $234 million.

Reliance’s Outlook Reliance expects demand in the first quarter to remain healthy across its diverse end markets, though ongoing domestic and international trade policy uncertainty and Middle East conflict could pose supply availability and macroeconomic risks, influencing performance. The company projects tons sold to increase 1% to 3% from the prior quarter and 4.5% to 6.5% from the year-ago quarter.

The average selling price per ton is anticipated to be up 1.5-3.5% sequentially. Based on these assumptions, the company forecasts adjusted earnings per share in the range of $5.15 to $5.35 for the second quarter, which includes an estimated LIFO expense of $37.5 million, or 54 cents per share.

RS’ Price PerformanceReliance’s shares have gained 21.3% in the past year compared with the 57% growth of the industry.

Image Source: Zacks Investment Research

RS’ Zacks Rank & Key PicksRS currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the basic materials space are Aura Minerals Inc. (AUGO - Free Report) , Air Products and Chemicals, Inc. (APD - Free Report) and Albemarle Corporation (ALB - Free Report) .

Aura Minerals is slated to report first-quarter 2026 results on May 6. The Zacks Consensus Estimate for earnings is pegged at $1.84 per share, indicating 397.3% year-over-year growth. AUGO sports a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here. 

Air Products is scheduled to report second-quarter fiscal 2026 results on April 30. The Zacks Consensus Estimate for APD’s second-quarter earnings per share is pegged at $3.05, indicating 13.38% year-over-year growth. APD carries a Zacks Rank #2 (Buy) at present.

Albemarle is slated to report first-quarter 2026 results on May 6. The consensus estimate for ALB’s earnings per share is pegged at $1.07. ALB presently carries a Zacks Rank #2.

Investors interested in stocks from the Mining - Miscellaneous sector have probably already heard of SSR Mining (SSRM) and Reliance (RS). But which of these two stocks presents investors with the better value opportunity right now?

It has been about a month since the last earnings report for Reliance (RS - Free Report) . Shares have added about 5.8% in that time frame, outperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is Reliance due for a pullback? Well, first let's take a quick look at the most recent earnings report in order to get a better handle on the recent catalysts for Reliance, Inc. before we dive into how investors and analysts have reacted as of late.

Reliance’s Q1 Earnings and Sales Surpass Estimates on Higher PricesReliance posted profits of $264.9 million or $5.10 per share for the first quarter of 2026, up from $199.7 million or $3.74 per share in the year-ago quarter.

Barring one-time items, the company recorded earnings of $5.16 per share. It outpaced the Zacks Consensus Estimate of $4.63.

The company reported net sales of $4,026 million, representing a year-over-year increase of approximately 15.5%. The top line also beat the Zacks Consensus Estimate of $3,835.3 million.

Segment UpdateReliance reported a 2.7% year-over-year increase in shipments (thousand tons sold) to 1,672.7. The figure surpassed our estimate of 1,633.8. The average selling price per ton rose 12.6% year over year to $2,414. It was above our estimate of $2,362.2.

Demand for non-residential construction, including infrastructure, Reliance’s largest end market by volume, strengthened compared with the first quarter of 2025. The company expects demand in this sector to remain healthy through the second quarter of 2026, supported by strong activity across data centers, energy infrastructure and public infrastructure.

Demand within the broader manufacturing market improved year over year, driven by growth across the military, industrial machinery, consumer products, construction machinery sectors and shipbuilding. Reliance expects the demand to remain healthy in the second quarter.

Aerospace demand was higher compared with the prior-year quarter. Reliance expects commercial aerospace demand to remain consistent in the second quarter due to build-rate increases, while defense and space-related activity is expected to remain strong.

Demand for automotive toll processing services remained flat year over year. Reliance expects steady performance through the second quarter. The company’s toll processing operations remain agile and responsive to the automotive market’s demand fluctuations.

In the semiconductor market, demand improved relative to the first quarter of 2025. Reliance expects stable to improving demand conditions in the second quarter.

Financial PositionAs of March 31, 2026, Reliance held $249.7 million in cash and cash equivalents, with total outstanding debt amounting to $1.7 billion. This includes $550 million borrowings under the company’s $1.5 billion revolving credit facility.

In the first quarter, Reliance generated $151.4 million in operating cash flow. It reflects the typical increase in seasonal working capital caused by strong shipment volume and higher metals pricing.

Reliance repurchased its common stock during the first quarter, bringing down the outstanding common shares by 3% year over year, at an average price of $299 per share, for a total of $234 million.

OutlookReliance expects demand in the first quarter to remain healthy across its diverse end markets, though ongoing domestic and international trade policy uncertainty and Middle East conflict could pose supply availability and macroeconomic risks, influencing performance. The company projects tons sold to increase 1% to 3% from the prior quarter and 4.5% to 6.5% from the year-ago quarter.

The average selling price per ton is anticipated to be up 1.5-3.5% sequentially. Based on these assumptions, the company forecasts adjusted earnings per share in the range of $5.15 to $5.35 for the second quarter, which includes an estimated LIFO expense of $37.5 million, or 54 cents per share.

How Have Estimates Been Moving Since Then?Since the earnings release, investors have witnessed a upward trend in estimates revision.

The consensus estimate has shifted 7.35% due to these changes.

VGM ScoresAt this time, Reliance has a nice Growth Score of B, though it is lagging a lot on the Momentum Score front with an F. However, the stock has a score of B on the value side, putting it in the top 40% for value investors.

Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. It comes with little surprise Reliance has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months.

June 04, 2026 16:05 ET  | Source: Reliance, Inc.

PHOENIX, June 04, 2026 (GLOBE NEWSWIRE) -- Reliance, Inc. (NYSE: RS) announced today that Karla Lewis, President and Chief Executive Officer, and Stephen Koch, Executive Vice President and Chief Operating Officer, will participate in the Wells Fargo 16th Annual Industrials & Materials Conference on Tuesday, June 9, 2026, in Chicago, Illinois. Reliance is scheduled to present on Tuesday, June 9th at 3:45 p.m. CT.

The presentation will be webcast live over the Internet, hosted on the Investors section of the Company's website at investor.reliance.com. In addition to the live webcast, a replay will be available on the Company’s website for 90 days following the event.

About Reliance, Inc.
Founded in 1939, Reliance, Inc. (NYSE: RS) is a leading global diversified metal solutions provider and the largest metals service center company in North America. Through a network of approximately 310 locations in 41 states and 10 countries outside of the United States, Reliance provides value-added metals processing services and distributes a full-line of over 100,000 metal products to more than 125,000 customers in a broad range of industries. Reliance focuses on small orders with quick turnaround and value-added processing services. In 2025, Reliance’s average order size was $3,120, approximately 49% of orders included value-added processing, and approximately 40% of orders were delivered within 24 hours. Reliance’s press releases and additional information are available on the Company’s website at reliance.com.

CONTACT:
(213) 576-2428
[email protected]
or Addo Investor Relations
(310) 829-5400

Reliance, Inc. (RS) Presents at 16th Annual Wells Fargo Industrials & Materials Conference Transcript