Record Second Quarter Tons Sold
Reliance's second quarter tons sold significantly outperformed the industry average volume by 7 percentage points, attributing this to their unparalleled scale, access to domestic metal, and breadth of processing capabilities.
Strong Financial Performance
Sequential increases in non-GAAP pretax income exceeded 15%, and non-GAAP earnings per share rose by more than 17% to $4.43 compared to the prior quarter.
Robust Cash Flow and Capital Allocation
Reliance generated $229 million of cash flow from operations in the second quarter, supporting investments in growth projects. They returned $143 million to stockholders in dividends and share repurchases.
Market Share Gains
Reliance's shipments increased 4% year-over-year, outperforming the service center industry's decline of 3.1%, indicating strong market share gains through their smart profitable growth strategy.
Increased Demand in Key Markets
Nonresidential construction and general manufacturing represented roughly two-thirds of Q2 sales, with notable demand and sales increases in these segments.