Reliance, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Reliance, Inc. has submitted its Q1 2024 10-Q filing, detailing financial data and segment performance.</b>

AI Summary

RELIANCE, INC. (RS) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. Reliance, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing includes financial data for various equity and accumulated other comprehensive income accounts as of March 31, 2024, and December 31, 2023. Specific data points for Restricted Stock Units (RSUs) are provided for February 2024 and the first quarters of 2024 and 2023. Segment data for Toll Processing, Stainless Steel, Other Products/Services, Copper & Brass, Carbon Steel, Aluminum, and Alloy Steel is included for Q1 2024 and Q1 2023. The company's business address is in Scottsdale, AZ, with a phone number of 213-687-7700.

Why It Matters

For investors and stakeholders tracking RELIANCE, INC., this filing contains several important signals. This filing provides a quarterly update on Reliance, Inc.'s financial position and operational segments, crucial for investors to assess recent performance and trends. The inclusion of specific segment data allows for a deeper understanding of which product lines are contributing to or detracting from the company's overall financial health.

Risk Assessment

Risk Level: low — RELIANCE, INC. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) with no immediate red flags or significant negative disclosures, indicating a routine update.

Analyst Insight

Monitor future filings for trends in segment performance and any changes in equity or accumulated other comprehensive income.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Reporting Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-02 — Filing Date (FILED AS OF DATE)
• 57426000 — Retained Earnings (2024-03-31) (us-gaap:RetainedEarningsMember)
• 57271000 — Retained Earnings (2023-12-31) (us-gaap:RetainedEarningsMember)

Key Players & Entities

• RELIANCE, INC. (company) — FILER
• 2024-03-31 (date) — PERIOD OF REPORT
• 2024-05-02 (date) — FILED AS OF DATE
• 16100 N. 71ST STREET, SUITE 400 (address) — BUSINESS ADDRESS
• SCOTTSDALE (location) — BUSINESS ADDRESS CITY
• AZ (location) — BUSINESS ADDRESS STATE
• 85254 (postal_code) — BUSINESS ADDRESS ZIP
• 213-687-7700 (phone_number) — BUSINESS PHONE

FAQ

Key Dates

• 2024-03-31: Quarter End Date — End of the reporting period for the 10-Q filing.

Key Financial Figures

• $0.001 — nge on which registered Common Stock, $0.001 par value RS New York Stock Exchang

Filing Documents

• rs-20240331x10q.htm (10-Q) — 1053KB
• rs-20240331xex31d1.htm (EX-31.1) — 17KB
• rs-20240331xex31d2.htm (EX-31.2) — 16KB
• rs-20240331xex32.htm (EX-32) — 9KB
• rs-20240331x10q003.jpg (GRAPHIC) — 6KB
• 0001558370-24-006509.txt (&nbsp;) — 4954KB
• rs-20240331.xsd (EX-101.SCH) — 34KB
• rs-20240331_cal.xml (EX-101.CAL) — 54KB
• rs-20240331_def.xml (EX-101.DEF) — 124KB
• rs-20240331_lab.xml (EX-101.LAB) — 363KB
• rs-20240331_pre.xml (EX-101.PRE) — 238KB
• rs-20240331x10q_htm.xml (XML) — 715KB

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 1 Unaudited Consolidated Balance Sheets 1 Unaudited Consolidated Statements of Income 2 Unaudited Consolidated Statements of Comprehensive Income 3 Unaudited Consolidated Statements of Equity 4 Unaudited Consolidated Statements of Cash Flows 5 Notes to Unaudited Consolidated Financial Statements 6 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 14 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 21 Item 4.

Controls and Procedures

Controls and Procedures 21

— OTHER INFORMATION

PART II — OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 21 Item 1A.

Risk Factors

Risk Factors 22 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 22 Item 3. Defaults Upon Senior Securities 22 Item 4. Mine Safety Disclosures 22 Item 5. Other Information 22 Item 6. Exhibits 22 SIGNATURE 23 Table of Contents

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements RELIANCE, INC. UNAUDITED CONSOLIDATED BALANCE SHEETS (in millions, except number of shares which are reflected in thousands and par value) March 31, December 31, 2024 2023* ASSETS Current assets: Cash and cash equivalents $ 934.9 $ 1,080.2 Accounts receivable, less allowance for credit losses of $ 27.2 at March 31, 2024 and $ 24.9 at December 31, 2023 1,686.0 1,472.4 Inventories 2,166.9 2,043.2 Prepaid expenses and other current assets 135.6 140.4 Income taxes receivable — 35.6 Total current assets 4,923.4 4,771.8 Property, plant and equipment: Land 282.6 281.7 Buildings 1,534.5 1,510.9 Machinery and equipment 2,743.6 2,700.4 Accumulated depreciation ( 2,251.4 ) ( 2,244.6 ) Property, plant and equipment, net 2,309.3 2,248.4 Operating lease right-of-use assets 230.7 231.6 Goodwill 2,125.3 2,111.1 Intangible assets, net 986.1 981.1 Cash surrender value of life insurance policies, net 39.5 43.8 Other long-term assets 97.9 92.5 Total assets $ 10,712.2 $ 10,480.3 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 449.7 $ 410.3 Accrued expenses 118.3 118.5 Accrued compensation and retirement benefits 139.8 213.9 Accrued insurance costs 46.1 44.4 Current maturities of long-term debt 0.3 0.3 Current maturities of operating lease liabilities 56.3 56.2 Income taxes payable 46.9 — Total current liabilities 857.4 843.6 Long-term debt 1,142.6 1,141.9 Operating lease liabilities 177.8 178.9 Long-term retirement benefits 27.8 25.1 Other long-term liabilities 70.8 64.0 Deferred income taxes 493.1 494.0 Total liabilities 2,769.5 2,747.5 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.

View Full Filing

View this 10-Q filing on SEC EDGAR