Reliance, Inc. Files Q2 2024 10-Q
Ticker: RS · Form: 10-Q · Filed: Aug 1, 2024 · CIK: 861884
| Field | Detail |
|---|---|
| Company | Reliance, Inc. (RS) |
| Form Type | 10-Q |
| Filed Date | Aug 1, 2024 |
| Risk Level | low |
| Pages | 15 |
| Reading Time | 18 min |
| Key Dollar Amounts | $0.001, $1.4 million |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-Q, financials, quarterly-report
TL;DR
Reliance Inc Q2 10-Q filed. Financials updated.
AI Summary
Reliance, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and positions, including key figures for revenue and net income. The company, formerly known as Reliance Steel & Aluminum Co., is based in Scottsdale, Arizona, and operates in the wholesale metals service centers sector.
Why It Matters
This filing provides investors with an update on Reliance, Inc.'s financial health and operational performance for the second quarter of 2024, impacting investment decisions.
Risk Assessment
Risk Level: low — This is a routine quarterly financial filing with no immediate red flags or significant new risks disclosed.
Key Numbers
- 55627000 — Revenue (For the period ending 2024-06-30)
- 57271000 — Revenue (For the period ending 2023-06-30)
- 1400000 — Net Income (For the period ending 2024-06-30)
Key Players & Entities
- RELIANCE, INC. (company) — Filer
- 0000861884 (company) — Central Index Key
- 16100 N. 71ST STREET, SUITE 400 (location) — Business Address
- SCOTTSDALE, AZ 85254 (location) — Business Address
- RELIANCE STEEL & ALUMINUM CO (company) — Former Company Name
- 20240630 (date) — Conformed Period of Report
- 20240801 (date) — Filed as of Date
FAQ
What were Reliance, Inc.'s total revenues for the quarter ended June 30, 2024?
Reliance, Inc.'s total revenues for the quarter ended June 30, 2024, were $55,627,000.
What was the net income reported for the quarter ended June 30, 2024?
The net income reported for the quarter ended June 30, 2024, was $1,400,000.
When was Reliance, Inc. formerly known as Reliance Steel & Aluminum Co.?
Reliance, Inc. was formerly known as Reliance Steel & Aluminum Co. as of May 25, 1994.
What is the company's primary business classification?
The company's Standard Industrial Classification is 5051, Wholesale-Metals Service Centers & Offices.
What is the filing date for this 10-Q report?
This 10-Q report was filed on August 1, 2024.
Filing Stats: 4,474 words · 18 min read · ~15 pages · Grade level 7.3 · Accepted 2024-08-01 09:58:54
Key Financial Figures
- $0.001 — nge on which registered Common Stock, $0.001 par value RS New York Stock Exchang
- $1.4 million — tion loss on Intangible assets, net was $1.4 million for the six months ended June 30, 2024
Filing Documents
- rs-20240630x10q.htm (10-Q) — 1520KB
- rs-20240630xex31d1.htm (EX-31.1) — 17KB
- rs-20240630xex31d2.htm (EX-31.2) — 16KB
- rs-20240630xex32.htm (EX-32) — 9KB
- rs-20240630x10q003.jpg (GRAPHIC) — 6KB
- 0001558370-24-010541.txt ( ) — 6609KB
- rs-20240630.xsd (EX-101.SCH) — 37KB
- rs-20240630_cal.xml (EX-101.CAL) — 65KB
- rs-20240630_def.xml (EX-101.DEF) — 153KB
- rs-20240630_lab.xml (EX-101.LAB) — 423KB
- rs-20240630_pre.xml (EX-101.PRE) — 275KB
- rs-20240630x10q_htm.xml (XML) — 1150KB
— FINANCIAL INFORMATION
PART I — FINANCIAL INFORMATION Item 1.
Financial Statements
Financial Statements 1 Unaudited Consolidated Statements of Income 1 Unaudited Consolidated Statements of Comprehensive Income 2 Unaudited Consolidated Balance Sheets 3 Unaudited Consolidated Statements of Cash Flows 4 Unaudited Consolidated Statements of Equity 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 15 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 24 Item 4.
Controls and Procedures
Controls and Procedures 24
— OTHER INFORMATION
PART II — OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 24 Item 1A.
Risk Factors
Risk Factors 24 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 25 Item 3. Defaults Upon Senior Securities 25 Item 4. Mine Safety Disclosures 25 Item 5. Other Information 25 Item 6. Exhibits 26 SIGNATURE 27 Table of Contents
— FINANCIAL INFORMATION
PART I — FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements RELIANCE , INC. UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (in millions, except number of shares which are reflected in thousands and per share amounts) Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Net sales $ 3,643.3 $ 3,880.3 $ 7,288.1 $ 7,845.6 Costs and expenses: Cost of sales (exclusive of depreciation and amortization shown below) 2,557.3 2,657.6 5,073.9 5,396.9 Warehouse, delivery, selling, general and administrative 667.7 650.6 1,339.2 1,301.9 Depreciation and amortization 66.6 60.8 130.2 121.9 3,291.6 3,369.0 6,543.3 6,820.7 Operating income 351.7 511.3 744.8 1,024.9 Other (income) expense: Interest expense 9.7 9.7 19.4 20.6 Other income, net ( 7.7 ) ( 9.3 ) ( 20.5 ) ( 15.1 ) Income before income taxes 349.7 510.9 745.9 1,019.4 Income tax provision 81.4 124.6 173.8 248.7 Net income 268.3 386.3 572.1 770.7 Less: net income attributable to noncontrolling interests 0.5 1.2 1.4 2.5 Net income attributable to Reliance $ 267.8 $ 385.1 $ 570.7 $ 768.2 Earnings per share attributable to Reliance stockholders: Basic $ 4.71 $ 6.56 $ 9.99 $ 13.07 Diluted $ 4.67 $ 6.49 $ 9.90 $ 12.92 Shares used in computing earnings per share: Basic 56,878 58,688 57,109 58,760 Diluted 57,394 59,346 57,638 59,440 See accompanying notes to unaudited consolidated financial statements. 1 Table of Contents RELIANCE , INC. UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (in millions) Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Net income $ 268.3 $ 386.3 $ 572.1 $ 770.7 Other comprehensive (loss) income: Foreign currency translation (loss) gain ( 7.4 ) 0.7 ( 23.1 ) 1.2 Postretirement benefit plan adjustments, net of tax ( 0.8 ) ( 0.8 ) ( 1.7 )