Reliance, Inc. Files Q3 2024 10-Q
Ticker: RS · Form: 10-Q · Filed: Oct 31, 2024 · CIK: 861884
| Field | Detail |
|---|---|
| Company | Reliance, Inc. (RS) |
| Form Type | 10-Q |
| Filed Date | Oct 31, 2024 |
| Risk Level | low |
| Pages | 15 |
| Reading Time | 18 min |
| Key Dollar Amounts | $0.001 |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-Q, financials, quarterly-report
TL;DR
Reliance Inc. 10-Q filed for Q3 2024. Financials updated.
AI Summary
Reliance, Inc. filed its 10-Q for the period ending September 30, 2024. The filing covers the third quarter of fiscal year 2024. Key financial data points and balance sheet information are presented for the periods ending September 30, 2024, June 30, 2024, and December 31, 2023.
Why It Matters
This filing provides investors with an update on Reliance, Inc.'s financial performance and position as of the end of the third quarter of 2024, crucial for assessing the company's health and future prospects.
Risk Assessment
Risk Level: low — This is a routine quarterly financial filing with no immediate red flags or significant new risks indicated.
Key Numbers
- 54119000 — Revenue (Q2 2024) (Represents revenue for the second quarter of 2024.)
- 57271000 — Revenue (Q2 2023) (Represents revenue for the second quarter of 2023.)
Key Players & Entities
- RELIANCE, INC. (company) — Filer of the 10-Q
- 20240930 (date) — Conformed period of report
- 20241031 (date) — Filed as of date
- 0000861884 (company) — Central Index Key for RELIANCE, INC.
FAQ
What were Reliance, Inc.'s revenues for the second quarter of 2024?
Reliance, Inc.'s revenues for the second quarter of 2024 were $54,119,000.
What were Reliance, Inc.'s revenues for the second quarter of 2023?
Reliance, Inc.'s revenues for the second quarter of 2023 were $57,271,000.
What is the Central Index Key for Reliance, Inc.?
The Central Index Key for Reliance, Inc. is 0000861884.
What is the period of report for this 10-Q filing?
The conformed period of report for this 10-Q filing is September 30, 2024.
On what date was this 10-Q filing submitted?
This 10-Q filing was submitted on October 31, 2024.
Filing Stats: 4,435 words · 18 min read · ~15 pages · Grade level 7.5 · Accepted 2024-10-30 19:40:48
Key Financial Figures
- $0.001 — nge on which registered Common Stock, $0.001 par value RS New York Stock Exchang
Filing Documents
- rs-20240930x10q.htm (10-Q) — 1524KB
- rs-20240930xex31d1.htm (EX-31.1) — 17KB
- rs-20240930xex31d2.htm (EX-31.2) — 16KB
- rs-20240930xex32.htm (EX-32) — 9KB
- rs-20240930x10q003.jpg (GRAPHIC) — 6KB
- 0001558370-24-013990.txt ( ) — 6600KB
- rs-20240930.xsd (EX-101.SCH) — 36KB
- rs-20240930_cal.xml (EX-101.CAL) — 66KB
- rs-20240930_def.xml (EX-101.DEF) — 151KB
- rs-20240930_lab.xml (EX-101.LAB) — 416KB
- rs-20240930_pre.xml (EX-101.PRE) — 272KB
- rs-20240930x10q_htm.xml (XML) — 1157KB
— 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 16 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 25 Item 4.
Controls and Procedures
Controls and Procedures 25
— OTHER INFORMATION
PART II — OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 25 Item 1A.
Risk Factors
Risk Factors 25 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 25 Item 3. Defaults Upon Senior Securities 26 Item 4. Mine Safety Disclosures 26 Item 5. Other Information 26 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 Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Net sales $ 3,420.3 $ 3,623.0 $ 10,708.4 $ 11,468.6 Costs and expenses: Cost of sales (exclusive of depreciation and amortization shown below) 2,414.0 2,546.0 7,487.9 7,942.9 Warehouse, delivery, selling, general and administrative 665.0 626.9 2,004.2 1,928.8 Depreciation and amortization 67.9 60.6 198.1 182.5 3,146.9 3,233.5 9,690.2 10,054.2 Operating income 273.4 389.5 1,018.2 1,414.4 Other (income) expense: Interest expense 10.9 9.7 30.3 30.3 Other expense (income), net 2.0 ( 8.2 ) ( 18.5 ) ( 23.3 ) Income before income taxes 260.5 388.0 1,006.4 1,407.4 Income tax provision 60.6 92.0 234.4 340.7 Net income 199.9 296.0 772.0 1,066.7 Less: net income attributable to noncontrolling interests 0.7 1.0 2.1 3.5 Net income attributable to Reliance $ 199.2 $ 295.0 $ 769.9 $ 1,063.2 Earnings per share attributable to Reliance stockholders: Basic $ 3.64 $ 5.05 $ 13.68 $ 18.13 Diluted $ 3.61 $ 4.99 $ 13.55 $ 17.92 Shares used in computing earnings per share: Basic 54,691 58,427 56,297 58,648 Diluted 55,182 59,124 56,813 59,333 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 Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Net income $ 199.9 $ 296.0 $ 772.0 $ 1,066.7 Other comprehensive income (loss): Foreign currency translation gain (loss) 19.3 ( 11.9 ) ( 3.8 ) ( 10.7 ) Postretirement benefit plan adju