NYSE$RS
Reliance Steel And Aluminum Co · Q3 2022 earnings
Q3 2022 earnings · · Investor relations
Briefing
Reported solid financial performance driven by its proven business model and strong operational execution.
Reliance Steel & Aluminum Co. reported strong Q3 2022 financial results, with net sales of $4.25 billion, a 10.4% increase year-over-year. The company achieved EPS of $6.45 and record quarterly cash flow from operations of $635.7 million. Despite declining metal prices impacting gross profit margin, the company's diverse operations and focus on customer service contributed to the positive results.
- Net sales for the quarter reached $4.25 billion, a 10.4% increase year-over-year.
- The company reported a strong EPS of $6.45 and a non-GAAP EPS of $6.48.
- Reliance generated a record quarterly cash flow from operations of $635.7 million.
- Approximately 1.9 million common shares were repurchased during the quarter for a total of $336.7 million.
Headline financials
Revenue & EPS history
Reliance Steel · Revenue · Quarterly
$4.25B
Forward guidance
Reliance expects healthy demand trends to continue into the fourth quarter despite prevailing macroeconomic uncertainty. The Company estimates its tons sold will be down 6.5% to 8.5% and non-GAAP earnings per diluted share in the range of $4.30 to $4.50 for the fourth quarter of 2022.
Tailwinds
- Healthy demand trends are expected to continue into the fourth quarter.
- Stable pricing for higher value products sold into the aerospace, energy and semiconductor end markets.
- Toll processing services will remain solid in the fourth quarter of 2022.
- Semiconductor demand remained robust during the third quarter and continues to be one of Reliance’s strongest end markets.
- Demand in commercial aerospace will continue its steady improvement in the fourth quarter of 2022 as build rates increase.
Headwinds
- Shipment levels will be impacted by normal seasonal factors, including fewer shipping days in the fourth quarter.
- Shipment levels will be impacted customer holiday-related extended shutdowns and vacation schedules.
- Tons sold will be down 6.5% to 8.5% in the fourth quarter of 2022 compared to the third quarter of 2022.
- Average selling price per ton sold for the fourth quarter of 2022 to be down 6.0% to 8.0% compared to the third quarter of 2022 driven by continued declines in pricing for many of its products.
- Continued pressure on its gross profit margin in the fourth quarter, which is temporary in nature and is a result of selling higher cost inventory on hand into a declining metal price environment.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2022
+1.3%
Avg return
Earnings day
+1.9%
Avg return
5 days after
+1.6%
Avg return
30 days after
64%
44 / 69 earnings
Positive
+17.0%
Q3 2019
Best reaction
-13.2%
Q2 2011
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -1.9% | +3.3% | +4.5% | |
| Q4 2025 | -2.7% | -5.7% | -13.6% | |
| Q3 2025 | -0.3% | +2.1% | +0.3% | |
| Q2 2025 | -1.5% | -1.4% | +0.2% | |
| Q1 2025 | +0.7% | +1.7% | +3.1% | |
| Q4 2024 | +3.1% | +0.8% | -5.5% | |
| Q3 2024 | +0.3% | +4.1% | +13.0% | |
| Q2 2024 | +3.5% | +2.8% | -4.0% | |
| Q1 2024 | -7.3% | -9.2% | -3.1% | |
| Q4 2023 | +10.8% | +7.8% | +8.8% | |
| Q3 2023 | +0.5% | +2.9% | +8.4% | |
| Q2 2023 | -0.3% | +0.9% | -5.1% | |
| Q1 2023 | +3.1% | +3.1% | -0.3% | |
| Q4 2022 | +6.2% | +3.6% | +3.0% | |
| Q3 2022 | +2.8% | +5.6% | +9.1% | |
| Q2 2022 | +1.9% | -0.1% | +4.2% | |
| Q1 2022 | +4.8% | +8.1% | +8.3% | |
| Q4 2021 | +4.0% | +3.8% | +13.9% | |
| Q3 2021 | +1.5% | +4.5% | +9.9% | |
| Q2 2021 | +0.3% | +1.6% | -0.6% | |
| Q1 2021 | +1.5% | +3.2% | +7.0% | |
| Q4 2020 | +4.7% | +8.1% | +18.6% | |
| Q3 2020 | -0.7% | -2.8% | +5.5% | |
| Q2 2020 | +6.2% | +3.9% | +7.2% | |
| Q1 2020 | +3.9% | +6.7% | +9.1% | |
| Q4 2019 | -5.3% | -8.3% | -36.5% | |
| Q3 2019 | +17.0% | +20.7% | +17.3% | |
| Q2 2019 | +10.6% | +8.2% | +2.7% | |
| Q1 2019 | +3.3% | +3.5% | -4.3% | |
| Q4 2018 | +3.1% | +4.2% | +0.7% | |
| Q3 2018 | -0.3% | +0.6% | +3.9% | |
| Q2 2018 | -1.3% | -1.9% | -4.4% | |
| Q1 2018 | +0.3% | -1.6% | +4.6% | |
| Q4 2017 | +6.8% | +4.7% | +2.4% | |
| Q3 2017 | +2.8% | +1.0% | -0.4% | |
| Q2 2017 | -2.9% | -2.7% | -4.1% | |
| Q1 2017 | -1.0% | -2.6% | -8.5% | |
| Q4 2016 | +1.0% | +2.2% | -3.9% | |
| Q3 2016 | -5.8% | -5.5% | +5.7% | |
| Q2 2016 | -7.2% | -6.1% | -11.3% | |
| Q1 2016 | -1.5% | — | — | |
| Q4 2015 | -1.7% | — | — | |
| Q3 2015 | +8.9% | — | — | |
| Q2 2015 | +4.5% | — | — | |
| Q1 2015 | +9.9% | — | — | |
| Q4 2014 | +6.5% | — | — | |
| Q3 2014 | +2.1% | — | — | |
| Q2 2014 | -5.3% | — | — | |
| Q1 2014 | -2.8% | — | — | |
| Q4 2013 | -3.1% | — | — | |
| Q3 2013 | -2.5% | — | — | |
| Q2 2013 | +1.5% | — | — | |
| Q1 2013 | -4.5% | — | — | |
| Q4 2012 | +0.1% | — | — | |
| Q3 2012 | +5.4% | — | — | |
| Q2 2012 | +10.4% | — | — | |
| Q1 2012 | -0.6% | — | — | |
| Q4 2011 | -0.7% | — | — | |
| Q3 2011 | +1.1% | — | — | |
| Q2 2011 | -13.2% | — | — | |
| Q1 2010 | +3.0% | — | — | |
| Q1 2011 | -0.1% | — | — | |
| Q4 2010 | +1.4% | — | — | |
| Q4 2008 | +1.4% | — | — | |
| Q3 2010 | +1.2% | — | — | |
| Q3 2009 | +1.2% | — | — | |
| Q2 2010 | +1.0% | — | — | |
| Q4 2009 | +1.0% | — | — | |
| Q2 2009 | +1.0% | — | — |
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