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AI brief of an SEC Form 8-K · Reliance (RS)

Reliance Q2 EPS falls 28% to $4.67 on lower metal prices; Q3 outlook $3.60-$3.80

Negative Impact 4 of 5 earnings Written later

Reliance reported second-quarter 2024 net sales of $3.64 billion, down 6.1% from $3.88 billion a year earlier, and diluted EPS of $4.67, down 28.0% from $6.49. Management attributed the decline mainly to lower carbon steel prices, even though tons sold rose 4.7% year over year. The company expects non-GAAP EPS of $3.60 to $3.80 for the third quarter of 2024, and the filing notes continued pricing pressure.

Key points

  • Q2 2024 net sales of $3.64 billion versus $3.88 billion in Q2 2023; diluted EPS of $4.67 versus $6.49
  • Gross profit margin was 29.8%, compared with 31.0% in Q1 2024 and 31.5% in Q2 2023
  • Q3 2024 outlook: non-GAAP EPS of $3.60 to $3.80, with average selling price per ton expected to fall 2% to 4% from Q2
  • Reliance repurchased $519.3 million of stock in Q2 and $165.4 million in July 2024; $755.0 million remained under the program as of July 23, 2024

The filing

CompanyReliance (RS)
Form8-K, current report
Filed with the SECJul 25, 2024, 6:55 AM ET
Accession number0001171843-24-004125

Items reported: 2.02 Results of Operations

Read the filing on SEC.gov ↗

Written by AI on Nov 8, 2026, 12:42 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on July 25, 2024.

Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.