Press Release
Reliance steel & aluminum co. reports fourth quarter and full year 2021 financial results.
- Record annual net sales of $14.09 billion - Record annual gross profit of $4.49 billion driven by record annual gross profit margin of 31.9% - Record annual pretax income and margin of $1.88 billion and 13.4% - Record annual EPS of $21.97, non-GAAP EPS of $22.12 - Record quarterly EPS of $6.64, non-GAAP EPS of $6.83 - Repurchased $323.5 million of Reliance common stock in 2021 - Increased quarterly dividend 27.3% to $0.875 per share - Completed four acquisitions with combined annualized sales of $1.0 billion
LOS ANGELES, Feb. 17, 2022 (GLOBE NEWSWIRE) -- Reliance Steel & Aluminum Co. (NYSE: RS) today reported its financial results for the fourth quarter and full year ended December 31, 2021.
| Net sales | $ | 3,988.7 | $ | 3,847.4 | 3.7 | % | $ | 14,093.3 | $ | 8,811.9 | 59.9 | % | $ | 2,134.1 | 86.9 | % | ||||||||||||
| Gross profit | $ | 1,243.3 | $ | 1,211.1 | 2.7 | % | $ | 4,490.3 | $ | 2,775.1 | 61.8 | % | $ | 703.6 | 76.7 | % | ||||||||||||
| Gross profit margin | 31.2 | % | 31.5 | % | (0.3 | )% | 31.9 | % | 31.5 | % | 0.4 | % | 33.0 | % | (1.8 | )% | ||||||||||||
| Non-GAAP gross profit margin | 31.5 | % | 31.5 | % | 0.0 | % | 32.0 | % | 31.9 | % | 0.1 | % | 32.9 | % | (1.4 | )% | ||||||||||||
| LIFO expense (income) | $ | 142.3 | $ | 262.5 | $ | 704.8 | $ | (22.0 | ) | $ | 15.5 | |||||||||||||||||
| LIFO expense (income) as a % of net sales | 3.6 | % | 6.8 | % | (3.2 | )% | 5.0 | % | (0.2 | )% | 5.2 | % | 0.7 | % | 2.9 | % | ||||||||||||
| LIFO expense (income) per diluted share, net of tax | $ | 1.68 | $ | 3.06 | $ | 8.21 | $ | (0.26 | ) | $ | 0.18 | |||||||||||||||||
| Non-GAAP pretax expense (income) adjustments² | $ | 16.6 | $ | — | $ | 13.4 | $ | 179.0 | $ | 0.1 | ||||||||||||||||||
| Pretax income | $ | 547.4 | $ | 532.6 | 2.8 | % | $ | 1,883.1 | $ | 478.2 | 293.8 | % | $ | 166.1 | 229.6 | % | ||||||||||||
| Non-GAAP pretax income | $ | 564.0 | $ | 532.6 | 5.9 | % | $ | 1,896.5 | $ | 657.2 | 188.6 | % | $ | 166.2 | 239.4 | % | ||||||||||||
| Net income attributable to Reliance | $ | 421.3 | $ | 395.7 | 6.5 | % | $ | 1,413.0 | $ | 369.1 | 282.8 | % | $ | 129.6 | 225.1 | % | ||||||||||||
| Diluted EPS | $ | 6.64 | $ | 6.15 | 8.0 | % | $ | 21.97 | $ | 5.66 | 288.2 | % | $ | 2.01 | 230.3 | % | ||||||||||||
| Non-GAAP diluted EPS | $ | 6.83 | $ | 6.15 | 11.1 | % | $ | 22.12 | $ | 7.71 | 186.9 | % | $ | 2.01 | 239.8 | % | ||||||||||||
| Cash provided by operations | $ | 393.8 | $ | 142.2 | 176.9 | % | $ | 799.4 | $ | 1,173.0 | (31.8 | )% | $ | 230.2 | 71.1 | % | ||||||||||||
| Free cash flow | $ | 336.1 | $ | 87.1 | 285.9 | % | $ | 562.8 | $ | 1,001.0 | (43.8 | )% | $ | 192.9 | 74.2 | % | ||||||||||||
| Net debt-to-total capital | 18.1 | % | 14.7 | % | 18.1 | % | 15.8 | % | 15.8 | % | ||||||||||||||||||
| Net debt-to-EBITDA | 0.6x | 0.6x | 0.6x | 1.1x | 1.1x | |||||||||||||||||||||||
| Acquisitions, net | $ | 439.3 | $ | — | $ | 439.3 | $ | 6.9 | $ | 6.9 | ||||||||||||||||||
| Capital expenditures | $ | 57.7 | $ | 55.1 | $ | 236.6 | $ | 172.0 | $ | 37.3 | ||||||||||||||||||
| Dividends | $ | 44.7 | $ | 43.7 | $ | 177.0 | $ | 164.1 | $ | 41.3 | ||||||||||||||||||
| Share repurchases | $ | 168.5 | $ | 131.0 | $ | 323.5 | $ | 337.3 | $ | 37.1 | ||||||||||||||||||
| Tons sold | 1,281.0 | 1,358.2 | (5.7 | )% | 5,472.9 | 5,230.5 | 4.6 | % | 1,266.4 | 1.2 | % | |||||||||||||||||
| Tons sold (same-store) | 1,246.2 | 1,358.2 | (8.2 | )% | 5,438.1 | 5,230.5 | 4.0 | % | 1,266.4 | (1.6 | )% | |||||||||||||||||
| Average selling price per ton sold | $ | 3,139 | $ | 2,862 | 9.7 | % | $ | 2,594 | $ | 1,681 | 54.3 | % | $ | 1,683 | 86.5 | % | ||||||||||||
| Average selling price per ton sold (same-store) | $ | 3,082 | $ | 2,862 | 7.7 | % | $ | 2,578 | $ | 1,681 | 53.4 | % | $ | 1,683 | 83.1 | % | ||||||||||||
| Please refer to the footnotes at the end of this press release for additional information. | ||||||||||||||||||||||||||||
Management Commentary “Reliance finished the year strong with record financial performance across nearly every metric, driven by the resilience of our business model and exceptional execution throughout our Family of Companies,” said Jim Hoffman, Chief Executive Officer of Reliance. “The durability and effectiveness of our model is apparent in our results despite macroeconomic challenges, including the continuing pandemic, supply-chain disruptions and a tight labor market. Strong demand and favorable metal pricing trends throughout 2021, combined with our highly diverse mix of products and end markets and strong relationships with our domestic mill partners, helped generate record annual sales of $14.09 billion and record earnings per share of $21.97.”
Mr. Hoffman continued, “Our gross profit margin continues to be bolstered by our managers in the field who appropriately leverage the significant investments we have made to enhance and expand our value-added processing capabilities. In 2021, we performed value-added processing services on just over 50% of our orders, up from 49% in 2020. We believe our ongoing focus on value-added processing will continue to support our strong gross profit margin levels, and help stabilize our margins in times of declining prices.”
Mr. Hoffman concluded, “The strong cash flow generated by our model enables us to maintain a flexible and balanced capital allocation philosophy. In addition to investing $237 million into our business in 2021 through capital expenditures, we completed four acquisitions in the fourth quarter with an aggregate purchase consideration of $439 million and returned over $500 million to our stockholders through dividends and repurchases of Reliance common stock.”
End Market Commentary Reliance services diverse end markets and provides a wide range of products and processing services, generally in small quantities on a when-needed basis. During the fourth quarter of 2021, the Company’s tons sold decreased 5.7% compared to the third quarter of 2021, in line with Reliance’s expectations of down 5% to 8%, consistent with the typical fourth quarter seasonal slowdown attributable to customer holiday-related shutdowns and fewer shipping days, but further impacted by reduced shifts due to labor-related shortages at Reliance, its customers and suppliers. The Company continues to believe underlying demand is stronger than its fourth quarter shipment levels reflect which bodes well for 2022.
Demand in non-residential construction (including infrastructure), Reliance’s largest end market, was consistent with typical fourth quarter seasonal trends. Reliance is cautiously optimistic that demand for non-residential construction activity in the key areas in which the Company participates will continue to strengthen through 2022.
Demand for the toll processing services Reliance provides to the automotive market remained steady during the fourth quarter despite supply chain challenges, including the continued impact of the global microchip shortage on production levels. Reliance is optimistic that demand for its toll processing services will remain solid throughout 2022.
Underlying demand in heavy industry for both agricultural and construction equipment remained steady despite longer than anticipated seasonal shutdowns at many customers along with broader customer supply chain disruptions, labor constraints and the unforeseen Omicron surge. Reliance expects positive underlying demand trends in these industries to continue through most of 2022.
Semiconductor demand remained strong despite global supply chain challenges. The semiconductor space continues to be one of Reliance’s strongest end markets, which is expected to continue throughout 2022.
Demand in commercial aerospace improved during the fourth quarter as a resurgence in activity led to an increase in tons sold compared to the third quarter of 2021. Reliance is cautiously optimistic that demand in commercial aerospace will continue to steadily improve throughout 2022 as build rates increase. Demand in the military, defense and space portions of Reliance’s aerospace business remained solid with strong backlogs, which is expected to continue throughout the year.
Demand in the energy (oil and natural gas) market experienced accelerated recovery in the fourth quarter due to increased activity resulting from higher oil and natural gas prices. Reliance is cautiously optimistic demand will continue to improve at modest levels for this end market in 2022.
Balance Sheet & Cash Flow At December 31, 2021, Reliance had cash and cash equivalents of $300.5 million, total debt outstanding of $1.66 billion and a net debt-to-EBITDA ratio of 0.6x, with no outstanding borrowings under its $1.5 billion revolving credit facility. Reliance generated cash flow from operations of $393.8 million during the fourth quarter and $799.4 million for the full year despite investing over $950 million in working capital in 2021. The Company’s strong cash generation enabled it to execute on all aspects of its balanced and flexible capital allocation strategy in 2021 through acquisitions and growth-focused capital expenditures, as well as stockholder returns through regular quarterly dividends and opportunistic stock repurchases.
Stockholder Return Activity On February 15, 2022, the Company’s Board of Directors declared a quarterly cash dividend of $0.875 per share of common stock, an increase of 27.3%, payable on March 25, 2022 to stockholders of record as of March 11, 2022. Reliance has paid regular quarterly cash dividends for 62 consecutive years without reduction or suspension and has increased the dividend 29 times since its 1994 IPO.
In the fourth quarter of 2021, the Company repurchased approximately 1.1 million shares of its common stock at an average cost of $156.85 per share, for a total of $168.5 million. For the full year of 2021, the Company repurchased approximately 2.1 million shares of its common stock at an average cost of $153.55 per share, for a total of $323.5 million. In the last five years, the Company has repurchased approximately 12.8 million shares of its common stock at an average cost of $95.54 per share, for a total of $1.22 billion.
Acquisitions As previously announced, Reliance completed four acquisitions in the fourth quarter of 2021 for a combined transaction value of approximately $439 million and combined 2021 annualized sales of approximately $1.0 billion. The four acquisitions collectively contributed approximately $171 million in sales in the fourth quarter of 2021.
Merfish United Reliance acquired Merfish United, a leading master distributor of tubular building products in the United States, on October 1, 2021. Merfish positions Reliance in the adjacent industrial distribution market by broadening its products beyond traditional metals service center offerings.
Nu-Tech Precision Metals Inc. Reliance acquired Nu-Tech Precision Metals Inc., a custom manufacturer of specialty extruded metals, fabricated parts and welded components, on December 10, 2021. Nu-Tech expands the breadth of Reliance’s specialty metals products and supports growth in its businesses serving the nuclear, aerospace and defense markets, among others.
Admiral Metals Servicenter Company, Inc. Reliance acquired Admiral Metals Servicenter Company, Inc., a leading distributor of non-ferrous metal products in the Northeastern United States, on December 10, 2021. Admiral Metals expands Reliance’s product offerings into specialty non-ferrous products.
Rotax Metals, Inc. Reliance acquired Rotax Metals, Inc., a metals service center specializing in copper, bronze and brass alloys, on December 17, 2021. Rotax will operate as a subsidiary of Yarde Metals, Inc., a wholly owned subsidiary of Reliance.
Corporate Developments Arthur Ajemyan was promoted to Senior Vice President, Chief Financial Officer on February 15, 2022. Mr. Ajemyan has served as Reliance’s Vice President, Chief Financial Officer since January 2021. Suzanne Bonner was also promoted to Senior Vice President, Chief Information Officer on February 15, 2022. Ms. Bonner has served as the Company’s Vice President, Chief Information Officer since July 2019.
Business Outlook Reliance remains optimistic about business conditions in the first quarter of 2022 with solid underlying demand across most key end markets. The Company estimates tons sold will be up 5% to 7% in the first quarter of 2022 compared to the fourth quarter of 2021 due to seasonal shipping volume increases. However, the tons sold estimate is lower than the typical first quarter expectation as a result of softer demand in January and early February attributable to continued supply chain and labor disruptions at Reliance as well as its customers and suppliers resulting from the Omicron surge. Despite significant pricing declines for carbon hot-rolled coil and sheet products, Reliance expects its average selling price per ton sold for the first quarter of 2022 to be down only 2% to 4% compared to the fourth quarter of 2021 driven by the Company’s diverse product mix, which included only about 10% of carbon hot-rolled coil and sheet product sales in 2021, and continued strength in pricing for the majority of its products and the markets into which it sells. Based on these expectations, Reliance estimates non-GAAP earnings per diluted share in the range of $7.05 to $7.15 for the first quarter of 2022.
Conference Call Details A conference call and simultaneous webcast to discuss Reliance’s fourth quarter and full year 2021 financial results and business outlook will be held today, February 17, 2022 at 11:00 a.m. Eastern Time / 8:00 a.m. Pacific Time. To listen to the live call by telephone, please dial (877) 407-0792 (U.S. and Canada) or (201) 689-8263 (International) approximately 10 minutes prior to the start time and use conference ID: 13726284. The call will also be broadcast live over the Internet hosted on the Investors section of the Company's website at investor.rsac.com .
For those unable to participate during the live broadcast, a replay of the call will also be available beginning that same day at 2:00 p.m. Eastern Time until 11:59 p.m. Eastern Time on Thursday, March 3, 2022 by dialing (844) 512-2921 (U.S. and Canada) or (412) 317-6671 (International) and entering the conference ID: 13726284. The webcast will remain posted on the Investors section of Reliance’s website at investor.rsac.com for 90 days.
About Reliance Steel & Aluminum Co. Founded in 1939 and headquartered in Los Angeles, California, Reliance Steel & Aluminum Co. (NYSE: RS) is a leading global diversified metal solutions provider and the largest metals service center company in North America. Through a network of approximately 315 locations in 40 states and 13 countries outside of the United States, Reliance provides value-added metals processing services and distributes a full-line of over 100,000 metal products to more than 125,000 customers in a broad range of industries. Reliance focuses on small orders with quick turnaround and value-added processing services. In 2021, Reliance’s average order size was $3,050, approximately 50% of orders included value-added processing and approximately 40% of orders were delivered within 24 hours.
Reliance Steel & Aluminum Co.’s press releases and additional information are available on the Company’s website at rsac.com .
Forward-Looking Statements This press release contains certain statements that are, or may be deemed to be, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may include, but are not limited to, discussions of Reliance’s industry, end markets, business strategies, acquisitions, and expectations concerning the Company’s future growth and profitability and its ability to generate industry leading returns for its stockholders, as well as future demand and metals pricing and the Company’s results of operations, margins, profitability, taxes, liquidity, litigation matters and capital resources. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “preliminary,” “range,” “intend” and “continue,” the negative of these terms, and similar expressions.
These forward-looking statements are based on management's estimates, projections and assumptions as of today’s date that may not prove to be accurate. Forward-looking statements involve known and unknown risks and uncertainties and are not guarantees of future performance. Actual outcomes and results may differ materially from what is expressed or forecasted in these forward-looking statements as a result of various important factors, including, but not limited to, actions taken by Reliance, as well as developments beyond its control, including, but not limited to, the possibility that the expected benefits of acquisitions may not materialize as expected, the impacts of labor constraints and supply chain disruptions, the continuing pandemic and changes in worldwide and U.S. economic conditions that could materially impact the Company, its customers and suppliers and demand for the Company’s products and services. The extent to which the continuing COVID-19 pandemic may negatively impact the Company’s operations will depend on future developments which are highly uncertain and cannot be predicted, including the duration of the pandemic, any reemergence or mutations of the virus, the actions taken to control the spread of COVID-19 or treat its impact, including the speed and effectiveness of vaccination efforts, and direct and indirect effects of the virus on worldwide and U.S. economic conditions. Deteriorations in economic conditions, as a result of COVID-19 or otherwise, could lead to a further or prolonged decline in demand for the Company’s products and services and negatively impact its business, and may also impact financial markets and corporate credit markets which could adversely impact the Company’s access to financing, or the terms of any financing. The Company cannot at this time predict all of the impacts of the COVID-19 pandemic and related economic effects, but they could have a material adverse effect on the Company’s business, financial position, results of operations and cash flows.
The statements contained in this press release speak only as of the date that they are made, and Reliance disclaims any and all obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or for any other reason, except as may be required by law. Important risks and uncertainties about Reliance’s business can be found in “Item 1A. Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 and in other documents Reliance files or furnishes with the United States Securities and Exchange Commission.
CONTACT: (213) 576-2428 [email protected]
or Addo Investor Relations (310) 829-5400
(Tables to follow)
| Carbon steel | 1,018.8 | 1,098.5 | (7.3 | )% | 1,025.1 | (0.6 | )% | 6.1 | % | 106.1 | % | |||||||||
| Stainless steel | 76.7 | 78.5 | (2.3 | )% | 71.3 | 7.6 | % | 7.7 | % | 72.3 | % | |||||||||
| Aluminum | 75.1 | 77.4 | (3.0 | )% | 69.9 | 7.4 | % | 6.7 | % | 33.1 | % | |||||||||
| Alloy | 35.9 | 35.2 | 2.0 | % | 28.3 | 26.9 | % | 3.4 | % | 26.8 | % | |||||||||
| Carbon steel | $ | 2,368.3 | $ | 2,406.4 | (1.6 | )% | $ | 1,156.6 | 104.8 | % | ||||||||||
| Stainless steel | $ | 653.3 | $ | 621.3 | 5.2 | % | $ | 352.5 | 85.3 | % | ||||||||||
| Aluminum | $ | 554.4 | $ | 534.9 | 3.6 | % | $ | 387.7 | 43.0 | % | ||||||||||
| Alloy | $ | 151.5 | $ | 143.8 | 5.4 | % | $ | 94.2 | 60.8 | % | ||||||||||
| Carbon steel | 4,419.4 | 4,235.7 | 4.3 | % | 76.0 | % | ||||||||||||||
| Stainless steel | 317.2 | 287.9 | 10.2 | % | 43.3 | % | ||||||||||||||
| Aluminum | 308.8 | 293.9 | 5.1 | % | 15.7 | % | ||||||||||||||
| Alloy | 141.0 | 131.5 | 7.2 | % | 16.9 | % | ||||||||||||||
| Carbon steel | $ | 8,532.0 | $ | 4,647.4 | 83.6 | % | ||||||||||||||
| Stainless steel | $ | 2,267.0 | $ | 1,435.6 | 57.9 | % | ||||||||||||||
| Aluminum | $ | 2,050.9 | $ | 1,687.6 | 21.5 | % | ||||||||||||||
| Alloy | $ | 547.5 | $ | 436.5 | 25.4 | % | ||||||||||||||
| Carbon steel plate | 12 | % | 10 | % | ||||||||||||||||
| Carbon steel tubing | 12 | % | 11 | % | ||||||||||||||||
| Hot-rolled steel sheet and coil | 10 | % | 7 | % | ||||||||||||||||
| Carbon steel structurals | 9 | % | 10 | % | ||||||||||||||||
| Galvanized steel sheet and coil | 6 | % | 4 | % | ||||||||||||||||
| Carbon steel bar | 5 | % | 6 | % | ||||||||||||||||
| Cold-rolled steel sheet and coil | 4 | % | 3 | % | ||||||||||||||||
| Carbon steel | 58 | % | 51 | % | ||||||||||||||||
| Stainless steel sheet and coil | 8 | % | 6 | % | ||||||||||||||||
| Stainless steel bar and tube | 6 | % | 8 | % | ||||||||||||||||
| Stainless steel plate | 2 | % | 2 | % | ||||||||||||||||
| Stainless steel | 16 | % | 16 | % | ||||||||||||||||
| Aluminum bar and tube | 4 | % | 5 | % | ||||||||||||||||
| Common alloy aluminum sheet and coil | 4 | % | 5 | % | ||||||||||||||||
| Heat-treated aluminum plate | 4 | % | 7 | % | ||||||||||||||||
| Common alloy aluminum plate | 1 | % | 1 | % | ||||||||||||||||
| Heat-treated aluminum sheet and coil | 1 | % | 1 | % | ||||||||||||||||
| Aluminum | 14 | % | 19 | % | ||||||||||||||||
| Alloy bar and rod | 3 | % | 4 | % | ||||||||||||||||
| Alloy tube | 1 | % | 1 | % | ||||||||||||||||
| Alloy | 4 | % | 5 | % | ||||||||||||||||
| Miscellaneous | 5 | % | 5 | % | ||||||||||||||||
| Toll processing | 3 | % | 4 | % | ||||||||||||||||
| Other | 8 | % | 9 | % | ||||||||||||||||
| Total | 100 | % | 100 | % | ||||||||||||||||
| Net sales | $ | 3,988.7 | $ | 2,134.1 | $ | 14,093.3 | $ | 8,811.9 | |||||
| Costs and expenses: | |||||||||||||
| Cost of sales (exclusive of depreciation and amortization shown below) | 2,745.4 | 1,430.5 | 9,603.0 | 6,036.8 | |||||||||
| Warehouse, delivery, selling, general and administrative ("SG&A") | 617.9 | 463.6 | 2,306.5 | 1,874.0 | |||||||||
| Depreciation and amortization | 58.1 | 56.5 | 230.2 | 227.3 | |||||||||
| Impairment of long-lived assets | 4.7 | 0.1 | 4.7 | 108.0 | |||||||||
| 3,426.1 | 1,950.7 | 12,144.4 | 8,246.1 | ||||||||||
| Operating income | 562.6 | 183.4 | 1,948.9 | 565.8 | |||||||||
| Other (income) expense: | |||||||||||||
| Interest expense | 15.7 | 15.7 | 62.7 | 62.9 | |||||||||
| Other (income) expense, net | (0.5 | ) | 1.6 | 3.1 | 24.7 | ||||||||
| Income before income taxes | 547.4 | 166.1 | 1,883.1 | 478.2 | |||||||||
| Income tax provision | 125.1 | 35.6 | 465.7 | 105.8 | |||||||||
| Net income | 422.3 | 130.5 | 1,417.4 | 372.4 | |||||||||
| Less: net income attributable to noncontrolling interests | 1.0 | 0.9 | 4.4 | 3.3 | |||||||||
| Net income attributable to Reliance | $ | 421.3 | $ | 129.6 | $ | 1,413.0 | $ | 369.1 | |||||
| Earnings per share attributable to Reliance stockholders: | |||||||||||||
| Diluted | $ | 6.64 | $ | 2.01 | $ | 21.97 | $ | 5.66 | |||||
| Basic | $ | 6.76 | $ | 2.04 | $ | 22.35 | $ | 5.74 | |||||
| Shares used in computing earnings per share: | |||||||||||||
| Diluted | 63,468 | 64,548 | 64,327 | 65,263 | |||||||||
| Basic | 62,299 | 63,583 | 63,217 | 64,328 | |||||||||
| Cash dividends per share | $ | 0.6875 | $ | 0.6250 | $ | 2.7500 | $ | 2.5000 | |||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 300.5 | $ | 683.5 | ||||
| Accounts receivable, less allowance for credit losses of $26.7 at December 31, 2021 and $19.0 at December 31, 2020 | 1,683.0 | 926.3 | ||||||
| Inventories | 2,065.0 | 1,420.4 | ||||||
| Prepaid expenses and other current assets | 111.6 | 80.5 | ||||||
| Income taxes receivable | — | 2.1 | ||||||
| Total current assets | 4,160.1 | 3,112.8 | ||||||
| Property, plant and equipment: | ||||||||
| Land | 260.1 | 260.1 | ||||||
| Buildings | 1,285.0 | 1,240.0 | ||||||
| Machinery and equipment | 2,241.4 | 2,107.8 | ||||||
| Accumulated depreciation | (1,949.7 | ) | (1,815.7 | ) | ||||
| Property, plant and equipment, net | 1,836.8 | 1,792.2 | ||||||
| Operating lease right-of-use assets | 224.6 | 204.0 | ||||||
| Goodwill | 2,107.6 | 1,935.2 | ||||||
| Intangible assets, net | 1,077.7 | 947.1 | ||||||
| Cash surrender value of life insurance policies, net | 44.9 | 43.7 | ||||||
| Other assets | 84.3 | 71.8 | ||||||
| Total assets | $ | 9,536.0 | $ | 8,106.8 | ||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 453.9 | $ | 259.3 | ||||
| Accrued expenses | 148.2 | 88.9 | ||||||
| Accrued compensation and retirement costs | 294.0 | 165.8 | ||||||
| Accrued insurance costs | 41.0 | 42.0 | ||||||
| Current maturities of long-term debt and short-term borrowings | 5.0 | 6.0 | ||||||
| Current maturities of operating lease liabilities | 58.6 | 51.0 | ||||||
| Income taxes payable | 64.3 | — | ||||||
| Total current liabilities | 1,065.0 | 613.0 | ||||||
| Long-term debt | 1,642.0 | 1,638.9 | ||||||
| Operating lease liabilities | 162.5 | 154.1 | ||||||
| Long-term retirement costs | 81.0 | 95.8 | ||||||
| Other long-term liabilities | 7.0 | 26.7 | ||||||
| Deferred income taxes | 484.8 | 455.6 | ||||||
| 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, $0.001 par value and 200,000 shares authorized | ||||||||
| Issued and outstanding shares — 61,806 at December 31, 2021 and 63,600 at December 31, 2020 | 0.1 | 0.1 | ||||||
| Retained earnings | 6,155.3 | 5,193.2 | ||||||
| Accumulated other comprehensive loss | (68.9 | ) | (77.9 | ) | ||||
| Total Reliance stockholders’ equity | 6,086.5 | 5,115.4 | ||||||
| Noncontrolling interests | 7.2 | 7.3 | ||||||
| Total equity | 6,093.7 | 5,122.7 | ||||||
| Total liabilities and equity | $ | 9,536.0 | $ | 8,106.8 | ||||
| * Amounts derived from audited financial statements. | ||||||||
| Net income | $ | 1,417.4 | $ | 372.4 | |||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
| Depreciation and amortization expense | 230.2 | 227.3 | |||||
| Impairment of long-lived assets | 4.7 | 108.0 | |||||
| Provision for credit losses | 9.8 | 5.8 | |||||
| Deferred income tax benefit | (23.8 | ) | (13.7 | ) | |||
| Gain on sales of property, plant and equipment | (3.3 | ) | (2.6 | ) | |||
| Stock-based compensation expense | 70.8 | 42.2 | |||||
| Postretirement benefit plan settlement expense | — | 19.4 | |||||
| Other | 3.3 | 13.9 | |||||
| Changes in operating assets and liabilities (excluding effect of businesses acquired): | |||||||
| Accounts receivable | (656.1 | ) | 136.8 | ||||
| Inventories | (505.9 | ) | 227.5 | ||||
| Prepaid expenses and other assets | 26.2 | 79.4 | |||||
| Accounts payable and other liabilities | 226.1 | (43.4 | ) | ||||
| Net cash provided by operating activities | 799.4 | 1,173.0 | |||||
| Acquisitions, net of cash acquired | (439.3 | ) | (6.9 | ) | |||
| Purchases of property, plant and equipment | (236.6 | ) | (172.0 | ) | |||
| Proceeds from sales of property, plant and equipment | 36.0 | 6.7 | |||||
| Other | (12.4 | ) | (16.2 | ) | |||
| Net cash used in investing activities | (652.3 | ) | (188.4 | ) | |||
| Net short-term debt (repayments) borrowings | (0.8 | ) | 0.7 | ||||
| Proceeds from long-term debt borrowings | 20.0 | 1,673.5 | |||||
| Principal payments on long-term debt | (20.7 | ) | (1,615.4 | ) | |||
| Debt issuance costs | — | (6.4 | ) | ||||
| Dividends and dividend equivalents paid | (177.0 | ) | (164.1 | ) | |||
| Share repurchases | (323.5 | ) | (337.3 | ) | |||
| Noncontrolling interest purchased | — | (8.0 | ) | ||||
| Other | (26.9 | ) | (26.0 | ) | |||
| Net cash used in financing activities | (528.9 | ) | (483.0 | ) | |||
| Effect of exchange rate changes on cash and cash equivalents | (1.2 | ) | 7.6 | ||||
| (Decrease) increase in cash and cash equivalents | (383.0 | ) | 509.2 | ||||
| Cash and cash equivalents at beginning of year | 683.5 | 174.3 | |||||
| Cash and cash equivalents at end of year | $ | 300.5 | $ | 683.5 | |||
| Interest paid during the year | $ | 59.1 | $ | 52.6 | |||
| Income taxes paid during the year, net | $ | 444.4 | $ | 87.5 | |||
| * Amounts derived from audited financial statements. | |||||||
| Net income attributable to Reliance | $ | 421.3 | $ | 395.7 | $ | 129.6 | $ | 6.64 | $ | 6.15 | $ | 2.01 | |||||||||||
| Impairment and restructuring charges | 4.7 | — | 0.1 | 0.07 | — | — | |||||||||||||||||
| Acquisition-related and non-recurring expenses of acquisitions | 14.3 | — | — | 0.23 | — | — | |||||||||||||||||
| Gains related to sales of non-core assets | (2.4 | ) | — | — | (0.04 | ) | — | — | |||||||||||||||
| Income tax benefit related to above items | (4.1 | ) | — | — | (0.07 | ) | — | — | |||||||||||||||
| Non-GAAP net income attributable to Reliance | $ | 433.8 | $ | 395.7 | $ | 129.7 | $ | 6.83 | $ | 6.15 | $ | 2.01 | |||||||||||
| Net income attributable to Reliance | $ | 1,413.0 | $ | 369.1 | $ | 21.97 | $ | 5.66 | |||||||||||||||
| Impairment and restructuring charges | 4.8 | 157.8 | 0.07 | 2.40 | |||||||||||||||||||
| Acquisition-related and non-recurring expenses of acquisitions | 14.3 | — | 0.22 | — | |||||||||||||||||||
| Non-recurring settlement charges | — | 19.4 | — | 0.30 | |||||||||||||||||||
| Debt restructuring charge | — | 1.8 | — | 0.03 | |||||||||||||||||||
| Gains related to sales of non-core assets | (5.7 | ) | — | (0.09 | ) | — | |||||||||||||||||
| Income tax benefit related to above items | (3.3 | ) | (44.7 | ) | (0.05 | ) | (0.68 | ) | |||||||||||||||
| Non-GAAP net income attributable to Reliance | $ | 1,423.1 | $ | 503.4 | $ | 22.12 | $ | 7.71 | |||||||||||||||
| Pretax income | $ | 547.4 | $ | 532.6 | $ | 166.1 | $ | 1,883.1 | $ | 478.2 | |||||||||||||
| Impairment and restructuring charges | 4.7 | — | 0.1 | 4.8 | 157.8 | ||||||||||||||||||
| Acquisition-related and non-recurring expenses of acquisitions | 14.3 | — | — | 14.3 | — | ||||||||||||||||||
| Non-recurring settlement charges | — | — | — | — | 19.4 | ||||||||||||||||||
| Debt restructuring charge | — | — | — | — | 1.8 | ||||||||||||||||||
| Gains related to sales of non-core assets | (2.4 | ) | — | — | (5.7 | ) | — | ||||||||||||||||
| Non-GAAP pretax income | $ | 564.0 | $ | 532.6 | $ | 166.2 | $ | 1,896.5 | $ | 657.2 | |||||||||||||
| Gross profit - LIFO | $ | 1,243.3 | $ | 1,211.1 | $ | 703.6 | $ | 4,490.3 | $ | 2,775.1 | |||||||||||||
| Amortization of inventory step-up | 13.7 | — | — | 13.7 | — | ||||||||||||||||||
| Restructuring (credits) charges, net | — | — | (1.4 | ) | — | 38.2 | |||||||||||||||||
| Non-GAAP gross profit | 1,257.0 | 1,211.1 | 702.2 | 4,504.0 | 2,813.3 | ||||||||||||||||||
| LIFO expense (income) | 142.3 | 262.5 | 15.5 | 704.8 | (22.0 | ) | |||||||||||||||||
| Non-GAAP gross profit - FIFO | $ | 1,399.3 | $ | 1,473.6 | $ | 717.7 | $ | 5,208.8 | $ | 2,791.3 | |||||||||||||
| Gross profit margin - LIFO | 31.2 | % | 31.5 | % | 33.0 | % | 31.9 | % | 31.5 | % | |||||||||||||
| Amortization of inventory step-up as a % of sales | 0.3 | % | — | — | 0.1 | % | — | ||||||||||||||||
| Restructuring (credits) charges, net as a % of sales | — | — | (0.1 | )% | — | 0.4 | % | ||||||||||||||||
| Non-GAAP gross profit margin | 31.5 | % | 31.5 | % | 32.9 | % | 32.0 | % | 31.9 | % | |||||||||||||
| LIFO expense (income) as a % of sales | 3.6 | % | 6.8 | % | 0.7 | % | 5.0 | % | (0.2 | )% | |||||||||||||
| Non-GAAP gross profit margin - FIFO | 35.1 | % | 38.3 | % | 33.6 | % | 37.0 | % | 31.7 | % | |||||||||||||
| Carrying amount of debt | $ | 1,647.0 | $ | 1,646.3 | $ | 1,644.9 | |||||||||||||||||
| Less: cash and cash equivalents | 300.5 | 638.4 | 683.5 | ||||||||||||||||||||
| Net debt | $ | 1,346.5 | $ | 1,007.9 | $ | 961.4 | |||||||||||||||||
| Net income | $ | 1,417.4 | $ | 1,125.6 | $ | 372.4 | |||||||||||||||||
| Depreciation and amortization | 230.2 | 228.6 | 227.3 | ||||||||||||||||||||
| Impairment of long-lived assets | 4.7 | 0.1 | 108.0 | ||||||||||||||||||||
| Interest expense | 62.7 | 62.7 | 62.9 | ||||||||||||||||||||
| Income taxes | 465.7 | 376.2 | 105.8 | ||||||||||||||||||||
| EBITDA | $ | 2,180.7 | $ | 1,793.2 | $ | 876.4 | |||||||||||||||||
| Net debt-to-EBITDA | 0.6x | 0.6x | 1.1x | ||||||||||||||||||||
| Reliance Steel & Aluminum Co.'s presentation of non-GAAP pretax income, net income and EPS over certain time periods is an attempt to provide meaningful comparisons to the Company's historical performance for its existing and future stockholders. Adjustments include impairment and restructuring charges, mainly related to certain of the Company's energy-related businesses, sale or closure of some of its locations and costs relating to COVID-19 downsizing; acquisition-related and non-recurring expenses of its acquisitions, non-recurring expenses related to the amendment of its credit agreement and gains on sales of non-core property, plant, and equipment, which make comparisons of the Company's operating results between periods difficult using GAAP measures. Reliance Steel & Aluminum Co.'s presentation of gross profit margin - FIFO, which is calculated as gross profit plus LIFO expense (or minus LIFO income) divided by net sales, is presented in order to provide a means of comparison amongst its competitors who may not use the same inventory valuation method. Please see footnote 1 below for additional information on the Company's gross profit and gross profit margin. Reliance Steel & Aluminum Co. presents net debt-to-EBITDA as a measurement of leverage utilized by management to monitor its debt levels in relation to its operating cash flow for which it utilizes EBITDA as a proxy. | |||||||||||||||||||||||
| Gross profit, calculated as net sales less cost of sales, and gross profit margin, calculated as gross profit divided by net sales, are non-GAAP financial measures as they exclude depreciation and amortization expense associated with the corresponding sales. About half of Reliance's orders are basic distribution with no processing services performed. For the remainder of its sales orders, Reliance performs “first-stage” processing, which is generally not labor intensive as it is simply cutting the metal to size. Because of this, the amount of related labor and overhead, including depreciation and amortization, is not significant and is excluded from cost of sales. Therefore, Reliance's cost of sales is substantially comprised of the cost of the material it sells. Reliance uses gross profit and gross profit margin, as shown, as measures of operating performance. Gross profit and gross profit margin are important operating and financial measures, as their fluctuations can have a significant impact on Reliance's earnings. Gross profit and gross profit margin, as presented, are not necessarily comparable with similarly titled measures for other companies. | ||||||||||||||
| See accompanying Non-GAAP Reconciliation. | ||||||||||||||
| Free cash flow is calculated as cash provided by operations reduced by capital expenditures. | ||||||||||||||
| Net debt-to-total capital is calculated as total debt (net of cash) divided by total Reliance stockholders’ equity plus total debt (net of cash). | ||||||||||||||
| Net debt-to-EBITDA is calculated as total debt (net of cash) divided by earnings before interest, income taxes, depreciation, amortization and impairment of long-lived assets for the most recent twelve months. |
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Reliance Industries Ltd. NSE: RELIANCE | BSE: 500325 2944.40 1.70 ( 0.06 %) 32.61% Gain from 52W Low436.9K NSE+BSE Volume NSE 17 Sep, 2024 9:53 AM (IST)
Operating Revenue TTM Market Leader Net profit TTM Net Profit Margin TTM % Revenue Growth (TTM) Market Runner Up Net Profit TTM Growth % Below industry Median Reliance Industries Ltd. Earnings Conference Call English (USA)  English (UK)  English (Canada)  English (India)  Deutsch (Deutschland)  Deutsch (Österreich)  Deutsch (Schweiz)  Français (France) Français (Suisse)  Nederlands (Nederland)  Nederlands (België) 
 Reliance Industries LtdIne002a01018, oil & gas refining and marketing.
3Q FY22 Financial Results Presentation 21 January 2022 Forward Looking Statement This presentation contains forward-looking statements which may be identified by their use of words like "plans," "expects," "will," "anticipates," "believes," "intends," "projects," "estimates" or other words of similar meaning. All statements that address expectations or projections about the future, including, but not limited to, statements about the strategy for growth, product development, market position, expenditures, and financial results, are forward-looking statements. Forward-looking statements are based on certain assumptions and expectations of future events. The companies referred to in this presentation cannot guarantee that these assumptions and expectations are accurate or will be realized. The actual results, performance or achievements, could thus differ materially from those projected in any such forward-looking statements. These companies assume no responsibility to publicly amend, modify or revise any forward looking statements, on the basis of any subsequent developments, information or events, or otherwise. Consolidated Financial Results 3Q FY22 - Key Messages (1/3) 1. Record quarterly EBITDA led by O2C, Oil & Gas, Retail and Digital Services Performance
2. Net profit (incl. exceptional income) at ₹ 20,539 crore up 37.9% YoY
Robust growth across all businesses 3Q FY22 - Key Messages (2/3) 1. Record Revenue and EBITDA; Revenue crossed ₹ 50,000 crore, EBITDA at ₹ 3,835 crore
1. Revenue crossed ₹ 25,000 crore and EBITDA crossed ₹ 10,000 crore mark Digital Services
Consumer business quarterly revenue now > ₹ 75,000 crore Attachments
Reliance Industries Ltd. published this content on 21 January 2022 and is solely responsible for the information contained therein. Distributed by Public , unedited and unaltered, on 21 January 2022 16:32:02 UTC . Latest news about Reliance Industries Ltd
Chart Reliance Industries LtdCompany ProfileAnalysts' ConsensusQuarterly earnings, rate of surprise.
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Find the latest notices, disclosures and financial reports of RIL, the leading stock exchange of India. Learn about its key highlights from AGM and its business segments in energy and petrochemicals.
Download and access the online annual report of Reliance Industries Limited for the financial year 2022-23. The report includes business performance, sustainability, governance and disclosures of the company.
Sanjay Roy is the head of Reliance Industries' hydrocarbons exploration and production business. Watch his presentation on the Q1 FY25 financial results and the O2C business closure.
Investor Presentation November 2022. 2 Forward -looking Statements ... CMC, MSM AND WOR REFLECT THE NINE MONTHS ENDED AUGUST 31, 2022. MRC AND RUS- T REFLECT THE NINE MONTHS ENDED JUNE 30, 2022. Consistently Outperform Peers. Reliance: 30.7% (1) Industrial Distributors: ... EBITDA IS A NON-GAAP FINANCIAL MEASURE. REFER TO SLIDE 26 OF THE ...
View the presentation on the audited financial results (consolidated and standalone) for the quarter / year ended March 31, 2022, made to analysts by Reliance Industries Limited. See the highlights, achievements and milestones of the company across its consumer, digital, oil and gas businesses.
Reliance Industries Ltd. published this content on 21 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 October 2022 15:59:09 UTC.
2Q FY22 Financial Results Presentation 22 October 2021 1 Forward Looking... b.YI08t5A9BIn8bl-bW0rwddEtFHR5C6o-xCWC-lIcPAk.ELt38-hWMcWxCyf4PiamOYJdbERJSZ5YoF_SgmcqdWEKxmvSpQtN0bAGDg ... Reliance Industries : 2021 - 2022 Financial Presentation - Q2 Results 22, October | 2021 ... Investor Rating ESG Refinitiv B- More Ratings ...
3rd Floor, 222, Nariman Point 9th Floor, Nariman Point Internet : www.ril.com; [email protected] Mumbai 400 021, India Mumbai 400 021, India CIN : L17110MH1973PLC019786 Page 1 of 26 22nd July, 2022 CONSOLIDATED RESULTS FOR QUARTER ENDED 30TH JUNE, 2022 ROBUST OPERATING AND FINANCIAL PERFORMANCE ACROSS ALL BUSINESSES
Reliance Steel & Aluminum Co. reported record annual and quarterly net sales, gross profit, EPS and free cash flow in 2021. The company also completed four acquisitions with combined annualized sales of $1.0 billion and increased its dividend and share repurchase.
RELIANCE INDUSTRIES LTD. - 500325 - Announcement under Regulation 30 (LODR)-Investor Presentation. BSE India. The presentation on the Audited Financial Results Consolidated and Standalone) for the quarter / year ended March 31, 2023, made to the analysts is enclosed. Kindly take the same on record. pdf.
Shareholders' Information. Statutory Filings. Search. TITLE. Memorandum of Association and Articles of Association. Contact details of personnel authorised to determine materiality of event and information. Build-up of Equity Share Capital. Terms and Conditions of appointment of the Independent Directors. Quick Guide to the 47th AGM (Post-IPO)
RELIANCE INDUSTRIES LTD. - 500325 - Announcement under Regulation 30 (LODR)-Earnings Call Transcript. BSE India. Audio / Video Recording and Transcript of Presentation on unaudited Financial Results (Consolidated and Standalone) for the quarter ended June 30, 2023. pdf. Reliance Industries Ltd. 22 Apr 2023. 2924.90.
4Q FY23 Financial Results Presentation 21 April 2023 1 Forward... Revenue up 30% YoY; EBITDA up 45% YoY with 70 bps margin improvement; 58% growth in Retail footprint, Total store count at 18,040
Download the PDF file of the annual report of Reliance Retail Limited, a leading retail company in India, for the financial year ended March 31, 2023. Find information on company profile, financial statements, board of directors, auditors, share transfer agent, notice of annual general meeting and more.
Reliance Valves; Optimise MultiSafe; Solve John Guest; Investors Investor Centre; ASX Announcements ... Investor presentations 2024 Macquarie Australia Conference Presentation ... 2023 Investor Day - Product launches and manufacturing update - PDF (181kb) Presentation Download. 2022 Investor Day Presentation Download. Webcast. Go to webcast ...
May 2022 RELIANCE WORLDWIDE CORPORATION LIMITED ABN 46 610 855 877. Important Notice 2 This presentation contains general information about Reliance Worldwide Corporation Limited'sactivities at the date of presentation (18 May 2022). It is information given in summary form and does not purport to be complete. ... RWC Investor Overview May ...
Reliance Industries Ltd. Annual Reports: Review of financial performance, strategy, and achievements. ... Latest investor presentations released by companies. News View All Updates Stocks in news: HDFC Bank, Vodafone Idea, Dr Reddy's, RIL, IndiGo . US Markets ...
Reliance Worldwide Corporation (RWC) ... Investor Presentations; Business Overview; Dividends; Calendar; Corporate Governance; Annual General Meetings; Shareholder Services; ... 16 December 2022 RWC Releases 2022 Modern Slavery Statement. Download. 15 December 2022 RWC Releases 2022 ESG Report.
India will connect a record 35 gigawatts (GW) of solar and wind energy capacity to its grid during the year ending March 2025, a top bureaucrat told Reuters, as it scrambles to achieve its 2030 ...
Find the latest announcements, news and updates of Reliance Industries Limited, a leading Indian conglomerate. See the disclosures, financial results, business reports and more from 1976 to 2024.
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Reliance Worldwide Corporation financial calendar. Skip to main content RWC. Share price ... Saturday 31st December 2022: 2022 AGM Date: Thursday 27th October 2022: Resources Video ... Investor presentations View more Shareholder services Investor relations. Tel: +61 (0) 3 8319 6717.
Reliance Industries Ltd. Earnings Call: Discover financial results, strategic updates, and future outlook. Markets Today Top Gainers Top Losers ... Latest investor presentations released by companies. News View All Updates No disruptions in diesel exports to Bangladesh: Oil India Chairman ...
Meta Platforms, Inc. (Nasdaq: META) today reported financial results for the quarter and full year ended December 31, 2023. "We had a good quarter as our community and business continue to grow," said Mark Zuckerberg, Meta founder and CEO. "We've made a lot of progress on our vision for advancing AI and the metaverse." Fourth Quarter and Full Year 2023 Financial Highlights Three Months Ended ...
Reliance Industries Ltd. published this content on 21 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 January 2022 16:32:02 UTC.