Reliance Steel & Aluminum Co. (RS) Q1 2022 Earnings Call Transcript

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Greetings, and welcome to the Reliance Steel & Aluminum Company First Quarter 2022 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Kim Orlando with ADDO Investor Relations. Thank you, Kim. You may begin.

Kimberly Orlando

Thank you, operator. Good morning, and thanks to all of you for joining our conference call to discuss Reliance's first quarter 2022 financial results. I am joined by Jim Hoffman, CEO; Karla Lewis, President; and Arthur Ajemyan, Senior Vice President and CFO. A recording of this call will be posted on the Investors section of our website at investor.rsac.com.

The press release and the information on this call may contain certain forward-looking statements, which are based on a number of assumptions that are subject to change and involve known and unknown risks, uncertainties or other factors, including the impacts of GEO politics and the COVID-19 pandemic and related economic conditions on our future operations, which may not be under the company's control and may cause the actual results, performance or achievement of the company to be materially different from the results, performance or other expectations implied by these forward-looking statements.

These factors include, but are not limited to, those factors disclosed in the company's annual report on Form 10-K for the year ended December 31, 2021, under the caption Risk Factors, disclosure in our press release this morning or other documents Reliance files or furnishes with the Securities and Exchange Commission. The press release and the information on this call speak only as of today's date, and the company disclaims any duty to update the information provided therein and herein.

I will now turn the call over to Jim Hoffman, CEO of Reliance.

James Hoffman

Good morning, everyone, and thank you for joining us today to discuss our first quarter 2022 financial results. I will begin with an overview of our performance and capital allocation activities. Karla will then speak to our operating results and demand trends by end market, and Arthur will conclude with a review of our financial results.

Outstanding operational execution throughout our Family of Companies produced first quarter results, representing a continuation of the record performance we achieved in 2021 and once again demonstrating the durability and effectiveness of our business model. Notwithstanding ongoing macroeconomic challenges, our performance was supported by positive underlying trends, including continued strong demand with improving shipment levels in each month of the quarter along with ongoing strength in metals pricing. Our results also benefited from our strategic diversification of products, end markets and geographies as well as strong ongoing support from our domestic suppliers and valued relationships with our loyal customers.