Reliance, Inc. (NYSE:RS) Q1 2024 Earnings Conference Call April 25, 2024 11:00 AM ET
Company Participants
Kim Orlando – ADDO Investor Relations
Karla Lewis – President and Chief Executive Officer
Steve Koch – Executive Vice President and Chief Operating Officer
Arthur Ajemyan – Senior Vice President and Chief Financial Officer
Conference Call Participants
Phil Gibbs – KeyBanc Capital Markets
Martin Englert – Seaport Search Partners
Timna Tanners – Wolfe Research
Operator
Greetings, and welcome to Reliance, Inc. First Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [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, Ms. Orlando. You may begin.
Kim Orlando
Thank you, operator. Good morning, and thanks to all of you for joining our conference call to discuss Reliance's first quarter 2024 financial results. I’m joined by Karla Lewis, President and Chief Executive Officer; Steve Koch, Executive Vice President and Chief Operating Officer; and Arthur Ajemyan, Senior Vice President and Chief Financial Officer. A recording of this call will be posted on the Investors section of our website at investor.reliance.com.
Please read the forward-looking statement disclosures included in our earnings release issued this morning, and note that it applies to all statements made during this teleconference. The reconciliations of the adjusted numbers are included in the non-GAAP reconciliation part of our earnings release.
I will now turn the call over to Karla Lewis, President and CEO of Reliance.
Karla Lewis
Good morning, everyone, and thank you all for joining us today to discuss our first quarter 2024 results. Our resilient business model, most notably the diversity of our products, end markets and geography once again delivered strong performance in the first quarter. Despite a challenging pricing environment, we continue to drive smart profitable growth surpassing broader industry shipment levels and maintain pricing discipline and a strong gross profit margin, all of which collectively contributed to our first quarter non-GAAP earnings per diluted share of $5.30.
Our significant investments in value-added processing capabilities continue to bolster our gross profit margin throughout market cycles. Our profitable operations and consistent ability to generate cash enable us to continue allocating capital across our core priorities. We have completed three acquisitions to-date in 2024, expanding our product offerings, processing capabilities and geographic reach and collectively adding nearly $500 million in annualized sales based on 2023 results.