Reliance, Inc. (NYSE:RS) Q3 2024 Earnings Conference Call October 24, 2024 11:00 AM ET
Company Participants
Kimberly Orlando - ADDO Investor Relations
Karla Lewis - President and Chief Executive Officer
Stephen Koch - Executive Vice President and Chief Operating Officer
Arthur Ajemyan - Senior Vice President and Chief Financial Officer
Conference Call Participants
Katja Jancic - BMO Capital Markets
Philip Gibbs - KeyBanc Capital Markets
Operator
Ladies and gentlemen, good morning, and welcome to the Reliance, Inc. Third 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, ADDO Investor Relations. Please go ahead.
Kimberly Orlando
Thank you, operator. Good morning, and thanks to all of you for joining our conference call to discuss Reliance's third quarter 2024 financial results. I am 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 third quarter 2024 results. Our businesses continued to execute well through challenging market conditions in the third quarter, once again outperforming industry shipments, while maintaining gross profit margin within our sustainable range which we refer to as smart profitable growth.
Although metals pricing declined more than anticipated the inherent resilience of our business model, servicing diverse end markets with expansive value-added processing capabilities and quick turn orders as well as increased volume from our targeted growth efforts helped mitigate the impact of lower pricing on our gross profit margin and on our earnings level resulting in non-GAAP earnings per diluted share of $3.64 in line with our guidance.
In the third quarter, we generated $463.9 million in cash flow from operations, underpinned by strong profitability and effective working capital management through cyclical markets. Our consistently strong cash flow continues to fuel execution in all elements of our capital allocation strategy. We invested $112.8 million in capital expenditures, the majority of which was directed toward growth activities. Our CapEx budget for the calendar year 2024 remains $440 million with an expected total cash outlay of approximately $425 million to $450 million.