0001171843-19-006763.txt : 20191024 0001171843-19-006763.hdr.sgml : 20191024 20191024065536 ACCESSION NUMBER: 0001171843-19-006763 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20191024 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20191024 DATE AS OF CHANGE: 20191024 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RELIANCE STEEL & ALUMINUM CO CENTRAL INDEX KEY: 0000861884 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-METALS SERVICE CENTERS & OFFICES [5051] IRS NUMBER: 951142616 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13122 FILM NUMBER: 191164781 BUSINESS ADDRESS: STREET 1: 350 S GRAND AVE STE 5100 CITY: LOS ANGELES STATE: CA ZIP: 90071 BUSINESS PHONE: 213-687-7700 MAIL ADDRESS: STREET 1: 350 S GRAND AVE STE 5100 CITY: LOS ANGELES STATE: CA ZIP: 90071 8-K 1 f8k_102419.htm FORM 8-K Form 8-K
0000861884 False 0000861884 2019-10-24 2019-10-24 iso4217:USD xbrli:shares iso4217:USD xbrli:shares
 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________

FORM 8-K

_________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  October 24, 2019

_______________________________

RELIANCE STEEL & ALUMINUM CO.

(Exact name of registrant as specified in its charter)

_______________________________

Delaware 001-13122 95-1142616
(State or Other Jurisdiction of Incorporation) (Commission File Number) (I.R.S. Employer Identification No.)

350 South Grand Avenue, Suite 5100

Los Angeles, California 90071

(Address of Principal Executive Offices) (Zip Code)

(213) 687-7700

(Registrant's telephone number, including area code)

Not applicable.

(Former name or former address, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, $0.001 par value RS New York Stock Exchange

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company,indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 
 
Item 2.02. Results of Operations and Financial Condition.

On October 24, 2019, the Company issued a press release announcing financial results for the quarter ended September 30, 2019. Attached hereto as Exhibit 99.1 is a copy of the Company’s press release dated October 24, 2019 announcing the Company’s financial results for this period.

The information contained in this report and the exhibit hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01. Financial Statements and Exhibits.

(a)   Financial Statements of Businesses Acquired.
       Not Applicable.

(b)  Pro Forma Financial Information.
       Not Applicable.

(c)   Shell Company Transactions.
       Not Applicable.

(d)   Exhibits.

Exhibit No.   Description
     
99.1   Press Release dated October 24, 2019 (included herewith).
104   Cover Page Interactive Data File (embedded within the Inline XBRL document)
 
 

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

  RELIANCE STEEL & ALUMINUM CO.
     
   
Date: October 24, 2019 By:  /s/ Karla R. Lewis        
    Karla R. Lewis
    Senior Executive Vice President and Chief Financial Officer
   

 

 EX-99.1 2 exh_991.htm PRESS RELEASE EdgarFiling

EXHIBIT 99.1

Reliance Steel & Aluminum Co. Reports Third Quarter 2019 Financial Results

–  EPS of $2.40 increased 18.2% year-over-year
–  Strong gross profit margin of 30.3%
–  Generated significant cash flow from operations of $490.9 million

LOS ANGELES, Oct. 24, 2019 (GLOBE NEWSWIRE) -- Reliance Steel & Aluminum Co. (NYSE: RS) today reported its financial results for the third quarter ended September 30, 2019 (in millions, except tons which are in thousands and per share amounts).

                
     Sequential Quarter Nine Months Ended
September 30,		 Year-Over-
Year		   Year-Over-
Year
 Q3 2019 Q2 2019 % Change  2019   2018  % Change Q3 2018 % Change
Income Statement Data:                
Net sales$2,685.9  $2,883.5  (6.9%) $8,526.0  $8,720.5  (2.2%) $2,974.5  (9.7%)
Gross profit1$814.7  $853.6  (4.6%) $2,535.2  $2,571.7  (1.4%) $834.3  (2.3%)
Gross profit margin1 30.3%  29.6% 0.7%  29.7%  29.5% 0.2%  28.0% 2.3%
Pretax income$218.4  $245.8  (11.1%) $719.7  $726.7  (1.0%) $194.9  12.1%
Net income$162.7  $183.1  (11.1%) $535.9  $548.1  (2.2%) $148.3  9.7%
Diluted EPS$2.40  $2.69  (10.8%) $7.90  $7.49  5.5% $2.03  18.2%
Non-GAAP diluted EPS2$2.39  $2.71  (11.8%) $7.90  $7.82  1.0% $2.42  (1.2%)
                
Balance Sheet and Cash Flow Data:               
Cash provided by operations$490.9  $346.0  41.9% $954.1  $233.3  309.0% $136.3  260.2%
Free cash flow3$432.0  $275.1  57.0% $771.3  $80.7  855.8% $82.3  424.9%
Net debt-to-total capital4 22.6%  27.4%    22.6%  28.2%    28.2%  
                
Capital Allocation Data:               
Capital expenditures$58.9  $70.9    $182.8  $152.6    $54.0   
Acquisitions, net$—  $1.0    $1.0  $55.6    $16.0   
Dividends$36.8  $36.9    $113.3  $110.5    $35.9   
Share repurchases$—  $50.0    $50.0  $130.7    $80.7   
                
Key Business Metrics:               
Tons sold 1,476.6   1,507.3  (2.0%)  4,485.9   4,684.3  (4.2%)  1,504.1  (1.8%)
Tons sold (same-store) 1,472.8   1,504.6  (2.1%)  4,476.8   4,681.4  (4.4%)  1,502.4  (2.0%)
Average selling price per ton sold$1,807  $1,904  (5.1%) $1,890  $1,860  1.6% $1,972  (8.4%)
Average selling price per ton sold (same-store)$1,793  $1,890  (5.1%) $1,876  $1,857  1.0% $1,966  (8.8%)
                
Please refer to the footnotes at the end of this press release for additional information.    

Management Commentary
“We continued to execute our strategy of focusing on high levels of customer service across diverse products and end markets with increasing levels of value-added processing which once again produced strong financial results during the third quarter of 2019,” said Jim Hoffman, President and Chief Executive Officer of Reliance. “Demand was somewhat better than we had anticipated, which, along with outstanding performance by our managers in the field, generated quarterly net sales of $2.69 billion and a gross profit margin of 30.3%. Despite metal prices declining more than we had anticipated, our managers’ disciplined focus on high quality, high margin business, coupled with increased levels of value-added processing requested by our customers, enabled us to maintain a FIFO gross profit margin in-line with the second quarter of 2019 at 28.8%. We believe our third quarter 2019 financial results, including diluted earnings per share of $2.40, an increase of 18.2% year-over-year, further highlight our unique business model and improved earnings power as well as our increased resilience to fluctuations in metal pricing. Looking ahead, we will maintain our focus on maximizing earnings and delivering long-term shareholder value.”

End Market Commentary
The Company’s shipments were higher than anticipated in the third quarter of 2019 as Reliance continued to benefit from its strategy of serving diverse end markets and providing a wide range of products and processing services, generally in small quantities on a just-in-time basis. While the Company experienced the typical seasonal slowdown during the third quarter resulting from customer shutdowns and vacation schedules, Reliance's shipments in the third quarter of 2019 decreased only 2.0% compared to the second quarter of 2019, outpacing the Company’s expectations of a more typical seasonal decline of 4% to 6%.

While shipment levels across all of Reliance’s major commodity groups were better than anticipated, the overall higher shipment levels were primarily due to increased demand in the non-residential construction (including infrastructure) market during the third quarter of 2019.  

Demand for the products and services Reliance provides to the aerospace and automotive markets remained strong. Reliance maintains its positive outlook for these end markets and continues to invest in growing its capabilities in these areas.

Demand in the energy (oil and gas) market remains at low levels, which the Company expects to continue for the remainder of fiscal 2019.

Balance Sheet & Cash Flow
Reliance ended the third quarter of 2019 with total debt outstanding of $1.65 billion, a decrease of $367.5 million compared to total debt outstanding of $2.02 billion at June 30, 2019. At September 30, 2019, Reliance’s net debt-to-total capital ratio was 22.6% compared to 27.4% at June 30, 2019. The Company had $1.05 billion available for borrowings on its $1.5 billion revolving credit facility at September 30, 2019. Reliance generated cash flow from operations of $490.9 million during the third quarter of 2019 and $954.1 million in the first nine months of 2019.

“We remain very pleased with our overall financial position resulting from our strong profitability and effective working capital management including a focused reduction in inventory levels,” commented Karla Lewis, Senior Executive Vice President and Chief Financial Officer of Reliance. “We generated significant cash flow from operations during the quarter which allowed us to concurrently continue investing in the growth of our business, pay down debt, and return value to our stockholders. In the third quarter of 2019, we invested $58.9 million in capital expenditures, reduced our debt balance by $367.5 million and paid $36.8 million in quarterly cash dividends. We are very well positioned to continue executing all of our capital allocation strategies going forward.”

Stockholder Return Activity
On October 22, 2019, the Board of Directors declared a quarterly cash dividend of $0.55 per share of common stock, payable on December 6, 2019 to stockholders of record as of November 15, 2019. Reliance has paid regular quarterly dividends for 60 consecutive years and has increased the dividend 26 times since its 1994 IPO.

Reliance did not repurchase any shares of its common stock in the third quarter of 2019. In the first nine months of 2019, Reliance repurchased $50.0 million of its common stock at an average cost of $84.33 per share. At September 30, 2019, approximately 6.4 million shares remained available for repurchase under the Company’s stock repurchase program. Reliance expects to continue efficiently repurchasing shares of its common stock going forward.

Corporate Developments
As previously announced, on October 22, 2019, Gregg Mollins, Reliance’s former President and Chief Executive Officer, stepped down from the Board of Directors. Mr. Mollins will continue to serve as Senior Advisor to the Chief Executive Officer until his retirement in December 2019.

Jim Hoffman, the Company’s current President and Chief Executive Officer, was appointed to serve as a member of the Board upon Mr. Mollins’ resignation. In addition, Lisa Baldwin was appointed to serve as an independent director on Reliance’s Board, effective October 3, 2019. Ms. Baldwin has over 24 years of experience in the information technology field and currently serves as the Chief Information Officer of Tiffany & Co. Both Mr. Hoffman’s and Ms. Baldwin’s term as a director will expire at Reliance’s 2020 Annual Meeting of Stockholders.

Business Outlook
Reliance management remains optimistic about business conditions in the fourth quarter of 2019. The Company expects that end demand in the fourth quarter of 2019 will remain relatively steady, excluding the impact of normal seasonal patterns, which generally includes a decline in shipping volume due to customer holiday-related shutdowns and fewer shipping days compared to the third quarter of 2019. As a result, the Company estimates tons sold will be down 4% to 7% in the fourth quarter of 2019 compared to the third quarter of 2019. The Company also expects that overall metals pricing will remain near current levels which is estimated to result in its average selling price per ton sold for the fourth quarter of 2019 declining 2% to 3% compared to the third quarter of 2019. Based on these expectations, Reliance management currently anticipates non-GAAP earnings per diluted share in the range of $1.60 to $1.70 for the fourth quarter of 2019.

Conference Call Details
A conference call and simultaneous webcast to discuss Reliance’s third quarter 2019 financial results and business outlook will be held today, October 24, 2019 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: 13695107. 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, November 7, 2019 by dialing (844) 512-2921 (U.S. and Canada) or (412) 317-6671 (International) and entering the conference ID: 13695107. 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.
Reliance Steel & Aluminum Co., headquartered in Los Angeles, California, is the largest metals service center company in North America. Through a network of more than 300 locations in 40 states and thirteen 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 increasing levels of value-added processing. In 2018, Reliance’s average order size was $2,130, approximately 49% 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 www.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 and expectations concerning future demand and metals pricing and the Company’s results of operations, margins, profitability, impairment charges, 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” 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, those disclosed in reports Reliance has filed with the United States Securities and Exchange Commission (the “SEC”). As a result, these statements 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 otherwise. 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, 2018 filed with the SEC.

CONTACT:      
Brenda Miyamoto
Investor Relations
(213) 576-2428
investor@rsac.com

or Addo Investor Relations
(310) 829-5400

(Tables to follow)

 

     
Third Quarter 2019 Major Commodity Metrics    
              
 Tons Sold (tons in thousands; % change) Average Selling Price per Ton Sold (% change)
 Q3 2019 Q2 2019 Sequential Quarter Change Q3 2018 Year-Over-Year
Change		 Sequential Quarter Change Year-Over-Year
Change
Carbon steel 1,187.2  1,207.9 (1.7%)  1,200.0  (1.1%) (6.0%) (12.6%)
Aluminum 85.3  87.7 (2.7%)  89.4  (4.6%) (2.8%) (0.2%)
Stainless steel 78.1  77.8 0.4%  81.3  (3.9%) (4.9%) (3.3%)
Alloy 48.2  49.3 (2.2%)  52.8  (8.7%) (3.3%) 2.7%
              
 Sales ($'s in millions; % change)    
 Q3 2019 Q2 2019 Sequential Quarter Change Q3 2018 Year-Over-Year
Change		    
Carbon steel$1,416.1 $1,532.7 (7.6%) $1,637.6  (13.5%)    
Aluminum$532.4 $564.4 (5.7%) $559.9  (4.9%)    
Stainless steel$388.7 $407.2 (4.5%) $418.7  (7.2%)    
Alloy$160.7 $170.0 (5.5%) $171.2  (6.1%)    
              
              
Year-to-Date (9 months) 2019 Major Commodity Metrics    
              
   Average Selling      
 Tons Sold (tons in thousands; Price per Ton Sold      
 % change) (% change)      
  2019  2018 Year-Over-Year
Change		 Year-Over-Year Change      
Carbon steel 3,591.1  3,739.5 (4.0%)  (0.2%)      
Aluminum 261.9  282.2 (7.2%)  6.7%      
Stainless steel 234.6  252.5 (7.1%)  3.5%      
Alloy 153.0  168.1 (9.0%)  10.3%      
              
 Sales ($'s in millions; % change)        
  2019  2018 Year-Over-Year
Change		        
Carbon steel$4,542.4 $4,741.0 (4.2%)        
Aluminum$1,662.6 $1,680.1 (1.0%)        
Stainless steel$1,202.4 $1,250.6 (3.9%)        
Alloy$515.0 $512.7 0.4%        
                 


            
RELIANCE STEEL & ALUMINUM CO.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
(in millions, except number of shares which are reflected in thousands and per share amounts)
            
            
 Three Months Ended Nine Months Ended
 September 30, September 30,
 2019 2018 2019 2018
Net sales$2,685.9 $2,974.5  $8,526.0 $8,720.5 
            
Costs and expenses:           
Cost of sales (exclusive of depreciation and amortization shown below) 1,871.2  2,140.2   5,990.8  6,148.8 
Warehouse, delivery, selling, general and administrative 518.7  531.0   1,582.2  1,586.3 
Depreciation and amortization 54.8  53.4   163.2  161.8 
Impairment of long-lived assets —  35.5   1.2  35.5 
  2,444.7  2,760.1   7,737.4  7,932.4 
            
Operating income 241.2  214.4   788.6  788.1 
            
Other (income) expense:           
Interest expense 20.5  22.0   68.4  62.6 
Other expense (income), net 2.3  (2.5)  0.5  (1.2)
Income before income taxes 218.4  194.9   719.7  726.7 
Income tax provision 54.5  44.6   179.9  172.2 
Net income 163.9  150.3   539.8  554.5 
Less: Net income attributable to noncontrolling interests 1.2  2.0   3.9  6.4 
Net income attributable to Reliance$162.7 $148.3  $535.9 $548.1 
            
Earnings per share attributable to Reliance stockholders:           
Diluted$2.40 $2.03  $7.90 $7.49 
Basic$2.44 $2.06  $8.01 $7.57 
            
Shares used in computing earnings per share:           
Diluted 67,704  72,981   67,868  73,137 
Basic 66,656  71,940   66,941  72,364 
            
Cash dividends per share$0.55 $0.50  $1.65 $1.50 
            


 
RELIANCE STEEL & ALUMINUM CO.
UNAUDITED CONSOLIDATED BALANCE SHEETS
(in millions, except number of shares which are reflected in thousands and par value)
 
      
 September 30, December 31,
 2019 2018*
ASSETS
Current assets:     
Cash and cash equivalents$166.0  $128.2 
Accounts receivable, less allowance for doubtful accounts of $21.3 at September 30, 2019 and $18.8 at December 31, 2018 1,250.9   1,242.3 
Inventories 1,669.5   1,817.1 
Prepaid expenses and other current assets 69.6   81.5 
Income taxes receivable 9.0   15.9 
Total current assets 3,165.0   3,285.0 
Property, plant and equipment:     
Land 236.5   233.9 
Buildings 1,183.7   1,158.9 
Machinery and equipment 2,005.7   1,880.1 
Accumulated depreciation (1,650.1)  (1,543.0)
Property, plant and equipment, net 1,775.8   1,729.9 
      
Operating lease right-of-use assets 198.9   — 
Goodwill 1,872.8   1,870.8 
Intangible assets, net 1,040.7   1,072.0 
Cash surrender value of life insurance policies, net 30.2   43.6 
Other assets 47.5   43.6 
Total assets$8,130.9  $8,044.9 
      
LIABILITIES AND EQUITY
      
Current liabilities:     
Accounts payable$385.9  $338.8 
Accrued expenses 94.4   77.4 
Accrued compensation and retirement costs 146.3   174.8 
Accrued insurance costs 45.3   42.9 
Current maturities of long-term debt and short-term borrowings 65.2   65.2 
Current maturities of operating lease liabilities 51.4   — 
Total current liabilities 788.5   699.1 
Long-term debt 1,578.2   2,138.5 
Operating lease liabilities 148.5   — 
Long-term retirement costs 81.0   71.8 
Other long-term liabilities 14.0   15.9 
Deferred income taxes 439.0   440.1 
Commitments and contingencies     
Equity:     
Preferred stock, $0.001 par value:     
Authorized shares — 5,000     
None issued or outstanding —   — 
Common stock and additional paid-in capital, $0.001 par value:     
Authorized shares — 200,000     
Issued and outstanding shares — 66,656 at September 30, 2019 and 66,882 at December 31, 2018 114.9   136.4 
Retained earnings 5,061.9   4,637.9 
Accumulated other comprehensive loss (103.4)  (102.7)
Total Reliance stockholders’ equity 5,073.4   4,671.6 
Noncontrolling interests 8.3   7.9 
Total equity 5,081.7   4,679.5 
Total liabilities and equity$8,130.9  $8,044.9 
      
* Amounts were derived from audited financial statements.     
      


      
RELIANCE STEEL & ALUMINUM CO.
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
      
      
 Nine Months Ended
 September 30,
 2019  2018 
Operating activities:     
Net income$539.8  $554.5 
Adjustments to reconcile net income to net cash provided by operating activities:     
Depreciation and amortization expense 163.2   161.8 
Impairment of long-lived assets 1.2   35.5 
Provision for uncollectible accounts 5.2   8.4 
Stock-based compensation expense 37.3   33.8 
Other 4.9   (4.3)
Changes in operating assets and liabilities (excluding effect of businesses acquired):     
Accounts receivable (14.2)  (339.6)
Inventories 147.0   (352.2)
Prepaid expenses and other assets 59.7   9.9 
Accounts payable and other liabilities 10.0   125.5 
Net cash provided by operating activities 954.1   233.3 
      
Investing activities:     
Purchases of property, plant and equipment (182.8)  (152.6)
Acquisitions, net of cash acquired (1.0)  (55.6)
Other 11.9   19.2 
Net cash used in investing activities (171.9)  (189.0)
      
Financing activities:     
Net short-term debt repayments —   (24.6)
Proceeds from long-term debt borrowings 742.0   941.0 
Principal payments on long-term debt (1,304.3)  (752.5)
Dividends and dividend equivalents paid (113.3)  (110.5)
Share repurchases (50.0)  (130.1)
Other (13.2)  (7.1)
Net cash used in financing activities (738.8)  (83.8)
Effect of exchange rate changes on cash and cash equivalents (5.6)  (2.8)
Increase (decrease) in cash and cash equivalents 37.8   (42.3)
Cash and cash equivalents at beginning of year 128.2   154.4 
Cash and cash equivalents at end of period$166.0  $112.1 
      
Supplemental cash flow information:     
Interest paid during the period$57.2  $50.6 
Income taxes paid during the period, net$173.7  $171.4 
      
Non-cash investing and financing activities:     
Debt assumed in connection with acquisition$—  $3.3 
      


            
RELIANCE STEEL & ALUMINUM CO.
NON-GAAP EARNINGS AND GROSS PROFIT RECONCILIATION
(in millions, except per share amounts)
            
 Net Income Diluted EPS
 Three Months Ended Three Months Ended
 September 30, June 30, September 30, September 30, June 30, September 30,
  2019   2019   2018   2019   2019   2018 
Net income attributable to Reliance$162.7  $183.1  $148.3  $2.40  $2.69  $2.03 
Tax reform —   —   1.1   —   —   0.02 
Net income attributable to Reliance excluding the impact of tax reform 162.7   183.1   149.4   2.40   2.69   2.05 
Impairment and restructuring charges —   1.2   36.8   —   0.02   0.50 
Income tax benefit related to above items —   (0.3)  (9.0)  —   —   (0.12)
Gains related to sales of non-core assets (0.9)  —   (0.9)  (0.01)  —   (0.01)
Income tax expense related to sales of non-core assets 0.2   —   —   —   —   — 
Non-GAAP net income attributable to Reliance$162.0  $184.0  $176.3  $2.39  $2.71  $2.42 
            
   Net Income Diluted EPS  
   Nine Months Ended Nine Months Ended  
   September 30, September 30, September 30, September 30,  
    2019   2018   2019   2018   
Net income attributable to Reliance  $535.9  $548.1  $7.90  $7.49   
Tax reform   —   1.1   —   0.02   
Net income attributable to Reliance excluding the impact of tax reform   535.9   549.2   7.90   7.51   
Impairment and restructuring charges   1.2   36.8   0.02   0.51   
Non-recurring settlement gains   —   (5.8)  —   (0.08)  
Income tax benefit related to above items   (0.3)  (7.6)  —   (0.11)  
Gains related to sales of non-core assets   (0.9)  (0.9)  (0.02)  (0.01)  
Income tax expense related to sales of non-core assets   0.2   —   —   —   
Non-GAAP net income attributable to Reliance  $536.1  $571.7  $7.90  $7.82   
            
 Three Months Ended Nine Months Ended  
 September 30, June 30, September 30, September 30, September 30,  
  2019   2019   2018   2019   2018   
Gross profit - LIFO$814.7  $853.6  $834.3  $2,535.2  $2,571.7   
Net LIFO (income) expense (40.0)  (22.5)  77.5   (75.0)  165.0   
Gross profit - FIFO$774.7  $831.1  $911.8  $2,460.2  $2,736.7   
            
Gross profit margin - LIFO 30.3%  29.6%  28.0%  29.7%  29.5%  
Net LIFO (income) expense as a % of sales (1.5%)  (0.8%)  2.7%  (0.8%)  1.9%  
Gross profit margin - FIFO 28.8%  28.8%  30.7%  28.9%  31.4%  
            
Reliance Steel & Aluminum Co.'s presentation of non-GAAP or adjusted 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 revision to its provisional estimate of the impact of tax reform, impairment and restructuring charges mainly related to certain of the Company's energy-related businesses and the closure or sale of some of its locations, settlement gains, 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.
 
Footnotes
 
1 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.
2 See accompanying Non-GAAP Earnings and Gross Profit Reconciliation.
3 Free cash flow is calculated as cash provided by operations reduced by capital expenditures.
4 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).

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DE 001-13122 95-1142616 350 South Grand Avenue, Suite 5100 Los Angeles CA 90071 213 687-7700 Common Stock, $0.001 par value RS NYSE false false false false false XML 14 R1.htm IDEA: XBRL DOCUMENT v3.19.3
Cover
Oct. 24, 2019
Document Type 8-K
Amendment Flag false
Document Period End Date Oct. 24, 2019
Entity File Number 001-13122
Entity Registrant Name RELIANCE STEEL & ALUMINUM CO.
Entity Central Index Key 0000861884
Entity Tax Identification Number 95-1142616
Entity Incorporation, State or Country Code DE
Entity Address, Address Line One 350 South Grand Avenue, Suite 5100
Entity Address, City or Town Los Angeles
Entity Address, State or Province CA
Entity Address, Postal Zip Code 90071
City Area Code 213
Local Phone Number 687-7700
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, $0.001 par value
Trading Symbol RS
Security Exchange Name NYSE
Entity Emerging Growth Company false

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